Showing posts with label state gdp. Show all posts
Showing posts with label state gdp. Show all posts

Wednesday, July 26, 2017

Georgia’s economy grows faster than U.S. and Southeast in the first quarter of 2017


Real gross domestic product (GDP) in Georgia increased at an annual rate of 1.7% in the first quarter of 2017, according to newly released information from the U.S. Bureau of Economic Analysis (BEA).

The increase was greater than for the U.S. (1.2%) and the Southeast (1.5%).

Gross domestic product (GDP) by state is the market value of goods and services produced by the labor and property located in a state. The U.S. values may differ from the values in the national income and product accounts (NIPAs) because the GDP by state accounts exclude federal military and civilian activity located overseas (because these activities cannot be attributed to a particular state).

For Georgia, the increase in the first quarter of 2017 compares to a 1.8% increase in the fourth quarter of 2016 and a 6.5% increase in the first quarter of 2016.

Georgia’s GDP in the first quarter of 2017 was $537,264,000,000 (seasonally adjusted at annual rates).

The state contributed 2.8% of the nation’s total GDP in the first quarter, slightly down from its 2.9% contribution in the first quarter of 2016.

Georgia Growth Industries

Industries in Georgia recording the greatest annualized growth rates in the first quarter of 2017 included Wholesale Trade (0.36%); Government (0.28%); Nondurable-goods Manufacturing (0.25%); Construction (0.23%); and Agriculture, Forestry, Fishing, and Hunting (0.19%).

Industries that subtracted from real growth in the first quarter of 2017 included Utilities (-0.15%) and Retail Trade (-0.14%).  

Southeastern State GDP

States in the Southeast with higher rates of growth than Georgia included West Virginia (3.0%), Virginia (2.0%), Alabama (1.9%) and Kentucky (1.8%).

In the Southeast, North Carolina recorded the lowest annualized real growth rate in the first quarter of 2017, rising by only 0.7%.

Nationally, real GDP by state in the first quarter ranged from 3.9 percent in Texas to –4.0 percent in Nebraska.

National GDP

For the nation as a whole, industries showing the greatest annual rate of increase in the first quarter included Real Estate and Rental and Leasing (0.35%), Mining (0.32%), Durable Goods Manufacturing (0.29%), and Nondurable-goods Manufacturing (0.26%).

GDP by state is the state counterpart of the Nation's GDP, the Bureau's featured and most comprehensive measure of U.S. economic activity.


Current-dollar statistics are valued in the prices of the period when the transactions occurred—that is, at “market value.” Also referred to as “nominal GDP” or “current-price GDP.” Real values are inflation-adjusted statistics—that is, these exclude the effects of price changes.