Bureau of Economic Analysis - Explained
What is the Bureau of Economic Analysis?
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Table of ContentsBureau of Economic Analysis DefinitionWhat does the Bureau of Economic Analysis (BEA) do?Academics Research on Bureau of Economic Analysis - BEA
Bureau of Economic Analysis Definition
The Bureau of Economic Analysis (BEA) of the United States Department of Commerce is a U.S. government agency that provides official economic data used to confirm and predict trends, changes, and business cycles. These notable reports are used to make informed economic policy or decisions by the government or for investment opportunities by the private sectors.
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What does the Bureau of Economic Analysis (BEA) do?
Among many statistics analyzed by the Bureau, the Gross domestic product and the balance of trade data serve as the most influential. The Bureau stores and collects data ranging from foreign direct and indirect investment to local, state and federal levels. This bureau also collects data on industries and different sectors in order to conduct a holistic economic analysis of a country.
The Bureau of Economic Analysis primary mission is to provide basic knowledge of the U.S economy through its objective time-efficient, relevant and accurate economic data. The bureau produces economic accounts statistics aiding government and businesses understanding of the U.S economy. To achieve this, the Bureau collects data, conducts researches and analysis, develops and enact estimation methodologies, and shares statistics to the public. The Bureau produces some of the most important economic statistics that have influenced government economic decisions, businesses, people, households, among others. Bureau of Economic analysis is one of the foremost statistical agencies in the world. The Bureau's economic statistics provide a detailed, up to date and relevant information on the U.S economy, this had helped in terms of making pertinent decisions such as monetary policy, tax, and budget forecast etc. The basis of BEA's statistics is the national income and product accounts (NIPAs), which characterizes the estimates of gross domestic product (GDP) and other related measures. The GDP reports serve as the most laudable achievement of the Bureau of Economic Analysis. Gross Domestic Product (GDP) is the monetary value of all finished goods and services produced within a country during a specific period or within a time frame. This time frame is usually a yearly basis, GDP can also be carried out quarterly or within a specific number of months. For example, the US releases GDP estimates quarterly and yearly. The Gross Domestic Products reports are most times readjusted following a rise or fall in the price level or price changes.