Bureau of Economic Analysis

The Bureau of Economic Analysis (BEA) is an agency within the Department of Commerce that produces U.S. economic statistics. Each month the BEA estimates GROSS DOMESTIC PRODUCT (GDP); gross domestic income; and industry, regional, and international economic statistics. To make important policy, INVESTMENT, and spending deci­sions, government officials, business managers, and indi­viduals use economic estimates produced by the BEA.

GDP and other important measures are usually first announced as press releases and widely quoted in the busi­ness media. GDP estimates are first released as a prelimi­nary estimate followed by a first and second revision as more data become available. Financial markets watch GDP statistics closely, and analysts watch growth (or lack thereof) in the industries in which they are involved. Regional economic statistics provide estimates of personal INCOME, population, and EMPLOYMENT by state. Interna­tional economic statistics include BALANCE OF PAYMENTS fig­ures, U.S. DIRECT INVESTMENT abroad, and foreign direct investment in the United States.

The BEA’s monthly journal, Survey of Current Business, presents detailed estimates, analyses, research, and methodology used by the agency to measure economic activity in the U.S. economy.