Real Gross Domestic Product (GDP) during the fourth quarter (October through December) of 2002 increased at an annual rate of 0.7 percent. For the entire 2002 year, real GDP increased at a rate of 2.4 percent. This is the advance release of the data for the quarter and will be updated in the February 28th release of the GDP data. This compares to rates of 5.0 percent in the first quarter, 1.3% in the second quarter of year, and 4.0% in the third quarter. 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.
Real Gross Domestic Product (GDP) during the fourth quarter (October through December) of 2001 increased at an annual rate of 1.4 percent. This is the "preliminary" estimate for the fourth quarter and is a revision of the announcement of a .2 percent increase that was made one month ago. It is still based on incomplete data and will be revised in the "final" estimates one month from now. During the first three quarters of 2001, real GDP changed at annual rates of +1.3 percent, +0.3 percent and -1.3 percent respectively.
Explore the connection between the economic indicators and real-world issues. These lessons typically can be done in one class period.