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EMBARGOED UNTIL RELEASE AT 4:00 P.M. EDT, Monday, August 8, 2016 Technical: Media: Kevin Furlong (BEA) Jeannine Aversa (BEA) Tanya Harris Joshua (OIA) (301) 278-9075 (301) 278-9003 (202) 208-6008 BEA 16-43 territories@bea.gov Jeannine.Aversa@bea.gov Tanya_Joshua@ios.doi.gov GROSS DOMESTIC PRODUCT FOR AMERICAN SAMOA INCREASES FOR THE SECOND YEAR IN A ROW UTULEI, AMERICAN SAMOA (August 8, 2016) -- Today, the Bureau of Economic Analysis (BEA) is releasing estimates of gross domestic product (GDP) for American Samoa for 2015, in addition to estimates of GDP by industry and compensation by industry for 2014.1 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 and 2014, as well as revised estimates of GDP by industry and compensation by industry for 2013, are presented in this release. Gross Domestic Product for 2015 The estimates of GDP for American Samoa show that real GDP–GDP adjusted to remove price changes– increased 1.1 percent in 2015 after increasing 1.3 percent in 2014 (see Table 1.3). For comparison, real GDP for the United States (excluding the territories) increased 2.6 percent in 2015 after increasing 2.4 percent in 2014. Real GDP: Percent change from preceding year 2 1 0 -1 -2 -3 -4 -5 2008 2009 2010 2011 2012 2013 U.S. Bureau of Economic Analysis 1 These estimates are based on limited source data and are subject to revision. 2014 2015 The growth in the American Samoa economy reflected increases in exports of goods and government spending (see Table 1.4). These increases were partly offset by an increase in imports of goods, which is a subtraction item in the calculation of GDP. Exports of goods grew for a second consecutive year. This growth reflected increased activity of the tuna canning industry, which continued to increase its output after opening a multimillion-dollar canning plant in early 2015. Government spending also increased, reflecting growth in spending by the territorial government. Major territorial government projects in 2015 included the rebuilding of the Satala Power Plant and the telecommunication authority’s work to improve broadband capacity and coverage in American Samoa. Gross Domestic Product by Industry and Compensation by Industry for 2014 The estimates of GDP by industry for American Samoa show that the private sector expanded in 2014, due to growth in nonmanufacturing and manufacturing industries, while the government sector contracted (see Table 2.4). The growth in the manufacturing sector reflected higher output of the tuna canning industry. The decline in the government sector primarily reflected operating losses of territorial government enterprises. 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 2014, reflecting increases in all sectors except federal 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 and 2014 that were released on January 13, 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 2016 in the summer of 2017. GDP by industry and compensation by industry estimates for 2015 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 1 520 563 678 576 574 644 639 638 641 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 -6 446 213 29 184 243 -10 452 216 34 182 247 -11 442 206 30 175 245 -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 32 62 10 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 -185 456 431 25 641 586 54 -256 423 397 26 678 616 63 -240 425 399 26 666 601 64 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 24 319 367 24 343 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 1 727 708 678 681 683 653 632 641 648 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 -6 368 182 25 157 195 -9 371 184 28 155 197 -9 369 177 25 151 199 -7 Private fixed investment Change in private inventories 8 9 40 -7 45 -11 38 -6 50 -4 52 -2 51 0 55 5 59 26 55 10 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 -85 408 386 22 494 448 46 -122 424 401 22 547 496 51 -109 458 435 22 567 514 53 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 20 258 299 22 277 320 22 298 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 55.9 12,218 56.3 11,599 56.7 11,146 57.1 11,226 57.4 11,289 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 1 -2.5 -4.2 0.4 0.3 -4.3 -3.2 1.3 1.1 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 …….. 3.1 10.3 26.9 8.0 -1.3 …….. 0.9 1.0 15.5 -1.3 1.1 …….. -0.5 -3.9 -11.4 -2.5 1.4 …….. Private fixed investment Change in private inventories 8 9 13.5 …….. -15.9 …….. 30.9 …….. 5.2 …….. -2.3 …….. 8.0 …….. 6.9 …….. -6.2 …….. 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 …….. -0.8 -0.5 -6.0 3.0 3.5 -2.5 …….. 3.9 3.9 4.0 10.7 10.7 11.6 …….. 7.9 8.5 -0.6 3.8 3.7 4.4 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 -4.0 -6.6 7.7 10.8 7.5 7.0 -1.3 7.7 -7- American Samoa Table 1.4. Contributions to Percent Change in Real Gross Domestic Product Line 2008 2009 2010 2011 2012 2013 2014 2015 Percent change: Gross domestic product Percentage points: Personal consumption expenditures Goods Durable goods Nondurable goods Services Net foreign travel 1 -2.5 -4.2 0.4 0.3 -4.3 -3.2 1.3 1.1 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 2.05 3.01 0.94 2.07 -0.47 -0.48 0.67 0.35 0.72 -0.37 0.42 -0.10 -0.34 -1.31 -0.61 -0.70 0.53 0.43 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 0.86 0.66 4.10 -0.65 -2.89 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 -3.50 -0.61 -0.37 -0.24 -2.89 -3.10 0.21 -7.93 2.67 2.51 0.16 -10.60 -9.58 -1.01 1.13 5.07 5.10 -0.03 -3.94 -3.50 -0.44 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 -3.26 -0.14 -3.13 3.84 0.37 3.47 3.81 -0.05 3.86 -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 4 91.1 2010 -15.4 2011 2012 [Percent] -0.6 2013 2014 2015 17.3 2.4 -1.5 -0.6 2.0 0.4 -1.9 79.6 5.4 7.8 4.7 [Index numbers, 2009=100] 100.0 84.6 84.1 98.7 101.1 99.6 99.0 99.2 100.0 121.3 121.8 119.6 105.4 113.7 119.0 Table 1.6. Gross Domestic Income [Millions of dollars] Line Gross domestic product 2007 2008 2009 2010 2011 2012 2013 2014 2015 1 520 563 678 576 574 644 639 638 641 Compensation of employees 2 265 274 271 270 262 272 279 297 …….. Taxes on production and imports less subsidies 3 22 24 22 18 18 25 26 28 …….. Gross operating surplus 4 233 265 385 288 294 347 334 313 …….. 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 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 -3.2 -3.0 1.3 1.6 Percentage points: Revision 3 0.0 0.0 0.0 0.0 0.0 -0.2 -0.3 -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 1 520 563 678 576 574 644 639 638 Private industries Manufacturing Nonmanufacturing 2 3 4 365 77 288 404 112 291 514 163 351 389 41 348 389 21 368 450 89 361 449 93 356 450 76 374 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 18 170 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 1 100 100 100 100 100 100 100 100 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 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 - 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 1 727 708 678 681 683 653 632 641 Private industries Manufacturing Nonmanufacturing 2 3 4 568 204 366 544 205 345 514 163 351 501 143 353 514 132 365 474 138 331 462 135 322 478 139 334 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 Table 2.4. Percent Changes in Real Value Added by Industry [Percent] Line Gross domestic product 2008 2009 2010 2011 2012 2013 2014 1 -2.5 -4.2 0.4 0.3 -4.3 -3.2 1.3 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 -2.6 -2.0 -2.8 3.6 2.7 3.8 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 4.3 -5.3 -3.7 -5.0 -3.6 - 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 Percent change: Gross domestic product Percentage points: Private industries Manufacturing Nonmanufacturing 1 -2.5 -4.2 0.4 0.3 -4.3 -3.2 1.3 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 -1.85 -0.29 -1.56 2.47 0.35 2.12 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 -1.34 0.11 -1.45 -1.14 -0.14 -1.00 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 1 265 274 271 270 262 272 279 297 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 39 68 120 44 76 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 Total compensation NOTE. Detail may not add to total because of rounding. - 12 -
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