Showing posts with label gdp 3rd quarter 2020. Show all posts
Showing posts with label gdp 3rd quarter 2020. Show all posts

Monday, December 28, 2020

Gross Domestic Product for Georgia, 3rd Quarter 2020

 


Real gross domestic product (GDP) for Georgia increased at an annual rate of 32.7 percent, according to information released by the U.S. Bureau of Economic Analysis. The percent change was smaller than for the United States as a whole, which grew by 33.4 percent.

The increases in the third quarter followed second quarter declines of 27.7 percent for Georgia and 31.4 percent for the U.S. In the first quarter of 2020, the state's real GDP declined by 4.0 percent, while the U.S. recorded a 5.0 percent drop.

In current dollars, the state’s real gross domestic product in the third quarter of 2020 totaled $627,667 million compared to its third quarter 2019 amount of $629,466 million.

Contributors to third quarter real GDP in Georgia

Economic sectors making the largest contributions to the state’s 32.7 percent gain included:

·         Healthcare and social assistance 3.90 percent

·         Durable goods manufacturing 3.40 percent

·         Accommodation and food services 3.29 percent

·         Wholesale trade 2.92 percent

·         Retail trade 2.36 percent

·         Transportation and warehousing 2.16 percent

·         Nondurable goods manufacturing 2.07 percent

Mining, quarrying, and oil and gas extraction was the only sector recording a decline (-0.01 percent); utilities showed no change over the quarter. 

 

According to BEA, the increase in third quarter GDP reflected continued efforts to reopen businesses and resume activities that were postponed or restricted due to COVID-19. The full economic effects of the COVID19 pandemic cannot be quantified in the GDP estimate for the third quarter of 2020 because the impacts are generally embedded in source data and cannot be separately identified. 

Gross domestic product by state is the market value of goods and services produced by the labor and property located in a state. GDP by state is the state counterpart of the nation's gross domestic product, the Bureau's featured and most comprehensive measure of U.S. economic activity. 

Real values are inflation-adjusted statistics—that is, these exclude the effects of price changes. Contributions to growth are an industry’s contribution to the state’s overall percent change in real GDP. The contributions are additive and can be summed to the state’s overall percent change. 

More detailed information on GDP rates by state can be found at GDP by State | U.S. Bureau of Economic Analysis (BEA).