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Formulating Economic Policy in the Territories Using GDP

Formulating Economic Policy in the Territories Using GDP. Dr. Mark Doms Under Secretary for Economic Affairs U.S. Department of Commerce IGIA Annual Senior Plenary Session Washington, D.C. February 26, 2013. Introduction. Thank you Territories Department of the Interior

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Formulating Economic Policy in the Territories Using GDP

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  1. Formulating Economic Policy in the Territories Using GDP Dr. Mark Doms Under Secretary for Economic Affairs U.S. Department of Commerce IGIA Annual Senior Plenary Session Washington, D.C. February 26, 2013

  2. Introduction • Thank you • Territories • Department of the Interior • Better information leads to better policy

  3. Gross Domestic Product • Gross domestic product (GDP) is a measure of total economic activity • GDP pulls together a wide variety of data to present a comprehensive and consistent picture of the economy • As a result, GDP is one of the bedrock economic statistics produced around the world • GDP is a critical input into economic policy decisions

  4. Economic Policy Uses of GDP • Current policy uses of the GDP accounts include: • Federal Reserve Board monetary policy • Formulation of the Federal Budget • Allocation of over $330 billion in Federal funds to State and Local governments • State budget projections • State tax and expenditure limits

  5. Uses of Territorial GDP • Compare performance of each territory to other territories, countries, to the rest of the U.S., and to individual states • Track economic performance over time • Track impact and recovery from recession • Assess impact of natural disasters • Assess performance of economic policies • Government revenue estimates and budget formulation

  6. Real GDP of the Territories

  7. Real GDP of the Territories

  8. Conclusion • We look forward to working with you in the future

  9. Real GDP of the Territories

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