2015 GDP Real GDP increased 2.4 percent in 2015 (that is, from the 2014 annual level to the 2015 annual level), the same rate as in 2014.
The increase in real GDP in 2015 primarily reflected positive contributions from personal consumption expenditures (PCE), nonresidential fixed investment, residential fixed investment, private inventory investment, state and local government spending, and exports. Imports, which are a subtraction in the calculation of GDP, increased.
Comparing real GDP growth in 2015 with growth in 2014, real GDP increased 2.4 percent in both years, though there were offsetting movements in the components. Decelerations in nonresidential fixed investment and in exports and an acceleration in imports were offset by accelerations in PCE and in residential fixed investment, a smaller decrease in federal government spending, and accelerations in private inventory investment and in state and local government spending.
The price index for gross domestic purchases increased 0.3 percent in 2015, compared with an increase of 1.5 percent in 2014.
Current-dollar GDP increased 3.4 percent, or $589.8 billion, in 2015 to a level of $17,937.8 billion, compared with an increase of 4.1 percent, or $684.9 billion, in 2014. During 2015 (that is, measured from the fourth quarter of 2014 to the fourth quarter of 2015), real GDP increased 1.8 percent, compared with an increase of 2.5 percent during 2014. The price index for gross domestic purchases increased 0.3 percent during 2015, compared with an increase of 1.2 percent during 2014.
Gross Domestic Product: 4th Quarter
Real gross domestic product -- the value of the goods and services produced by the nation’s economy less the value of the goods and services used up in production, adjusted for price changes -- increased at an annual rate of 0.7 percent in the fourth quarter of 2015, according to the "advance" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 2.0 percent.
The Bureau emphasized that the fourth-quarter advance estimate released today is based on source data that are incomplete or subject to further revision by the source agency. The "second" estimate for the fourth quarter, based on more complete data, will be released on February 26, 2016.
World Trade Center of Greater Philadelphia News
The U.S. Department of Commerce’s Bureau of Industry and Security (BIS) and the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) are announcing new amendments to the Cuban Assets Control Regulations (CACR) and Export Administration Regulations (EAR), respectively. These amendments further implement the new direction toward Cuba that President Obama laid out in December 2014. The changes will take effect on January 27, 2016, when the regulations are published in the Federal Register.
Excerpts from U.S. ITA’s Trade Blog / Acting Deputy Assistant Secretary for Manufacturing Scott Kennedy
During the past few years, U.S. producers of transportation related goods and equipment have experienced an increase in demand for their products at home and overseas. Products such as U.S.-built commercial aircraft, aircraft engines, miscellaneous aircraft parts, and parts of railway rolling stock, have become critical components to other countries’ transportation infrastructure system.
Recently, leaders across the Pacific Rim signed the Trans-Pacific Partnership (TPP). The new agreement will eliminate tariffs, lower service barriers, and increase transparency while also increasing competitiveness by instituting stronger intellectual property rights protection, and establishing enforceable labor and environmental obligations. The TPP will lead to an overall increase in economic activity and trade for the region. As economies grow there will be a natural, corresponding rise in demand for transportation related products...
Read More (via Trade.Gov)
ITA’s Industry and Analysis division recently released a transportation equipment sector report that highlights the benefits of TPP related to some key players in the transportation industry.
Read More (via CBP)
The Trade Winds 2016 – Latin America Webinar Series will provide valuable insights to new and experienced exporters who will gain knowledge of export opportunities in this dynamic region.
Companies will learn about best prospects, financial and legal considerations and marketing strategies in seven countries in Latin America. Participants will also understand and appreciate the cultural differences, economic conditions and technological capabilities of potential partners.
The United States and Latin America have one of the most active trade relationships in the world - one that continues to provide opportunities for U.S. businesses of any size and in almost any sector.
Export-Import Bank of the United States sent this bulletin at 01/15/2016 02:44 PM EST
1 in 5 Metro Philadelphia Businesses Projects 2016 will be Best Year Yet, According to TD Bank Small Business Pulse Check
Report Shows that Over $430 Million Generated For American Taxpayers Last Year; 109,000 American Jobs Supported
Washington, DC – The Export-Import Bank of the United States (EXIM Bank) released its Fiscal Year 2015 Annual Report highlighting its support of more than $17 billion in U.S. exports and an estimated 109,000 U.S. jobs. The Bank also announced it has transferred $431.6 million in deficit-reducing receipts to the U.S. Treasury's General Fund for fiscal year 2015.
EXIM Bank is a self-sustaining federal agency and operates at no cost to the taxpayers. Over the last two decades, EXIM Bank has generated a surplus of almost $7 billion for U.S. taxpayers.
Among the highlights from the 2015 Annual Report:
Media Contact/Press Release: Lawton King (202-565-3200)
United States Trade Representative (December 2015):
The Office of the U.S. Trade Representative presented to Congress the 2015 annual report on China's compliance with its World Trade Organization (WTO) obligations. The report is statutorily mandated by Congress and highlights the status of China's policies and practices in the areas of trade and investment.
Read More (via USTR.gov)
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