Gross Domestic Product Homework Help
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Goal
The purpose of this assignment is to learn how to retrieve GDP data from the Bureau of Economic Analysis website and to evaluate the US economy using this data.
Post
Instructions
Go to bea.gov and click on the Tools Tab
Click on Interactive Data
Click on GDP and Personal Income under National Income on the right hand side
Click on Begin Using Data
Click on Section 1: Domestic Product and Income
Click on Table 1.1.1. Percent Change from Preceding Period in Real Gross Domestic Product (this table shows the GDP growth rate, which is known as economic growth rate).
Use Table 1.1.1 to see the percentage change in Real GDP for most recent years.
Use Table 1.1.6 to see the change in inventories and net exports. (table 1.1.6 shows the total dollar value of production using the base year prices).
Using the data from the bea.gov tables, evaluate the current (2021 Q3) GDP and economic growth in the US.
Your starting point should be Table 1.1.1. Economic Growth Table (Percent change from previous period)
How did the US economy grow since last quarter? What contributed to this change? You need to go over all the components (C, I, G, X, M) and sub-components of GDP to evaluate the overall economy in the third quarter of 2021. You need to research and explain why certain items significantly subtracted from GDP and what items added to GDP.
Research the most current news articles for US GDP growth (The last revision of GDP was on December 22, 2021. The new release is on January 27). Remember that you can use your New York Times subscription or any other credible source to search articles. Cite your references). Compare your findings from one of the articles with the GDP data from the Bureau of Economic Analysis. What other information you learned from the bea.gov tables would you add to the article?
Can you see the economic contraction (the Covid recession) in the first and second quarters of 2020?
Evaluate the changes in the GDP components during the great recession of 2008 and 2009. Explain how each component of GDP contributed to the economic slowdown during the great recession and which component(s) had the biggest effect. To do this:
When you are in Table 1.1.1 on bea.gov
Click on MODIFY on the upper right-hand side of the page
Select 2006 for the first year (you can go all the way back to 1930 – remember that GDP was invented in the 1930s)
Click on refresh table
Explain the economic contraction (see all the negative values) during 2007-2009 using the GDP components (C, I, G, X, M) data from the tables.
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