Focus on Economic Data: Gross Domestic Product - November 2002
Source: Council for Economic Education (EconEdLink) | Type: Lesson
Real Gross Domestic Product (GDP) during the third quarter (July through September) of 2002 increased at an annual rate of 4.0 percent. This is described as the preliminary release and is a more rapid rate of increase than the previously announced rate of 3.1 percent. It will be once again updated in the December 20th release of the GDP data. This compares to rates of 5.0 percent in the first quarter and 1.3% in the second quarter of this year. During 2001, real GDP increased by .3 percent - a year in which real GDP fell during the first three quarters. Annual growth rates in 1999 and 2000 were 4.1 percent and 3.8 percent.
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