[Federal Register Volume 85, Number 191 (Thursday, October 1, 2020)]
[Notices]
[Pages 61924-61925]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-21654]


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DEPARTMENT OF COMMERCE

Bureau of Economic Analysis

RIN 0691-XC114


Request for Comment; Notice of Development of Puerto Rico Gross 
Domestic Product Statistics

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

[[Page 61925]]

estimates of Puerto Rico Gross Domestic Product (GDP), which includes 
statistics for consumer spending, private fixed investment, inventory 
investment, net exports of goods and services, and government spending 
for Puerto Rico. BEA seeks comments on the statistics' data sources, 
presentation, level of detail, and scope. Following the public comment 
period, BEA will incorporate feedback, updating the statistics and 
related materials for Puerto Rico GDP.

DATES: Comments must be received no later than November 2, 2020.

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 
addresses 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 economic data with BEA's current national economic 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.
    Prototype statistics of GDP and its components for 2012-2018 were 
published on September 28, 2020. Methodologies incorporated in the 
statistics included:
     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;
     treating expenditures on intangible assets as investment 
to allow users to understand how these intangible assets drive economic 
growth; and
     adjusting for inflation at a high level of detail to 
ensure that the selected price indexes reflect the mix of goods and 
services produced by the Puerto Rico economy.
    BEA is now seeking feedback on these new statistics. BEA will 
consider this feedback as it continues to refine source data, 
methodology, and data presentations in preparation for routine 
production of these data.
    BEA invites all 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 (with 
the understanding that BEA will accept and consider all feedback on its 
new Puerto Rico GDP statistics):
    1. How will the statistics on Puerto Rico GDP and its components be 
used?
    2. Given that the statistics are on a calendar year basis, what 
time of the year should they be published to maximize their usefulness 
in planning and for other uses?
    3. Are the components in the prototype GDP statistics 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 Puerto Rico GDP statistics described in the Summary of 
Methodologies: Puerto Rico Gross Domestic Product (September 2020) 
(available at BEA.gov)?
    5. Are there additional or alternative data sources that you 
believe could be used to generate and corroborate these statistics 
beyond those described in the Summary of Methodologies: Puerto Rico 
Gross Domestic Product (September 2020) (available at BEA.gov)?
    6. Which would be more useful: Less-detailed product breakdowns, 
which will result in fewer data suppressions to protect 
confidentiality, or more-detailed product breakdowns, with the 
necessary suppressions?
    7. BEA is aware that stakeholders may be interested in statistics 
not included in the present release, such as quarterly measures, GDP by 
industry, and GNP. What extensions to BEA's Puerto Rico GDP statistics 
would be useful and why?

Sabrina Montes,
Economist, Bureau of Economic Analysis.
[FR Doc. 2020-21654 Filed 9-30-20; 8:45 am]
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