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.

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.

Related Topics

• What is Government Spending?
• Autonomous Spending
• Autonomous Consumption
• Fiscal Policy
• Expansionary Fiscal Policy
• Contractionary Fiscal Policy
• Progressive vs Regressive Tax
• Marginal Tax Rates
• Proportional Tax
• Trickle Down Theory
• Discretionary Fiscal Policy
• Automatic Stabilizers
• Effects of Discretionary Policy (Interest Rates & Lags)
• Crowding Out Effect 
• National Debt
• Government Borrowing
• Golden Rule
• Ricardian Equivalence
• Balanced Budget - Deficit and Surplus
• National Debt
• Standardized Employment Budget
• Deficit Hawk
• Austerity
• Twin Deficits
• Fiscal Policy and the Aggregate Supply and Demand Curve
• Stabilization Policy
• Robin Hood Effect
• Ricardo Barro Effect
• Automatic Stabilizers
• Standardized Employment Budget
• How Does Fiscal Policy Affect Interest Rates? 
• Crowding Out
• Types of Lag in Fiscal Policy
• Temporary and Permanent Fiscal Policy
• Limitations of Fiscal Policy?
• How Politics Affects Discretionary Fiscal Policy
• Government Borrowing
• National Savings and Investment Identity
• Debtor Nation
• Fiscal Policy Affects Trade Balances
• Twin Deficits
• Exchange Rates Affect Budget and Trade Deficits
• What are the risks of chronic large deficits in the United States?
• How Fiscal Policy Can Affect Trade Imbalances
• Government Borrowing Affect Private Savings
• Ricardian Equivalence
• Fiscal Policy Affects Investment and Economic Growth
• Crowding Out of Physical Capital Investment?
• How Does Government Borrowing Affect Interest Rates in Financial Markets?
• Government Investment in Physical Capital
• Public Investment in Human Capital
• Fiscal Policy Can Affect Technology Development

• Economic Cycle or Business Cycle
• Business Cycle Indicator
• Peak and Trough
• Recession and Depression
• Hard Landing vs Soft Landing
• Economic Bubble
• Boom and Bust Cycle
• Great Depression
• Baby Boomer Age Wave Theory

• Skyscrapper Effect (Economics)
• V-Shaped Recovery
• W-Shaped Recovery
• U-Shaped Recovery
• Kondratieff Wave Cycle
• Contagion
• Feedback Rule Policy
• American Customer Satisfaction Index
• CNN Effect
• Bureau of Economic Analysis
• Business Starts Index
• American Recover and Reinvestment Act
• Abenomics
• Emergency Economic Stabilization Act of 2008
• Commodity Credit Corporation
• Humphrey Hawkins Act

• Real Economic Growth Rate
• Fox-Trot Economy

• Stagnation
• Neoclassical Growth Theory
• Exogenous Growth Theory
• Endogenous Growth Theory
• New Growth Theory - Explained
• Classical Growth Theory - Explained
• Real Economic Growth Rate - Explained
• Plutonomy