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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 7:00 P.M. EST, MONDAY, NOVEMBER 17, 2014 Aya Hamano: Wali Osman: (202) 606-9683 (BEA) (202) 208-4292 (OIA) BEA 14-56 THE BUREAU OF ECONOMIC ANALYSIS (BEA) RELEASES 2013 ESTIMATES OF GROSS DOMESTIC PRODUCT FOR THE COMMONWEALTH OF THE NORTHERN MARIANA ISLANDS CAPITOL HILL, SAIPAN (November 18, 2014) -- Today, the Bureau of Economic Analysis (BEA) is releasing estimates of gross domestic product (GDP) for the Commonwealth of the Northern Mariana Islands (CNMI) for 2013, in addition to estimates of gross domestic product by industry and compensation by industry for 2012. 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. The latest estimates of GDP for 2007 to 2012 are also presented in this release, as well as GDP by industry and compensation by industry for 2007 to 2011. Gross Domestic Product for 2013 The estimates of GDP for the CNMI show that real GDP – GDP adjusted to remove price changes – increased 4.4 percent in 2013 (see Table 1.3). For comparison, real GDP for the U.S. (excluding the territories) increased 2.2 percent in 2013. The growth in the CNMI’s economy reflected increases in consumer spending and exports of services (see Table 1.4). 2 Consumer spending, which was the largest contributor to economic growth in 2013, increased 12.3 percent. This increase was driven primarily by durable goods, reflecting growth in purchases of motor vehicles. Tourism continued to contribute positively to the economy in 2013, after posting double-digit growth in 2012. Exports of services, which consists mostly of spending by tourists, increased 8.8 percent in 2013 after growing 17.2 percent in 2012. Gross Domestic Product by Industry and Compensation by Industry for 2012 The estimates of GDP by industry for the CNMI show that the private sector was the source of the increase in real GDP in 2012 (see Table 2.5). The largest contributors to the growth were the distributive services sector and the accommodations and amusement sector. The government sector declined in 2012. 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 2012 reflecting 1 2 These estimates are based on limited source data and are subject to revision. In this news release, “consumer spending” refers to “personal consumption expenditures.” - more - - 2growth in all major private industry groups. This was partly offset by a decrease in compensation for government employees. 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 2010 to 2012 that were released on December 1, 2013 have been revised in order to incorporate improvements to source data. The pattern of growth in the revised estimates for 2010 and 2011 is similar to that of the previously published estimates (see Table 1.7). However, 2012 GDP was revised down over 3 percentage points, resulting in slower economic growth than originally estimated. This revision was due to the incorporation of a new data source from the CNMI government on the value of imported goods. Updated information on government spending from the CNMI government’s financial statements also contributed to the revision. Future directions Moving forward, an agreement between OIA and BEA will extend and improve the estimates of GDP for the CNMI. The information provided by the CNMI government will continue to be critical to the successful production of these estimates. In the summer of 2015, BEA will conduct a comprehensive revision of these accounts. This revision will incorporate information from the 2012 Economic Census of Island Areas, results from BEA’s latest revisions to the national accounts, and new source data from the territorial statistical offices. New GDP estimates for 2014, as well as GDP by industry and compensation by industry estimates for 2013, will be released at the same time. BEA’s national, international, regional, and industry statistics; the Survey of Current Business; and BEA news releases are available without charge on BEA’s Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements. - more - Commonwealth of the Northern Mariana Islands 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 1 867 846 717 716 649 665 682 Personal consumption expenditures Goods Durable goods Nondurable goods Services Net foreign travel 2 3 4 5 6 7 560 357 135 222 389 -186 585 387 138 249 397 -199 508 342 118 224 355 -188 518 368 132 236 366 -215 527 374 118 257 358 -206 565 422 144 278 389 -246 623 472 180 292 416 -265 Private fixed investment 8 24 27 27 26 24 24 26 Net exports of goods and services Exports Goods Services Imports Goods Services 9 10 11 12 13 14 15 -69 526 333 192 595 512 83 -109 376 172 205 486 417 69 -165 218 23 195 382 327 55 -202 241 19 222 443 379 64 -268 229 17 212 497 426 71 -263 268 15 252 531 455 75 -318 288 16 272 606 521 85 Government consumption expenditures and gross investment Federal Territorial 16 17 18 352 13 339 343 16 327 346 21 325 373 21 352 367 21 345 339 22 317 351 20 331 NOTE. Detail may not add to total because of rounding. Commonwealth of the Northern Mariana Islands Table 1.2. Real Gross Domestic Product, Chained Dollars [Millions of chained (2005) dollars] Line Gross domestic product 2007 2008 2009 2010 2011 2012 2013 1 849 740 598 603 562 574 600 Personal consumption expenditures Goods Durable goods Nondurable goods Services Net foreign travel 2 3 4 5 6 7 506 338 132 206 349 -180 496 343 130 213 339 -184 427 294 107 187 298 -164 433 312 116 196 297 -175 423 301 100 199 279 -156 449 334 123 211 299 -183 504 382 161 223 324 -200 Private fixed investment 8 23 26 26 25 22 23 24 Net exports of goods and services Exports Goods Services Imports Goods Services 9 10 11 12 13 14 15 -26 516 330 186 543 471 72 -98 294 116 190 392 337 56 -163 176 19 170 339 295 44 -180 182 16 180 363 315 48 -194 161 12 161 355 304 51 -186 186 11 188 371 318 53 -220 202 12 205 422 361 61 Government consumption expenditures and gross investment Federal Territorial 16 17 18 335 12 324 314 14 300 312 19 293 330 18 312 318 18 300 291 18 273 298 17 282 Addenda: 1 Population (thousands) Per capita real GDP (chained dollars) 19 20 59.3 14,317 57.6 12,847 55.5 10,775 53.5 11,271 52.2 10,766 51.4 11,167 51.2 11,719 1. Source: U.S. Census Bureau Commonwealth of the Northern Mariana Islands Table 1.3. Percent Change From Preceding Year in Real Gross Domestic Product [Percent] Line Gross domestic product 2008 2009 2010 2011 2012 2013 1 -12.8 -19.2 0.8 -6.7 2.1 4.4 Personal consumption expenditures Goods Durable goods Nondurable goods Services Net foreign travel 2 3 4 5 6 7 -1.9 1.5 -2.1 3.6 -3.0 …….. -13.9 -14.3 -17.7 -12.4 -12.0 …….. 1.4 6.0 8.5 4.7 -0.4 …….. -2.3 -3.6 -13.6 2.0 -6.2 …….. 6.1 11.2 22.5 6.1 7.5 …….. 12.3 14.1 31.2 5.5 8.2 …….. Private fixed investment 8 9.3 2.3 -4.0 -11.0 2.3 5.7 Net exports of goods and services Exports Goods Services Imports Goods Services 9 10 11 12 13 14 15 …….. -43.1 -64.8 2.4 -27.7 -28.6 -22.2 …….. -40.1 -83.4 -10.6 -13.6 -12.3 -20.9 …….. 3.6 -17.1 5.9 6.9 6.6 8.2 …….. -11.6 -21.7 -10.8 -2.1 -3.5 6.6 …….. 15.3 -8.6 17.2 4.6 4.7 4.2 …….. 8.6 5.9 8.8 13.6 13.5 14.2 Government consumption expenditures and gross investment Federal Territorial 16 17 18 -6.4 19.6 -7.4 -0.5 31.3 -2.0 5.5 -4.6 6.2 -3.5 -0.4 -3.7 -8.4 3.4 -9.1 2.5 -9.6 3.4 Commonwealth of the Northern Mariana Islands Table 1.4. Contributions to Percent Change in Real Gross Domestic Product Line 2008 2009 2010 2011 2012 2013 Percent change: Gross domestic product Percentage points: Personal consumption expenditures Goods Durable goods Nondurable goods Services Net foreign travel 1 -12.8 -19.2 0.8 -6.7 2.1 4.4 2 3 4 5 6 7 -1.20 0.59 -0.30 0.90 -1.27 -0.52 -9.63 -6.59 -2.92 -3.67 -5.66 2.62 0.98 2.90 1.43 1.47 -0.22 -1.70 -1.71 -1.91 -2.59 0.68 -3.25 3.46 4.97 6.49 4.07 2.42 4.14 -5.66 10.40 8.95 6.65 2.30 4.78 -3.34 Private fixed investment 8 0.24 0.07 -0.15 -0.41 0.08 0.21 Net exports of goods and services Exports Goods Services Imports Goods Services 9 10 11 12 13 14 15 -9.41 -27.98 -28.47 0.49 18.57 16.54 2.03 -9.49 -16.90 -14.26 -2.65 7.41 5.70 1.71 -2.70 1.13 -0.55 1.68 -3.83 -3.17 -0.66 -2.70 -4.12 -0.62 -3.50 1.42 2.02 -0.60 1.86 5.43 -0.22 5.65 -3.57 -3.11 -0.46 -7.49 3.47 0.14 3.34 -10.96 -9.35 -1.61 Government consumption expenditures and gross investment Federal Territorial 16 17 18 -2.46 0.28 -2.73 -0.20 0.59 -0.79 2.71 -0.14 2.85 -1.89 -0.01 -1.87 -4.77 0.11 -4.88 1.30 -0.33 1.63 Commonwealth of the Northern Mariana Islands 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 1 2.4 12.0 2 4.0 6.7 3 4 2009 4.9 2010 2011 [Percent] -1.0 2012 2013 -2.9 0.4 -1.8 1.0 -1.8 102.1 0.9 0.6 4.0 [Index numbers, 2005=100] 120.0 118.8 115.4 114.4 115.9 113.7 110.7 118.1 125.9 123.6 119.1 119.8 124.7 Table 1.6. Gross Domestic Income [Millions of dollars] Line 2007 2008 2009 2010 2011 2012 2013 Gross domestic income 1 867 846 717 716 649 665 682 Compensation of employees 2 569 518 514 525 509 549 558 Taxes on production and imports less subsidies 3 118 107 98 92 91 100 109 Gross operating surplus 4 181 221 105 99 49 15 15 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 Percent change: Revised Previously published 1 2 -12.8 -12.8 -19.2 -19.2 0.8 1.1 -6.7 -6.8 2.1 5.2 Percentage points: Revision 3 0.0 0.0 -0.3 0.1 -3.1 Commonwealth of the Northern Mariana Islands 2. GDP by Industry Table 2.1. Value Added by Industry [Millions of dollars] Line 2007 2008 2009 2010 2011 2012 Gross domestic product 1 867 846 717 716 649 665 Private industries Manufacturing Distributive Services Accommodations and Amusement All Other 2 3 4 5 6 626 176 120 73 257 618 66 104 117 332 489 25 88 109 267 484 24 92 108 261 437 24 87 90 236 463 19 106 99 239 Government Federal Territorial 7 8 9 241 13 228 229 15 214 228 16 212 232 14 219 212 14 198 202 14 188 NOTE. Detail may not add to total because of rounding. Table 2.2. Value Added by Industry as a Percentage of GDP [Percent] Line 2007 2008 2009 2010 2011 2012 Gross domestic product 1 100 100 100 100 100 100 Private industries Manufacturing Distributive Services Accommodations and Amusement All Other 2 3 4 5 6 72 20 14 8 30 73 8 12 14 39 68 3 12 15 37 68 3 13 15 36 67 4 13 14 36 70 3 16 15 36 Government Federal Territorial 7 8 9 28 1 26 27 2 25 32 2 30 32 2 31 33 2 31 30 2 28 Commonwealth of the Northern Mariana Islands Table 2.3. Real Value Added by Industry [Millions of chained (2005) dollars] Line 2007 2008 2009 2010 2011 2012 Gross domestic product 1 849 740 598 603 562 574 Private industries Manufacturing Distributive Services Accommodations and Amusement All Other 2 3 4 5 6 616 182 116 68 245 525 35 101 107 314 395 27 78 92 223 402 26 87 97 218 381 26 79 82 218 403 21 96 92 219 Government Federal Territorial 7 8 9 233 11 222 213 13 200 207 14 193 205 11 193 184 12 173 175 11 163 Table 2.4. Percent Changes in Real Value Added by Industry [Percent] Line 2008 2009 2010 2011 2012 Gross domestic product 1 -12.8 -19.2 0.8 -6.7 2.1 Private industries Manufacturing Distributive Services Accommodations and Amusement All Other 2 3 4 5 6 -14.7 -81.1 -13.0 56.8 28.2 -24.8 -22.4 -22.9 -13.9 -29.0 1.7 -1.5 11.9 4.8 -2.4 -5.0 -1.3 -8.6 -14.9 0.2 5.7 -20.5 21.2 11.5 0.5 Government Federal Territorial 7 8 9 -8.6 12.1 -9.7 -2.9 10.0 -3.7 -1.0 -18.8 0.3 -10.1 0.5 -10.8 -5.3 -2.8 -5.4 Commonwealth of the Northern Mariana Islands Table 2.5. Contributions to Percent Change in Real Gross Domestic Product by Industry Line 2008 2009 2010 2011 2012 Percent change: Gross domestic product Percentage points: Private industries Manufacturing Distributive Services Accommodations and Amusement All Other 1 -12.8 -19.2 0.8 -6.7 2.1 2 3 4 5 6 -11.01 -21.48 -1.64 4.42 7.69 -18.15 -1.40 -2.88 -1.95 -11.91 1.18 -0.05 1.42 0.71 -0.90 -3.37 -0.04 -1.14 -2.25 0.06 3.86 -0.75 2.83 1.58 0.20 Government Federal Territorial 7 8 9 -2.21 0.16 -2.37 -0.77 0.17 -0.94 -0.34 -0.44 0.10 -3.35 0.01 -3.36 -1.72 -0.06 -1.66 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 1 569 518 514 525 509 549 Private industries Manufacturing Distributive Services Accommodations and Amusement All Other 2 3 4 5 6 353 91 66 60 136 303 30 59 77 137 300 10 60 89 141 310 9 63 90 147 314 9 69 86 150 369 13 81 102 173 Government Federal Territorial 7 8 9 216 13 203 215 15 200 214 17 197 215 15 201 195 15 180 181 14 166 Total compensation NOTE. Detail may not add to total because of rounding.
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