Bureau of Economic Analysis
As a result of the Economic RSF’s efforts to bring attention to the need for reliable economic performance data, the Bureau of Economic Analysis (BEA) agreed to assist Puerto Rico to enhance its national accounting methods. To date, BEA has updated, using a prototype model, all data for Puerto Rico up to 2019.
One of the most significant challenges Puerto Rico faced as the Recovery Plan was being developed and rolled out was the absence of reliable economic data and, in many cases, outdated methods and unreliable information. In 2016, for example, gross national product (GNP) for Puerto Rico was computed using 1954 dollars and 1968 standards. Public reports of some local economic statistics had not been published for numerous years and, as a result, staff lacked the skills to rebuild a credible reporting service.
Understanding this skills gap, the Economic RSF raised concerns with EDA and the U.S. Department of Commerce, asking for specialized assistance. In August 2018, the Bureau of Economic Analysis (BEA) and the Puerto Rico Department of Economic Development and Commerce (DDEC) announced that BEA would assist Puerto Rico in enhancing its national accounting methods.
In October 2018, the Economic RSF participated in a workshop and provided feedback to BEA officials as they prepared for the agency’s efforts to improve PR’s national accounting. Concurrently, the Economic RSF sought commitments from leaders of the opposing political parties in Puerto Rico that BEA’s work to improve national accounting transcends politics, and the project must continue beyond the current administration.
The Economic RSF also reached out to local partners such as Foundation for Puerto Rico, National Travel and Tourism Office, and the International Trade Administration to establish a Tourism Satellite Account, which can be a valuable tool in monitoring the performance of investments in tourism.
In June 2019, BEA announced that it would report GDP components in the fall of 2019 and would expand to full GDP measurements in 2020. The role of Economic RSF at this point is to check in from time-to-time to monitor progress, and to be a resource to BEA should it encounter any difficulties or roadblocks.
The ERSF Coordinator, Juan E. Bauzá was invited to participate in a presentation to BEA’s Advisory Committee concerning BEA’s prototype Puerto Rico GDP estimates held last November. His feedback was requested as they planned for putting Puerto Rico GDP estimates into regular production and explored the challenges associated with extending the estimates to make them as relevant and useful as possible.
Understanding this skills gap, the Economic RSF raised concerns with EDA and the U.S. Department of Commerce, asking for specialized assistance. In August 2018, the Bureau of Economic Analysis (BEA) and the Puerto Rico Department of Economic Development and Commerce (DDEC) announced that BEA would assist Puerto Rico in enhancing its national accounting methods.
In October 2018, the Economic RSF participated in a workshop and provided feedback to BEA officials as they prepared for the agency’s efforts to improve PR’s national accounting. Concurrently, the Economic RSF sought commitments from leaders of the opposing political parties in Puerto Rico that BEA’s work to improve national accounting transcends politics, and the project must continue beyond the current administration.
The Economic RSF also reached out to local partners such as Foundation for Puerto Rico, National Travel and Tourism Office, and the International Trade Administration to establish a Tourism Satellite Account, which can be a valuable tool in monitoring the performance of investments in tourism.
In June 2019, BEA announced that it would report GDP components in the fall of 2019 and would expand to full GDP measurements in 2020. The role of Economic RSF at this point is to check in from time-to-time to monitor progress, and to be a resource to BEA should it encounter any difficulties or roadblocks.
The ERSF Coordinator, Juan E. Bauzá was invited to participate in a presentation to BEA’s Advisory Committee concerning BEA’s prototype Puerto Rico GDP estimates held last November. His feedback was requested as they planned for putting Puerto Rico GDP estimates into regular production and explored the challenges associated with extending the estimates to make them as relevant and useful as possible.
Click here to see the prototype for Gross Domestic Product for Puerto Rico: https://www.bea.gov/data/gdp/gdp-puerto-rico
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