Explore the connection between the economic indicators and real-world issues. These lessons typically can be done in one class period.
Real Gross Domestic Product (GDP) during the third quarter (July through September) of 2001 decreased at an annual rate of 0.4 percent. This is the preliminary estimate for the second quarter. The estimate is based on incomplete data and will be revised in the coming months. During the first and second quarters of 2001, real GDP increased at an annual rate of 1.3 percent and 0.3 percent respectively. For the year 2000, real GDP increased at annual rates of 2.3, 5.7, 1.3, and 1.9 percent in each of the four quarters. The slowing rate of growth throughout 2000 has continued through 2001. The growth rate in real GDP over the last 12 months has been 0.8 percent. That compares with a more than 4 percent annual growth rate over the last several years.
Real Gross Domestic Product (GDP) during the first quarter (January through March) of 2002 increased at an annual rate of 5.6 percent. This is the preliminary estimate for the first quarter, a downward revision from the advance estimate of 5.8 percent, and will be revised in the final estimate that is released next month. During 2001, real GDP changed at annual rates of +1.3 percent, +0.3 percent, -1.3 percent and +1.7 percent for each quarter respectively.