Modernizing and enhancing BEA's international economic accounts: recent progress and future directions

The recent global economic crisis has highlighted the critical importance of economic statistics that clearly depict, in a timely manner, major developments in both the real and the financial sectors of economies around the world. The release of recently updated international statistical standards p...

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Bibliographic Details
Published in:Survey of Current Business 2010-05, Vol.90 (5), p.6
Main Authors: Howell, Kristy L, Yuskavage, Robert E
Format: Article
Language:English
Subjects:
Economic crisis
Economic statistics
Forecasts and trends
Foreign investment
Government agencies
International standards
Market trend/market analysis
United States economic conditions
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Summary:The recent global economic crisis has highlighted the critical importance of economic statistics that clearly depict, in a timely manner, major developments in both the real and the financial sectors of economies around the world. The release of recently updated international statistical standards provides another opportunity for BEA to consider changes that will bring its international economic accounts into closer alignment with those of other nations and that will increase the overall quality and usefulness of the accounts for BEA's customers. This article provides an overview of BEA's initial plans for introducing the new international standards and other improvements, reports on the progress that has taken place so far, previews the changes that will be made in the June 2010 annual revisions of the international transactions accounts and the international investment position accounts, and briefly describes other improvements that are being considered for implementation in later years, including changes in presentation.
ISSN:0039-6222
1937-4534