U.S. Gross Domestic Product

JP Morgan and Macroeconomic Advisors have lowered their growth projections for the United States economy for 2011 to 1.4 and 1.7 percent respectively, according to information recently published in The Wall Street Journal.

In the final quarter of 2010, many popular economists jumped on the growth bandwagon by forecasting that the U.S. economy would grow even more in 2011 than the 2010 annual average of 2.78 percent.  The average growth forecast as documented by CreditPulse was 3.5 percent (see chart below).

The U.S. economy grew by a whopping 5.9 percent at the end of 2009 in a volatile turnaround after beginning the year down 6.4 percent.  Manufacturing rebounded significantly, but consumer spending remains low.  U.S. GDP is $14.46 trillion.

The U.S. gross domestic product (GDP), the total value of all goods and services, reached its highest point in over six years to end 2009 at 5.9 percent, according to the second GDP quarterly estimate released earlier today by the U.S. Commerce Department.  The figure was an increase over the advance estimate of 5.7 percent issued last month.  Not since a 6.9 percent increase back in the third quarter 2003 has the economy realized such growth. 

The United States gross domestic product (GDP) declined for the third straight quarter for the first time since 1974-75.  U.S. GDP has declined 12.9 percent since the third quarter of 2008.

Real gross domestic product decreased at an annual rate of 6.1 percent in the first quarter of 2009, according to the advance estimate released earlier today by the U.S. Commerce Department.  GDP is the measure of all goods and services produced by labor and property located in the United States.  GDP declined 6.3 percent in the fourth quarter of last year.