Focus on Economic Data: Gross Domestic Product - October 2001
Source: Council for Economic Education (EconEdLink) | Type: Lesson
Real Gross Domestic Product (GDP) during the third quarter (July through September) of 2001 decreased at an annual rate of 0.4 percent. This is the preliminary estimate for the second quarter. The estimate is based on incomplete data and will be revised in the coming months. During the first and second quarters of 2001, real GDP increased at an annual rate of 1.3 percent and 0.3 percent respectively. For the year 2000, real GDP increased at annual rates of 2.3, 5.7, 1.3, and 1.9 percent in each of the four quarters. The slowing rate of growth throughout 2000 has continued through 2001. The growth rate in real GDP over the last 12 months has been 0.8 percent. That compares with a more than 4 percent annual growth rate over the last several years.
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