Director’s Message

In this issue of the Survey of Current Business, we discuss our annual update of the International Transactions Accounts (ITAs). As usual, quarterly and annual statistics were updated to incorporate newly available and revised source data as well as updated seasonal factors and other improvements. New standard tables featuring expanded statistics on special purpose entities and expanded geographical detail for trade in goods and services statistics were also introduced. These improvements will provide more accurate, consistent, and relevant data for our users.

Other articles on international statistics look at the ITAs and at the international investment position (IIP) for the first quarter of 2022. The IIP article also discusses this year's annual update of the IIP Accounts. A last article looks at how BEA incorporates data from the Treasury Department into our estimates.

This month's “GDP and the Economy” article details the third estimate of gross domestic product for the first quarter of 2022.