Bureau of Economic Analysis: Gross Domestic Product
BEA Revisions Reveal Slower Economic Recovery The Bureau of Economic Analysis GDP revisions indicate about the same overall story as reported in the prior year July 2011 revisions. The revisions from Q1 2009 through Q1 2012 reveal a slower economic recovery than originally reported. The recovery officially started in Q3 2009 and the average quarterly "recovery" GDP to-date was originally reported as +2.46%. The revised overall quarterly "recovery" average is now +2.26%.
BEA Revisions Reveal Worse Great Recession The Bureau of Economic Analysis GDP revisions from Q3 2008 through Q2 2009 (the Great Recession) reveal a worse recession than originally reported. The plunge in GDP was deeper. The average quarterly "recession" GDP originally was reported as -4.10%. The revised overall quarterly "recession" average is now -4.55%.
The latest data reflects the regular annual revision of the national income and product accounts, beginning with the estimates for the first quarter of 2009. This revision incorporates source data that are more complete, more detailed, and otherwise more reliable than those previously available. A later post will review these revisions compared to the prior GDP data reported.
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