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EMBARGOED UNTIL RELEASE AT 5:00 P.M. EDT, MONDAY, AUGUST 14, 2017 Technical: Media: Christina Hovland (BEA) Jeannine Aversa (BEA) Tanya Harris Joshua (OIA) (301) 278-9076 (301) 278-9003 (202) 208-6008 BEA 17-41 territories@bea.gov Jeannine.Aversa@bea.gov Tanya_Joshua@ios.doi.gov AMERICAN SAMOA GDP TURNS DOWN IN 2016 Investment spending declines in both the government and private sectors UTULEI, AMERICAN SAMOA (August 14, 2017) -- Today, the Bureau of Economic Analysis (BEA) is releasing estimates of gross domestic product (GDP) for American Samoa for 2016, in addition to estimates of GDP by industry and compensation by industry for 2015.1 These estimates were developed under the Statistical Improvement Program funded by the Office of Insular Affairs (OIA) of the U.S. Department of the Interior. Revised estimates of GDP for 2013 to 2015, as well as revised estimates of GDP by industry and compensation by industry for 2013 and 2014, are presented in this release. Gross Domestic Product for 2016 The estimates of GDP for American Samoa show that real GDP—GDP adjusted to remove price changes—decreased 2.5 percent in 2016 after increasing 1.2 percent in 2015 (see Table 1.3). For comparison, real GDP for the United States (excluding the territories) increased 1.5 percent in 2016 after increasing 2.9 percent in 2015. 1 These estimates are based on limited source data and are subject to revision. The decline in the American Samoa economy reflected decreases in spending on construction and equipment; several investment projects in both the government sector and private sector had ended or entered their final stages during 2015. Government spending decreased, reflecting a decline in investment spending by the territorial government (see Table 1.4). Territorial government spending had been elevated in 2015 due to the telecommunication authority’s work to improve broadband capacity and coverage in American Samoa and the power utility’s work to rebuild the Satala Plant. Business spending on construction and equipment continued to decrease, following major investments made by the tuna canning industry in previous years. Gross Domestic Product by Industry and Compensation by Industry for 2015 The estimates of GDP by industry for American Samoa show that both the private sector and government sector expanded in 2015, due to growth in manufacturing industries and in the territorial government (see Table 2.4). The growth in manufacturing reflected higher output of the canning industry following the opening of a tuna processing plant. The growth in the government sector reflected an increase in territorial government compensation. The compensation by industry estimates, which are measured in current dollars, show trends in compensation for major industries (see Table 2.6). Total compensation increased in 2015, reflecting growth in manufacturing and in the territorial government. The accompanying tables present estimates for GDP and its major components, GDP by industry, and compensation by industry. Also included in this release are estimates for the major components of gross domestic income. Revisions to GDP Estimates for 2013 to 2015 that were released on August 8, 2016 have been revised in order to incorporate improvements to source data, including: newly available trade data from the American Samoa Department of Commerce, newly available data for territorial government spending from government financial statements, and newly available wage information from the Census Bureau’s County Business Patterns. The revised estimates show a similar pattern of inflation-adjusted growth as the previously published estimates (see Table 1.7). Future directions Moving forward, an agreement between OIA and BEA will extend and improve the estimates of GDP for American Samoa. The information provided by the American Samoa Government will continue to be critical to the successful production of these estimates. BEA currently plans to release GDP estimates for 2017 beginning in the summer of 2018. GDP by industry and compensation by industry estimates for 2016 will also be released at the same time. -2- Additional Information goods and services. Exports measures the portion of total American Samoa production of goods and services that is provided to the rest of the world. Imports measures the portion of total American Samoa expenditures that is accounted for by goods and services provided by the rest of the world. Resources Stay informed about BEA developments by reading the BEA blog, signing up for BEA’s email subscription service, or following BEA on Twitter @BEA_News. Historical time series for these estimates can be accessed at BEA’s Gross Domestic Product (GDP) for the U.S. Territories. Access BEA data by registering for BEA’s Data Application Programming Interface (API). For more on BEA’s statistics, see our monthly online journal, the Survey of Current Business. BEA's news release schedule Government consumption expenditures and gross investment, or “government spending,” measures the portion of GDP that is accounted for by the government sector. Government consumption expenditures consists of spending by government to produce and provide services to the public. Gross investment consists of spending by government for fixed assets that directly benefit the public or that assist government agencies in their production activities. Definitions Gross domestic income (GDI) is the sum of incomes earned and costs incurred in the production of GDP. In national economic accounting, GDP and GDI are conceptually equal. Gross domestic product (GDP) is the value of the goods and services produced by the American Samoa economy less the value of the goods and services used up in production. GDP is also equal to the sum of personal consumption expenditures, private fixed investment, change in private inventories, net exports of goods and services, and government consumption expenditures and gross investment. Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is, at “market value.” Also referred to as “nominal estimates” or as “current-price estimates.” Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes. Personal consumption expenditures (PCE), also referred to as “consumer spending,” measures the goods and services purchased by “persons”—that is, by households and by nonprofit institutions serving households (NPISHs)—who are resident in American Samoa. Statistical Conventions Quantities and prices. Quantities, or “real” volume measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2009). Quantity and price indexes are calculated using a Fisher chain-weighted formula that incorporates weights from two adjacent years. “Real” dollar series are calculated by multiplying the quantity index by the current-dollar value in the reference year (2009) and then dividing by 100. Private fixed investment (PFI) measures spending by private businesses, nonprofit institutions, and households on fixed assets in the American Samoa economy. Fixed assets consist of structures, equipment, and software that are used in the production of goods and services. Change in private inventories (CIPI), or “inventory investment,” is a measure of the value of the change in the physical volume of the inventories—additions less withdrawals—that businesses maintain to support their production and distribution activities. Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. Net exports of goods and services is the difference between exports of goods and services and imports of -3- List of News Release Tables Table 1.1. Table 1.2. Table 1.3. Table 1.4. Table 1.5. Table 1.6. Table 1.7. Table 2.1. Table 2.2. Table 2.3. Table 2.4. Table 2.5. Table 2.6. Gross Domestic Product Real Gross Domestic Product, Chained Dollars Percent Change From Preceding Year in Real Gross Domestic Product Contributions to Percent Change in Real Gross Domestic Product Percent Change From Preceding Year in Prices for Gross Domestic Product and Price Indexes for Gross Domestic Product Gross Domestic Income Revisions to Percent Change in Real Gross Domestic Product Value Added by Industry Value Added by Industry as a Percentage of GDP Real Value Added by Industry Percent Changes in Real Value Added by Industry Contributions to Percent Change in Real Gross Domestic Product by Industry Compensation of Employees by Industry -4- American Samoa 1. Domestic Product and Income Table 1.1. Gross Domestic Product [Millions of dollars] Line Gross domestic product 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 1 520 563 678 576 574 644 641 643 659 658 Personal consumption expenditures Goods Durable goods Nondurable goods Services Net foreign travel 2 3 4 5 6 7 383 195 23 171 189 -1 407 208 27 181 202 -3 398 196 24 172 207 -5 402 197 25 172 211 -5 414 188 23 166 229 -4 424 189 23 167 242 -6 447 214 29 185 242 -10 455 217 35 183 248 -11 442 206 31 175 246 -10 437 199 31 169 247 -9 Private fixed investment Change in private inventories 8 9 41 -8 46 -17 38 -6 49 -5 51 -3 53 0 60 5 66 31 53 24 48 34 Net exports of goods and services Exports Goods Services Imports Goods Services 10 11 12 13 14 15 16 -116 505 487 17 621 571 50 -113 641 621 20 754 698 56 -26 530 510 20 556 508 49 -174 364 341 22 537 489 48 -225 335 313 22 559 509 50 -161 482 456 26 643 588 55 -184 457 433 25 641 587 54 -252 426 400 26 678 616 63 -230 427 401 26 657 594 63 -187 428 403 25 615 556 59 Government consumption expenditures and gross investment Federal Territorial 17 18 19 220 17 203 241 20 220 275 30 244 304 22 281 337 23 314 329 22 306 313 22 291 344 24 319 370 26 345 327 26 301 NOTE. Detail may not add to total because of rounding. -5- American Samoa Table 1.2. Real Gross Domestic Product, Chained Dollars [Millions of chained (2009) dollars] Line Gross domestic product 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 1 727 708 678 681 683 653 635 641 649 632 Personal consumption expenditures Goods Durable goods Nondurable goods Services Net foreign travel 2 3 4 5 6 7 420 216 27 190 207 -3 410 212 27 185 202 -4 398 196 24 172 207 -5 381 187 24 163 200 -6 364 170 21 149 198 -4 357 165 19 146 197 -6 369 183 25 158 195 -9 372 185 29 156 196 -9 370 177 26 152 200 -8 367 173 26 147 201 -7 Private fixed investment Change in private inventories 8 9 40 -7 45 -11 38 -6 50 -4 52 -2 51 0 55 4 59 25 47 23 41 32 Net exports of goods and services Exports Goods Services Imports Goods Services 10 11 12 13 14 15 16 52 678 658 20 626 575 51 36 675 654 20 639 586 52 -26 530 510 20 556 508 49 -48 446 424 22 494 450 45 -67 394 372 20 460 417 44 -67 412 388 23 479 433 47 -84 410 387 22 494 448 46 -121 428 404 23 549 497 51 -114 460 437 22 575 522 53 -90 455 434 21 545 496 49 Government consumption expenditures and gross investment Federal Territorial 17 18 19 227 18 209 239 20 219 275 30 244 290 22 268 309 22 287 297 21 276 278 20 258 298 22 276 321 23 298 281 24 258 Addenda: Population (thousands)1 Per capita real GDP (chained dollars) 20 21 64.8 11,219 65.1 10,876 62.4 10,865 55.5 12,270 56.0 12,196 56.5 11,558 57.0 11,140 57.5 11,148 58.1 11,170 58.6 10,785 1. BEA estimates based on data from the American Samoa Department of Commerce and the U.S. Census Bureau. -6- American Samoa Table 1.3. Percent Change From Preceding Year in Real Gross Domestic Product [Percent] Line Gross domestic product 2008 2009 2010 2011 2012 2013 2014 2015 2016 1 -2.5 -4.2 0.4 0.3 -4.3 -2.8 1.0 1.2 -2.5 Personal consumption expenditures Goods Durable goods Nondurable goods Services Net foreign travel 2 3 4 5 6 7 -2.4 -1.9 3.0 -2.5 -2.3 …….. -2.9 -7.8 -12.7 -7.1 2.5 …….. -4.3 -4.6 0.9 -5.4 -3.4 …….. -4.6 -9.3 -14.6 -8.5 -0.9 …….. -2.0 -2.6 -5.7 -2.2 -0.5 …….. 3.5 10.9 26.8 8.8 -1.2 …….. 0.8 1.1 17.4 -1.4 0.7 …….. -0.5 -4.2 -11.7 -2.8 2.2 …….. -0.7 -2.5 0.6 -3.1 0.4 …….. Private fixed investment Change in private inventories 8 9 13.5 …….. -15.9 …….. 30.9 …….. 5.2 …….. -2.3 …….. 8.0 …….. 6.9 …….. -20.7 …….. -10.9 …….. Net exports of goods and services Exports Goods Services Imports Goods Services 10 11 12 13 14 15 16 …….. -0.4 -0.6 4.9 2.1 1.9 3.5 …….. -21.4 -22.1 -0.2 -12.9 -13.4 -7.3 …….. -15.8 -16.8 5.4 -11.1 -11.4 -8.0 …….. -11.8 -12.2 -5.8 -6.9 -7.4 -2.1 …….. 4.7 4.1 13.0 4.1 3.8 7.3 …….. -0.5 -0.2 -6.2 3.0 3.6 -2.6 …….. 4.4 4.4 4.9 11.1 11.0 12.0 …….. 7.6 8.2 -1.7 4.8 5.0 2.9 …….. -1.1 -0.8 -5.5 -5.1 -4.9 -7.0 Government consumption expenditures and gross investment Federal Territorial 17 18 19 5.4 12.3 4.8 15.0 49.5 11.8 5.6 -28.1 9.8 6.6 1.4 7.0 -4.1 -5.6 -4.0 -6.4 -3.9 -6.6 7.5 10.7 7.2 7.7 5.6 7.9 -12.5 1.3 -13.6 -7- American Samoa Table 1.4. Contributions to Percent Change in Real Gross Domestic Product Line Percent change: Gross domestic product Percentage points: Personal consumption expenditures Goods Durable goods Nondurable goods Services Net foreign travel 2008 2009 2010 2011 2012 2013 2014 2015 2016 1 -2.5 -4.2 0.4 0.3 -4.3 -2.8 1.0 1.2 -2.5 2 3 4 5 6 7 -1.78 -0.69 0.13 -0.82 -0.83 -0.25 -1.83 -2.56 -0.54 -2.02 0.81 -0.08 -2.84 -1.50 0.03 -1.54 -1.18 -0.16 -3.32 -3.27 -0.66 -2.61 -0.36 0.30 -1.37 -0.81 -0.21 -0.59 -0.19 -0.38 2.27 3.20 0.94 2.26 -0.45 -0.48 0.55 0.39 0.80 -0.41 0.27 -0.11 -0.37 -1.40 -0.63 -0.78 0.84 0.19 -0.47 -0.78 0.03 -0.81 0.16 0.15 Private fixed investment Change in private inventories 8 9 0.99 -0.98 -1.14 0.90 1.89 0.43 0.44 0.35 -0.19 0.48 0.67 0.83 0.65 3.93 -2.12 -0.42 -0.87 1.48 Net exports of goods and services Exports Goods Services Imports Goods Services 10 11 12 13 14 15 16 -2.99 -0.46 -0.62 0.16 -2.53 -2.19 -0.33 -7.80 -22.11 -22.11 -0.01 14.31 13.69 0.62 -1.70 -12.25 -12.43 0.18 10.55 9.88 0.66 -0.80 -7.65 -7.42 -0.23 6.86 6.67 0.18 -0.97 2.96 2.49 0.47 -3.93 -3.33 -0.60 -3.31 -0.36 -0.12 -0.25 -2.95 -3.17 0.22 -7.85 2.99 2.79 0.19 -10.83 -9.80 -1.04 -0.02 4.82 4.89 -0.07 -4.83 -4.55 -0.28 4.31 -0.72 -0.51 -0.22 5.04 4.37 0.67 Government consumption expenditures and gross investment Federal Territorial 17 18 19 2.21 0.40 1.81 5.67 1.58 4.09 2.58 -1.40 3.98 3.58 0.06 3.52 -2.27 -0.21 -2.06 -3.25 -0.13 -3.12 3.71 0.36 3.34 4.10 0.21 3.89 -6.99 0.05 -7.05 -8- American Samoa Table 1.5. Percent Change From Preceding Year in Prices for Gross Domestic Product and Price Indexes for Gross Domestic Product Line Gross domestic product Personal consumption expenditures Gross domestic product Personal consumption expenditures 2007 2008 2009 1 3.0 11.1 25.7 2 4.0 8.9 0.8 3 71.6 79.6 100.0 4 91.1 99.2 100.0 2010 2011 2012 [Percent] -0.6 17.3 -15.4 2013 2014 2015 2016 2.3 -0.6 1.3 2.5 5.4 7.8 4.7 1.8 [Index numbers, 2009=100] 84.6 84.1 98.7 100.9 1.0 -2.4 -0.3 100.3 101.5 104.1 122.3 119.4 119.0 105.4 113.7 119.0 121.1 Table 1.6. Gross Domestic Income [Millions of dollars] Line 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Gross domestic income 1 520 563 678 576 574 644 641 643 659 658 Compensation of employees 2 265 274 271 270 262 272 279 297 311 …….. Taxes on production and imports less subsidies 3 22 24 22 18 18 25 26 28 26 …….. Gross operating surplus 4 233 265 385 288 294 347 336 318 322 …….. NOTE. Detail may not add to total because of rounding. Table 1.7. Revisions to Percent Change in Real Gross Domestic Product Line 2008 2009 2010 2011 2012 2013 2014 2015 Percent change: Revised Previously published 1 2 -2.5 -2.5 -4.2 -4.2 0.4 0.4 0.3 0.3 -4.3 -4.3 -2.8 -3.2 1.0 1.3 1.2 1.1 Percentage points: Revision 3 0.0 0.0 0.0 0.0 0.0 0.4 -0.3 0.1 -9- American Samoa 2. GDP by Industry Table 2.1. Value Added by Industry [Millions of dollars] Line Gross domestic product 2007 2008 2009 2010 2011 2012 2013 2014 2015 1 520 563 678 576 574 644 641 643 659 Private industries Manufacturing Nonmanufacturing 2 3 4 365 77 288 404 112 291 514 163 351 389 41 348 389 21 368 450 89 361 450 93 358 455 77 378 463 92 371 Government Federal Territorial 5 6 7 156 14 142 160 16 144 165 18 146 187 18 169 185 17 168 195 17 177 190 18 172 188 18 171 196 18 178 NOTE. Detail may not add to total because of rounding. Table 2.2. Value Added by Industry as a Percentage of GDP [Percent] Line Gross domestic product 2007 2008 2009 2010 2011 2012 2013 2014 2015 1 100 100 100 100 100 100 100 100 100 Private industries Manufacturing Nonmanufacturing 2 3 4 70 15 55 72 20 52 76 24 52 68 7 60 68 4 64 70 14 56 70 15 56 71 12 59 70 14 56 Government Federal Territorial 5 6 7 30 3 27 28 3 26 24 3 22 32 3 29 32 3 29 30 3 27 30 3 27 29 3 27 30 3 27 - 10 - American Samoa Table 2.3. Real Value Added by Industry [Millions of chained (2009) dollars] Line Gross domestic product 2007 2008 2009 2010 2011 2012 2013 2014 2015 1 727 708 678 681 683 653 635 641 649 Private industries Manufacturing Nonmanufacturing 2 3 4 568 204 366 544 205 345 514 163 351 501 143 353 514 132 365 474 138 331 464 135 324 479 140 334 483 160 328 Government Federal Territorial 5 6 7 163 14 148 166 17 149 165 18 146 177 17 160 170 16 154 176 16 160 168 17 151 162 16 146 164 16 148 Table 2.4. Percent Changes in Real Value Added by Industry [Percent] Line Gross domestic product 2008 2009 2010 2011 2012 2013 2014 2015 1 -2.5 -4.2 0.4 0.3 -4.3 -2.8 1.0 1.2 Private industries Manufacturing Nonmanufacturing 2 3 4 -4.2 0.4 -5.7 -5.5 -20.3 1.7 -2.4 -12.3 0.7 2.5 -7.9 3.4 -7.7 4.9 -9.3 -2.1 -2.0 -2.1 3.1 3.4 3.1 1.0 14.5 -1.9 Government Federal Territorial 5 6 7 1.7 14.7 0.4 -0.6 10.7 -1.8 7.8 -7.6 9.7 -4.2 -4.4 -4.1 3.4 -0.8 3.8 -4.4 4.4 -5.2 -4.0 -4.9 -3.9 1.7 -0.5 1.9 - 11 - American Samoa Table 2.5. Contributions to Percent Change in Real Gross Domestic Product by Industry Line 2008 2009 2010 2011 2012 2013 2014 2015 Percent change: Gross domestic product Percentage points: Private industries Manufacturing Nonmanufacturing 1 -2.5 -4.2 0.4 0.3 -4.3 -2.8 1.0 1.2 2 3 4 -3.03 0.07 -3.10 -4.14 -4.98 0.84 -1.81 -2.21 0.40 1.64 -0.47 2.11 -5.34 0.40 -5.74 -1.48 -0.29 -1.19 2.20 0.45 1.75 0.67 1.76 -1.08 Government Federal Territorial 5 6 7 0.48 0.38 0.11 -0.14 0.28 -0.42 2.14 -0.23 2.37 -1.38 -0.14 -1.24 1.02 -0.02 1.04 -1.32 0.12 -1.43 -1.20 -0.14 -1.06 0.50 -0.01 0.52 NOTE. Percentage-point contributions do not sum to the percent change in real gross domestic product because of rounding and differences in source data used to estimate GDP by industry and the expenditures measure of real GDP. Table 2.6. Compensation of Employees by Industry [Millions of dollars] Line 2007 2008 2009 2010 2011 2012 2013 2014 2015 1 265 274 271 270 262 272 279 297 311 Private industries Manufacturing Nonmanufacturing 2 3 4 125 52 73 131 59 72 125 53 71 97 31 66 97 27 70 103 40 63 107 42 65 119 46 74 126 54 72 Government Federal Territorial 5 6 7 140 13 127 143 16 127 147 18 129 173 17 156 164 17 148 169 17 152 171 17 154 178 17 161 185 17 168 Total compensation NOTE. Detail may not add to total because of rounding. - 12 -
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