United States Gdp Trends, Forecasts, and Statistics

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United States GDP Trends, Forecasts, and Statistics Paul Lindner American Intercontinental University Abstract One of the primary indicators used to judge the health of a country’s economy is the Gross Domestic Product (GDP). It is the total value of goods and services produced during a period of time. GDP was first developed by Simon Kuznets for a US Congress report in 1934. There are three ways of calculating GDP, the production approach, the income approach, and the expenditure approach, all of which should come up with the same basic results. GDP can be used to judge recession and recovery periods and how prosperous a country is. The author then discusses trends, statistics and forecasts for GDP. United States…show more content…
Unemployment claims remain greater than 450,000 (350,000 is considered healthy) (GDP, 2013). One thing causing a lot of concern right now is the uncertainty about President Obama’s health care and tax plans. While the above graph shows an increase every quarter for the last two years, I predict a decline in the fourth quarter of 2013. This is mainly due to the government shutdown during October. As I stated earlier government related services make up about 13% of the GDP. While there may be a decline I also believe that it will recover quickly once the government goes back to work. Although there may still be some timidity in regards to spending until the health care and tax plans go fully into effect and people learn how much it may costs them. References GDP and the economy: Third estimates for the first quarter of 2013. Survey of Current Business. July 2013; 93 (7), 1 Retrieved from http://proxy.cecybrary.com/login?url=http://ehis.ebscohost.com/eds/detail?vid=3&sid=5a4d1607-26d1-4702-aa4e-2813451791d0%40sessionmgr4&hid=17&bdata=JnNpdGU9ZWRzLWxpdmUmc2NvcGU9c2l0ZQ%3d%3d#db=f5h&AN=89992363. Investopedia, 2013. What is GDP and why is it so important. Retrieved from http://www.investopedia.com/ask/answers/199.asp. Kuznets, Simon, 1962. “How to judge quality”. The New Republic. October 20, 1962. Morici, Peter, 2010. GDP trends not encouraging. Retrieved from
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