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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 4:00 P.M. EDT, TUESDAY, MAY 31, 2011 Aya Hamano: Wali Osman: (202) 606-9683 (BEA) (202) 208-4292 (OIA) BEA 11-24 THE BUREAU OF ECONOMIC ANALYSIS (BEA) RELEASES ESTIMATES OF GROSS DOMESTIC PRODUCT FOR AMERICAN SAMOA UTULEI, AMERICAN SAMOA (May 31, 2011) -- Today, the Bureau of Economic Analysis (BEA) is releasing estimates of gross domestic product (GDP) for American Samoa for 2008 and 2009.1 This release also includes revised estimates for 2002 to 2007. 2 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 estimates for American Samoa show that real GDP -- GDP adjusted to remove price changes -decreased 4.7 percent in 2009 after decreasing 2.1 percent in 2008 (see Table 3). For comparison, real GDP for the U.S. (excluding the territories) decreased 2.6 percent in 2009 after remaining unchanged in 2008. For 2008, the decrease in real GDP reflected a decrease in inventory investment that was partly offset by an increase in territorial government spending. 3 For 2009, the main contributor to the decrease in real GDP was a decrease in exports of goods, primarily of canned tuna. 4 This decrease was partly offset by a decrease in imports of goods and increases in government spending and in inventory investment. The larger decrease in real GDP in 2009 reflected a significantly larger decrease in exports of goods that was partly offset by a large downturn in imports of goods and an upturn in inventory investment. The estimates of real GDP for 2008 and 2009 highlight the impact that the tuna canning industry and the government sector had on American Samoa’s economy. In 2009, one of the territory’s two canneries closed, significantly affecting economic growth. However, the canning industry continued to be a major private employer during both years, while the territorial government continued to be the largest single employer. 1 These estimates are based on limited source data and are subject to revision. On May 5, 2010, BEA released estimates of GDP for the period 2002 to 2007 for American Samoa, as well as for the Commonwealth of the Northern Mariana Islands, Guam, and the U.S. Virgin Islands. 3 In this news release, “consumer spending” refers to “personal consumption expenditures,” “inventory investment” refers to “change in private inventories,” and “government spending” refers to “government consumption expenditures and gross investment.” 4 For 2008 and 2009, cannery exports represented the vast majority of total exports of goods and services. 2 - more - - 2The accompanying tables present estimates for GDP and its major components, including consumer spending, private fixed investment, inventory investment, net exports, and government spending. Also included in this release are estimates for the major components of gross domestic income. Revisions Estimates for 2002 to 2007 that were released on May 5, 2010 have been revised in order to incorporate improvements to source data and estimation methodologies; these improvements include the following: • Incorporating an improved price measure for imports of landed fish that was based on market prices of albacore and skipjack tuna and the volume of each used in canned tuna production. • Incorporating a price measure for imports and inventory investment for tin plates used in canned tuna production to better reflect changes in market prices of tin-plated rolled steel. • Incorporating improved source data for government spending, including federal military compensation and territorial government construction spending. The pattern of growth in the revised estimates is similar to that of the previously published estimates. In both the revised and the published estimates, real GDP increased in all years except 2006, and the overall growth over the period was low. From 2002 to 2007, real GDP increased at an average annual rate of 0.1 percent; in the previously published estimates, the rate of change was +0.4 percent. Percent changes in real GDP from the preceding year -- revised and as published in last year's release -- are shown in Table 7. Methodology In constructing the estimates for American Samoa, 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 benchmark levels of GDP for the years 2002 and 2007. For other years, annual series were developed and used to estimate GDP. Because American Samoa is not included in most of the major surveys used by BEA to estimate U.S. GDP, the support of government leaders in American Samoa and the assistance provided by the American Samoa Department of Commerce were critical to the successful production of the estimates presented in this release. Future directions Moving forward, an agreement between OIA and BEA will extend and improve the estimates of GDP for American Samoa. BEA currently plans to release estimates for 2010 in the spring of 2012. 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 - American Samoa Table 1. Gross Domestic Product [Millions of dollars] Line Gross domestic product 2002 2003 2004 2005 2006 2007 2008 2009 1 546 558 543 548 545 572 605 703 Personal consumption expenditures 2 309 329 354 365 372 379 404 403 Private fixed investment Change in private inventories 3 4 12 5 12 28 17 13 21 -6 20 -3 21 -8 20 -35 17 -10 Net exports Exports Goods Services Imports Goods Services 5 6 7 8 9 10 11 -18 527 503 25 545 487 58 -60 522 495 27 582 513 69 -91 470 442 28 560 493 68 -81 507 480 27 589 525 64 -95 504 477 26 598 532 66 -65 512 488 24 577 515 62 -53 647 621 25 700 630 70 -1 536 510 27 537 476 61 Government consumption expenditures and gross investment Federal Territorial 12 13 14 238 10 227 249 20 229 250 26 224 250 24 225 250 19 231 245 18 228 269 21 247 293 29 264 NOTE. Detail may not add to total because of rounding. American Samoa Table 2. Real Gross Domestic Product, Chained Dollars [Millions of chained (2005) dollars] Line Gross domestic product 2002 2003 2004 2005 2006 2007 2008 2009 1 539 542 545 548 531 540 529 504 Personal consumption expenditures 2 341 350 367 365 363 359 358 357 Private fixed investment Change in private inventories 3 4 14 6 14 31 18 13 21 -6 20 -3 20 -7 20 -23 17 -10 Net exports Exports Goods Services Imports Goods Services 5 6 7 8 9 10 11 -91 590 560 31 681 608 73 -130 577 547 30 707 629 79 -112 485 456 30 597 525 72 -81 507 480 27 589 525 64 -88 474 448 26 561 496 65 -61 479 456 23 541 478 63 -68 475 453 22 543 479 64 -106 375 352 24 481 421 60 Government consumption expenditures and gross investment Federal Territorial 12 13 14 263 13 249 270 23 246 258 29 229 250 24 225 239 18 221 228 16 213 245 18 227 264 25 238 Addenda: Population (thousands)1 Per capita real GDP (chained dollars) 15 16 60.8 8,865 62.6 8,658 64.1 8,502 65.5 8,366 66.9 7,937 68.2 7,918 69.2 7,645 70.1 7,190 1. Source: 2009 American Samoa Statistical Yearbook American Samoa Table 3. Percent Change From Preceding Year in Real Gross Domestic Product [Percent] Line Gross domestic product 2003 2004 2005 2006 2007 2008 2009 1 0.6 0.5 0.7 -3.1 1.7 -2.1 -4.7 Personal consumption expenditures 2 2.5 4.9 -0.4 -0.6 -1.0 -0.4 -0.3 Private fixed investment Change in private inventories 3 4 0.7 …….. 32.0 …….. 14.1 …….. -6.0 …….. 3.3 …….. -0.3 …….. -14.4 …….. Net exports Exports Goods Services Imports Goods Services 5 6 7 8 9 10 11 …….. -2.2 -2.3 -0.6 3.9 3.3 8.2 …….. -16.0 -16.7 -2.7 -15.6 -16.5 -8.7 …….. 4.6 5.4 -8.6 -1.4 0.0 -11.2 …….. -6.6 -6.8 -3.2 -4.7 -5.4 1.7 …….. 1.2 1.8 -10.2 -3.7 -3.7 -4.0 …….. -0.8 -0.6 -4.5 0.5 0.2 3.0 …….. -21.1 -22.2 5.3 -11.5 -12.0 -6.4 Government consumption expenditures and gross investment Federal Territorial 12 13 14 2.5 85.1 -1.3 -4.3 22.7 -6.7 -3.2 -14.2 -1.8 -4.4 -26.0 -2.0 -4.3 -13.1 -3.6 7.3 17.1 6.5 7.6 36.2 5.1 American Samoa Table 4. Contributions to Percent Change in Real Gross Domestic Product Line 2003 2004 2005 2006 2007 2008 2009 Percent change: Gross domestic product Percentage points: Personal consumption expenditures 1 0.6 0.5 0.7 -3.1 1.7 -2.1 -4.7 2 1.42 2.99 -0.25 -0.42 -0.69 -0.27 -0.13 Private fixed investment Change in private inventories 3 4 0.02 4.03 0.74 -3.25 0.46 -3.56 -0.23 0.73 0.12 -0.84 -0.01 -3.52 -0.43 2.42 Net exports Exports Goods Services Imports Goods Services 5 6 7 8 9 10 11 -6.00 2.07 -2.13 -15.80 -2.10 -15.66 -0.03 -0.14 -3.87 17.86 -2.95 16.72 -0.91 1.14 5.47 4.04 4.49 -0.46 1.44 0.00 1.43 -1.15 -6.25 -6.10 -0.16 5.11 5.30 -0.19 5.08 1.07 1.57 -0.49 4.01 3.54 0.47 -1.30 -9.62 -0.79 -20.84 -0.60 -21.04 -0.19 0.20 -0.50 11.22 -0.17 10.58 -0.33 0.65 Government consumption expenditures and gross investment Federal Territorial 12 13 14 1.10 1.64 -0.54 -1.48 -0.72 -0.76 -2.03 -1.18 -0.85 -1.97 -0.47 -1.50 -2.03 0.87 -2.89 3.03 0.51 2.52 3.05 1.14 1.91 American Samoa Table 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 2002 2003 1 …….. 1.6 2 …….. 3.8 3 101.3 103.0 4 90.6 94.1 2004 -3.2 2005 2006 2007 [Percent] 0.3 2.5 2008 2009 3.3 8.0 21.8 2.6 3.6 2.5 2.7 [Index numbers, 2005=100] 99.7 100.0 102.5 105.9 7.2 0.1 114.4 139.4 105.3 112.9 113.0 2007 2008 2009 96.5 100.0 102.5 Table 6. Gross Domestic Income [Millions of dollars] Line 2002 2003 2004 2005 2006 Gross domestic income 1 546 558 543 548 545 572 605 703 Compensation of employees 2 230 242 254 268 263 263 278 273 Taxes on production and imports less subsidies 3 21 21 19 19 20 20 21 20 Gross operating surplus 4 295 295 270 261 262 289 306 410 NOTE. Detail may not add to total because of rounding. Table 7. Revisions to Percent Change in Real GDP Line 2003 2004 2005 2006 2007 Percent change: Revised Previously published 1 2 0.6 1.5 0.5 0.7 0.7 2.1 -3.1 -2.9 1.7 0.5 Percentage points: Revision 3 -0.9 -0.2 -1.4 -0.2 1.2
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