- Georgia’s Real Gross Domestic Product (GDP) rose by 2.9% in the third quarter of 2022
- Personal income in Georgia increased 6.7% in the third quarter of 2022
GDP
Georgia’s real GDP rose by 2.9% in the third quarter of 2022 compared to a 3.2% rise nationally, according to statistics released by the U.S. Bureau of Economic Analysis (BEA). The percent change in real GDP ranged from 8.7% in Alaska to -0.7% in Mississippi. For the Southeast, the increase was 2.6%.
Georgia’s real GDP increase in the third quarter compares to a -0.7% decline experienced by the state in the second quarter of the year.
Current-dollar GDP increased in all 50 states and
the District of Columbia in the third quarter, with the percent change ranging
from 10.4 percent in Oregon to 2.3 percent in North Dakota.
Personal Income
Personal income in Georgia rose by 6.7% in the third quarter of 2022 following a 9.6% increase in the second quarter. Nationally, personal income rose by 5.3% in the third quarter, while personal income in the Southeast advanced 5.5%.
Personal income increased in all 50 states and the District of Columbia in the third quarter, with the percent change ranging from 14.2 percent in Colorado to 1.4 percent in Kentucky.
In Georgia, the 6.7% increase reflected a 4.1% increase in net earnings, 1.1% rise in dividends interest, and rent, and a 1.5% increase in transfer receipts.
Earnings increased in all 50 states and the District of Columbia, increasing 6.5 percent nationally. The percent change in earnings ranged from 8.5% in Texas to 3.2% in Indiana. Net earnings are earnings by place of work—the sum of wages and salaries, supplements to wages and salaries, and proprietors' income—less contributions for government social insurance plus an adjustment to convert earnings by place of work to a place-of-residence basis.
Property income increased in all 50 states and the District of Columbia, increasing 5.5% nationally. The percent change ranged from 8.1% in Idaho to 3.0% in Kansas.
Transfer receipts increased in 28 states, increasing 1.0% nationally. The percent change in transfer receipts ranged from 79.7% in Colorado to –7.9% in Kentucky. Transfer receipts consist of government social benefits to persons for which no current services are performed.
Although transfer receipts had minimal impact nationally,
it was the leading contributor to increases in personal income in Colorado,
Maine, New Mexico, and Idaho, the states with the largest increases in personal
income. Temporary state refundable tax credits in these states and other states
resulted in above-average increases in transfer receipts in the third quarter.