Friday, May 07, 2010
[IWS] BEA: GDP for AMERICAN SAMOA, THE COMMONWEALTH OF THE NORTHERN MARIANA ISLANDS, GUAM, AND THE U.S. VIRGIN ISLANDS [5 May 2010]
IWS Documented News Service
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
THE BUREAU OF ECONOMIC ANALYSIS (BEA) RELEASES ESTIMATES OF GROSS DOMESTIC PRODUCT FOR AMERICAN SAMOA, THE COMMONWEALTH OF THE NORTHERN MARIANA ISLANDS, GUAM, AND THE U.S. VIRGIN ISLANDS
[full-text, 6 pages]
WASHINGTON, D.C. (May 5, 2010) -- The Bureau of Economic Analysis (BEA) released its first set of estimates of gross domestic product (GDP) for American Samoa, the Commonwealth of the Northern Mariana Islands (CNMI), Guam, and the U.S. Virgin Islands (USVI).1
Objectively gauging changes in economic activity is difficult in the absence of comprehensive economic metrics, such as GDP. Until now, a framework did not exist to estimate the GDP of these four U.S. territories. The Statistical Improvement Program, funded by the Office of Insular Affairs (OIA) of the U.S. Department of the Interior, has made it possible for BEA to develop formal methodologies for measuring the GDP of the territories.
The estimates released today for the four territories cover the period 2002 to 2007. The estimates show that real GDP -- GDP adjusted to remove price changes -- grew over this period in each of the territories except the CNMI. From 2002 to 2007, American Samoa’s GDP grew at an average annual rate of 0.4 percent, Guam’s GDP grew at an average annual rate of 1.8 percent, and the USVI’s GDP grew at an average annual rate of 2.9 percent; in contrast, the CNMI’s GDP decreased at an average annual rate of 4.2 percent. (For comparison, the average annual growth rate for the United States (excluding the territories) was 2.8 percent over this period.) More detailed information for each territory is presented on the following pages.
In constructing the estimates for the territories, BEA used methodologies consistent with the methods used to estimate U.S. GDP. Information from the Economic Census of Island Areas was used to establish levels of GDP for each territory for the years 2002 and 2007. Annual series were then developed and used to estimate GDP for the intervening years. Because the territories are not included in most of the major surveys used by BEA to estimate U.S. GDP, the support of government leaders in the territories and the assistance provided by the territorial statistical offices were critical to the successful production of these estimates.
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