[Federal Register Volume 84, Number 212 (Friday, November 1, 2019)]
[Notices]
[Page 58684]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-23866]
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DEPARTMENT OF COMMERCE
Bureau of Economic Analysis
[Docket Number 191028-0071]
RIN 0691-XC107
Request for Comment; Notice of Development of Economic Statistics
for Puerto Rico
AGENCY: Bureau of Economic Analysis, Department of Commerce.
ACTION: Notice; request for comments.
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SUMMARY: The Bureau of Economic Analysis (BEA) is soliciting comments
from the public on its new prototype Economic Statistics for Puerto
Rico, which cover consumer spending, business investment, and trade in
goods for Puerto Rico. BEA seeks comments on the statistics'
methodology, presentation, level of detail, and scope. Following the
public comment period, BEA will incorporate feedback, update the
methodology and related materials for these economic statistics, and
incorporate the revised prototype economic statistics into research to
develop estimates of Puerto Rico GDP.
DATES: Comments must be received no later than December 2, 2019.
ADDRESSES: You may submit comments by the following methods:
Email: [email protected].
Mail: Sabrina Montes, Office of the Director, Bureau of
Economic Analysis, Department of Commerce, 4600 Silver Hill Road (BE-
40), Washington, DC 20233.
Comments sent by any other method or after the comment period may
not be considered. All comments are a part of the public record.
FOR FURTHER INFORMATION CONTACT: Sabrina Montes, Office of the
Director, Bureau of Economic Analysis, Department of Commerce, 4600
Silver Hill Road (BE-40), Washington, DC 20233; phone: (301) 278-9268
or email [email protected].
SUPPLEMENTARY INFORMATION: In 2018, BEA initiated a project to
calculate GDP for Puerto Rico in order to support Puerto Rico's
economic recovery following devastating hurricanes in 2017. This
project follows technical collaborations between BEA and the
Commonwealth of Puerto Rico dating back to 2010. The project also
responds to recommendations from the Congressional Task Force on
Economic Growth in Puerto Rico and Government Accountability Office
that BEA calculate GDP for Puerto Rico.
The present project--a collaborative effort between the
Commonwealth of Puerto Rico and BEA--combines the best available Puerto
Rico source data with BEA's current national accounting methodologies.
The project seeks to produce accurate and objective economic statistics
for Puerto Rico comparable to data for other U.S. territories, states,
and the nation.
Methodological updates incorporated in the prototype statistics
include:
Using chain-type Fisher indexes to calculate changes in
aggregate output and prices;
Expanding the use of economic census data from the U.S.
Census Bureau; and
Treating expenditures on intangible assets as investment
to allow users to understand how these intangible assets drive economic
growth.
In October 2019, BEA published prototype estimates that incorporate
these methodological updates for select GDP components for 2012-2017.
BEA is seeking feedback on its prototype statistics of consumer
spending, business investment, and trade in goods for Puerto Rico. BEA
will consider this feedback as it continues to refine source data,
methodology, and data presentations before incorporating these measures
into future prototype Puerto Rico GDP statistics.
BEA invites comments from the public; private industry; state,
local, and territorial governments; non-profit organizations; and other
interested parties to assist in improving the prototype statistics. In
particular, BEA is interested in feedback regarding the following:
1. How will the statistics on consumer spending, business
investment, and trade in goods for Puerto Rico be used?
2. Would an annual publication in May be useful? If not, what time
of the year would be most valuable to inform planning and other uses?
3. Are the prototype estimates consistent with the data and local
information that are available elsewhere on Puerto Rico? If not, please
describe the differences.
4. Do you have any feedback about the methodology used to create
the prototype Economic Statistics for Puerto Rico described in the
October 2019 Summary of Methodologies: Puerto Rico Personal Consumption
Expenditures, Private Fixed Investment, and Net Exports of Goods
(available at BEA.gov)?
5. Are there additional or alternative source data that you believe
could be used to generate and corroborate these statistics beyond those
described in the October 2019 Summary of Methodologies: Puerto Rico
Personal Consumption Expenditures, Private Fixed Investment, and Net
Exports of Goods (available at BEA.gov)?
6. Which would be more useful: Less-detailed industry breakdowns,
which will result in fewer data suppressions to protect
confidentiality, or more-detailed industry breakdowns, with the
necessary suppressions?
Authority: Chapter 5, Title 15 U.S.C.; 15 U.S.C. Section 1516;
13 U.S.C. Section 401 and 402.
Sabrina Montes,
Economist, Bureau of Economic Analysis.
[FR Doc. 2019-23866 Filed 10-31-19; 8:45 am]
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