Virginia Economic Indicators, Volume 41, Number 1. First Quarter Data, Second Quarter Preliminary Analysis, and Latest 2009-2011 Projections

摘要

Real Gross Domestic Product (GDP)--the output of goods and services produced by labor and property located in the United States and a key measure of economic gain or loss--decreased at an annual rate of 5.5 percent in First Quarter 2009, according to the final estimates released by the Bureau of Economic Analysis of the U.S. Department of Commerce on June 25, 2009. The first quarter GDP drop indicated the economy was still in a state of free fall and was a continuation of the 6.3 percent decrease in GDP in the final quarter of 2008 and the 0.5 percent decrease in Third Quarter 2008. The average growth rate for all of 2008 had been 1.1 percent, barely positive because of growth in that years first half. The decrease in real GDP in First Quarter 2009 primarily reflected negative contributions from most sectors, including exports, equipment and software, private inventory investment, nonresidential structures, and residential fixed investment. There was slight positive contribution from personal consumption expenditures.