Survey of Current Business

Survey of Current Business
Chronicling 100 Years of the U.S. Economy

April 2022
Volume 102, Number 4

Photo of Mary Bohman

For information about Acting Director Mary Bohman and the Bureau, visit the BEA Leadership page.

Director’s Message

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In this issue of the Survey of Current Business, we are pleased to present a preview of the 2022 annual updates to the U.S. International Transactions Accounts and the U.S. International Investment Position Accounts, to be released in June. The updates will incorporate newly available and revised source data as well as the results of the benchmark survey of financial services transactions between U.S. financial services providers and foreign persons and improved methodology and source data for foreign commercial paper. New statistics on special purpose entities and several new standard tables will also be introduced.

Separate international articles cover U.S. international transactions and the U.S. international investment position for the fourth quarter of 2021 and for the full year 2021.

In March, President Biden submitted the Budget of the U.S. Government, Fiscal Year 2023 to Congress. We’ve followed up with an article that translates the President’s budget into a framework consistent with the National Income and Product Accounts. These estimates can assist users of Bureau of Economic Analysis (BEA) statistics in understanding the effects of budgeted receipts and outlays on overall economic activity. The projections will also be used by BEA to develop estimates of federal government transactions for the coming year, including the federal government component of gross domestic product (GDP).

This month's “GDP and the Economy” article takes a look at the third estimate of GDP for the fourth quarter of 2021. Government receipts and expenditures for the same quarter are discussed separately.