Obtain data from the Bureau of Economic Analysis (BEA) http://www.bea.gov, on th

ID: 2743942 • Letter: O

Question

Obtain data from the Bureau of Economic Analysis (BEA) http://www.bea.gov, on the U.S. balance of payments (BOP) tables. Go to interactive tables to obtain annual data for 2013 (Beware: the default setting is for quarterly data). Please display these data in an attractive, well-documented table in an MS -Word document. You need only refer to Table on the BOP accounts. Using the BOP data, compute the following for the United States: Trade balance (TB), net factor income from abroad (NFIA), net unilateral transfers (NUT), and current account (CA). Financial account (FA). Official settlements balance (OSB), referred to as "U.S. official reserve assets" and "Foreign official assets in the U.S.". financial account (NRFA). Balance of payments (BOP). Note that this many not equal zero because of the statistical discrepancy. Verify that the discrepancy is the same as the one reported by the BEA.

Explanation / Answer

According to the US bureau of economic analysis,

All data is in millions of dollars

The balance on current Account in 2014=

-389526

Balance opn current account=-45

Balance of payment=Current account+Capital account=

-389526-45

= -389571

Balance on services =233138

Financial account = 141.6

Data source: Table 1.2. U.S. International Transactions, Expanded Detail