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July 2004 - Volume 84 - Number 7

Business Situation: Final Estimates for the First Quarter of 2004

Real GDP increased 3.9 percent (at an annual rate) in the first quarter of 2004 after increasing 4.1 percent in the fourth quarter of 2003; most of the major components of GDP contributed to the first-quarter increase. The price index for gross domestic purchases increased 3.5 percent after increasing 1.3 percent; the pickup partly reflected an upturn in energy prices. Corporate profits increased $20.9 billion (1.7 percent at a quarterly rate) after increasing $81.4 billion. | PDF | XLS

Real Inventories, Sales, and Inventory-Sales Ratios for Manufacturing and Trade, First Quarter 2004

The quarterly and monthly estimates have been updated. The estimates of inventories for manufacturing by stage of fabrication have also been updated. | PDF

Comprehensive NIPA Revision: Newly Available Tables

BEA continues to release the results of the 12th comprehensive revision of the NIPAs. | PDF |Interactive Data

U.S. Multinational Companies: Operations in 2002

The worldwide value added in production by U.S. multinational companies decreased 0.4 percent in 2002, reflecting a decrease in production by U.S. parents that was offset by an increase in production by their majority-owned foreign affiliates. By industry, the decrease was accounted for by substantial decreases in production by U.S. parents in telecommunications services and in communication equipment manufacturing. By area, production decreased in the United States, Canada, Latin America and Other Western Hemisphere, and the Middle East, and it increased in Europe, Asia and Pacific, and Africa. | PDF

The International Investment Position of the United States at Yearend 2003

The net international investment position at current cost was -$2,430.7 billion; in 2002, it was -$2,233.0 billion. The -$197.7 billion increase mainly resulted from large net foreign purchases of U.S. securities that increased the value of foreign-owned assets; the increase in the value of these assets was partly offset by a substantial increase in the value of U.S.-owned assets abroad, especially U.S.-held stocks, as a result of the appreciation of most foreign currencies against the U.S. dollar. | PDF

Direct Investment Positions for 2003: Country and Industry Detail

The historical-cost position of U.S. direct investment abroad (USDIA) increased significantly more than the position of foreign direct investment in the United States (FDIUS). The USDIA position increased 12 percent, slightly less than the 13-percent average annual growth in 1994-2002; the 12-percent growth mainly resulted from an increase in reinvested earnings and currency-translation adjustments. The FDIUS position increased 3 percent, substantially less than the 14-percent average annual growth in 1994-2002, reflecting the continued weakness in merger and acquisition activity. The 3-percent increase mainly resulted from equity capital inflows. | PDF

Annual Revision of the U.S. International Accounts, 1989-2003

Each year, estimates in the U.S. international transactions accounts and in the U.S. international investment position accounts are revised to incorporate statistical and methodological changes and updated, regularly available source data. This year, major changes include a new methodology to prepare the estimates of U.S. Government income payments, the incorporation of the U.S. Treasury Department's new annual surveys of securities liabilities for June 2003 and June 2004, and another definitional change in the measurement of insurance services. | PDF

How BEA Aligns and Augments Source Data From the U.S. Treasury Department for Inclusion in the International Transactions Accounts

The estimates of financial-account flows in the international transactions accounts are based on data from the Treasury Department that are adjusted. The adjustments to align and augment the data are presented in this report. | PDF

U.S. International Transactions, First Quarter 2004

The U.S. current-account deficit increased $17.9 billion, to $144.9 billion. The increase was mostly accounted for by an increase in the deficit on trade in goods, but a decrease in the surplus on income and an increase in net outflows for unilateral current transfers also contributed. In the financial account, net recorded financial inflows decreased $10.4 billion, to $158.3 billion; both outflows for U.S.-owned assets abroad and inflows for foreign-owned assets in the United States increased substantially, but outflows increased more than inflows. | PDF | Interactive Data

State Personal Income: First Quarter of 2004

Personal income for the Nation grew 1.4 percent, the same as in the fourth quarter of 2003, and up from 1.2 percent in the third quarter. Personal income growth accelerated in 21 states and in the District of Columbia. Earnings in all industries except natural resources and mining grew. Decreases in farm earnings contributed to decreases in personal income in three states in the Plains region and in one state in the Rocky Mountain region. | PDF

Looking Ahead

Annual Revision of the NIPAs. The annual NIPA revision will be published in the August Survey. This issue will include an article that describes the effects of the revision on GDP and on other major NIPA estimates and the principal sources of the revision, and it will include an extensive set of NIPA tables.

Results of the 2002 Benchmark Survey of U.S. Affiliates of Foreign Companies. The preliminary results of the latest benchmark survey of foreign direct investment in the United States will also be published in the August Survey. These results update the annual data series on the operations of these U.S. affiliates, and they provide additional data that are only collected in benchmark surveys.

Travel and Tourism Satellite Accounts for 1998-2003. Updated estimates that are based on the estimates from the recent comprehensive revision of the annual industry accounts are scheduled to be published in an upcoming issue of the Survey.

BEA Current and Historical Data

National Data

  • Selected NIPA tables | PDF
  • Other NIPA and NIPA-related tables | PDF
  • Historical measures | PDF
  • Domestic perspectives | PDF
  • Charts | PDF

International Data

  • International perspectives | PDF

Regional Data

  • State and regional tables | PDF
  • Local area table | PDF
  • Charts | PDF


  • Additional information about the NIPA estimatesPDF
  • Suggested reading | PDF