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
You will 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.
1. Using the data from the bea.gov tables, evaluate the current (2019 Q1) GDP and economic growth in the US. (Note: 2019 Q1 data published on May 30th.)
Your starting point should be Table 1.1.1. Economic Growth Table (Percent change from previous period)
a) 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 forth quarter of 2018. You need to research and explain why certain items significantly subtracted from GDP and what items added to GDP.
b) Research the most current news articles for US GDP growth (The last revision of GDP was on May 30, 2019. The news release is on May 30th). 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 bea.gov table would you add to the article?
2. 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 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.
1. Please first watch the following video and discuss how well GDP explains economic well-being of a country?