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.
