County Executive  |  Economic Indicators -- US GDP Expands
   Albemarle County, Virginia

October 31, 2010     

Quarterly Economic Indicators


U.S. Gross Domestic Product (GDP) represents the total dollar value of all the goods and services produced within the United States.  Between FY 10 Q1 and FY 11 Q1, U.S. GDP rose from $14.115 trillion to $14.730 trillion, or by 4.36%, consistent with the continuation of the recovery from the severe national recession that began in December of 2007.  It is worth noting that U.S. GDP has grown in each of the quarters since FY 09 Q4, the officially-designated end of the recession.  Many economists now think that the recovery has reached a self-sustaining phase and that the U.S. will not experience a “double dip” recession.

Despite this seemingly good news, two scenarios, either separately or together, could derail the recovery:  (1) a sovereign default in one or more of the Euro Zone countries; and (2) an inflation-fighting, government-induced slowdown of China’s economy.  Even without these two scenarios, the question remains as to whether or not the current U.S. economic recovery will be sufficiently strong to bring down the country’s unemployment rate in coming quarters.  

Note that the U.S. Bureau of Economic Analysis (BEA), the entity that calculates U.S. GDP, also calculates a GDP figure for Virginia, as well as regional GDP data for the Charlottesville MSA, but this information is done only on an annual basis and is not completed until well after the end of the calendar year.  This regional GDP data will be tracked annually by the County.   

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