What is the role of the Bureau of Economic Analysis?


Quick Answer

The Bureau of Economic Analysis is an agency of the Department of Commerce's Economics and Statistics Administration. Its role is to promote a better understanding of the U.S. economy by providing the most timely, relevant, and accurate economic account data in an objective and cost-effective manner. The BEA strives to produce the world's most respected economic accounts.

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Full Answer

One of the most important economic statistics the BEA produces is the gross domestic product, which the Department of Commerce recognized as its crowning achievement of the 20th century. The GDP has also been deemed as one of the top three most influential measures that affect U.S. financial markets. Statistics such as these are the foundation of critical decisions made by policymakers, leaders in business world economists and the public.

The BEA prepares statistics on national economic accounts, covering U.S. production, consumption, income and saving, investment, exports and imports; international economic accounts, covering trade in goods and services, assets and liabilities and investments by multinational companies; regional economic accounts, covering total and per capital personal income and gross state products; and industry economic accounts, covering the economic transactions between the United States and other countries. These economic reports provide a comprehensive, reliable and current snapshot of the U.S. economy.

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