Www.bea.gov Expanded Measures of IP in GDP J. Steven Landefeld Director 1.

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www.bea.gov Expanded Measures of IP in GDP J. Steven Landefeld Director 1

Transcript of Www.bea.gov Expanded Measures of IP in GDP J. Steven Landefeld Director 1.

Page 1: Www.bea.gov Expanded Measures of IP in GDP J. Steven Landefeld Director 1.

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Expanded Measures of IP in GDP

J. Steven LandefeldDirector

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Page 2: Www.bea.gov Expanded Measures of IP in GDP J. Steven Landefeld Director 1.

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IP Investment in GDP

Intellectual property products (new category including R&D, software and entertainment, literary and artistic originals) increased the growth rate of real GDP by .19 percentage point, a 7.6% share of growth. From 1995-2012, incorporating R&D

investment increased the growth rate of real GDP by.07 percentage point, a 2.8% share of growth.

Even if IP spillovers are as large as direct effects, the contribution of IP appears to explain only about half of the 1/3 of long-term share of growth accounted for by multi-factor productivity.

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In comparison, private investment in commercial and other types of structures accounted for just over .4 percent of average real GDP growth from 1995-2012.

The contribution to average real GDP growth from IP products is larger than private investment in computers and peripheral equipment.

Recognition of private R&D as investment raises private fixed investment by 10 percent in 2012.

IP Investment in GDP

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New quarterly detail

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[% chg]

Percent Change from preceding period in Real GDP

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Performance During Recessions

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Recessions (peak to trough)% chg. in Real GDP % chg in IP products

1948:IV-1949:IV -1.1 0.81953:II-1954:II -2.4 4.91957:III-1958:II -1.9 3.51960:II-1961:I -0.7 11.11969:IV-1970:IV -0.4 -1.91973:IV-1975:I -1.4 1.51980:I-1980:III -2.4 2.81981:III-1982:IV -0.9 5.31990:III-1991:I -1.7 5.32001:I-2001:IV 0.2 -2.72007:IV-2009:II -2.2 1.0

overall average -1.3 2.9

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Performance During Expansions

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Expansions (trough to peak)% chg. in Real GDP % chg in IP products

1950:I-1953:I 7.8 14.31954:III-1957:II 4.1 9.41958:III-1960:I 6.7 7.61961:II-1969:III 5.1 8.31971:I-1973:III 5.3 5.41975:II-1979:IV 4.5 8.41980:IV-1981:II 4.4 13.81983:I-1990:II 4.4 9.11991:II-2000:IV 3.8 8.52002:I-2007:III 2.9 4.62009:III-2013:III 2.3 3.0

overall average 4.7 8.4

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Shares R&D Investment by Industry

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New detail by type of IP

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Theatrical Movies

Long-Lived Television

Books

Music

Misc.

Total Investment in 2012: $74.8 billionSource: BEA

Share of Investment in Entertainment, literary and Artistic Originals by Type


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