That followed a 3. Imports, which subtract from GDP growth, increased at their fastest rate in more than seven years. Rising imports underscore the challenges that the Trump administration faces in its quest to boost annual GDP growth to 3 percent.
A measure of domestic demand jumped at a 4. Final sales to private domestic purchasers rose at a 2. Strong domestic demand is part of a synchronized global rebound that includes the euro zone and Asia. Demand has also been buoyed by President Donald Trump's promise of hefty tax cuts, which was fulfilled in December when the Republican-controlled U. Congress approved the largest overhaul of the tax code in 30 years. Economists polled by Reuters had forecast the economy growing at a 3.
The economy grew 2. Economists expect annual GDP growth will hit the government's 3 percent target this year, spurred in part by a weak dollar, rising oil prices and strengthening global economy.
While the corporate income tax rate has been slashed to 21 percent from 35 percent and taxes for households have also been lowered, economists see only a modest boost to GDP growth as the fiscal stimulus is coming at a time when the economy is almost at full employment.
Prices for U. GDP Per Capita GDP per capita is gross domestic product divided by midyear population. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U. Download Historical Data Save as Image. Retrieved We Need Your Support!
That is, it includes the wages and salaries that workers earn, the income earned by individual or joint entrepreneurs as well as by corporations, and business taxes such as sales, property, and Federal excise taxes—that count as a business expense. GDP is calculated as the sum of what consumers, businesses, and government spend on final goods and services, plus investment and net foreign trade. In theory, incomes earned should equal what is spent, but due to different data sources, the measurement of income earned, usually referred to as gross domestic income GDI , does not always equal the measurement of what is spent GDP.
The difference is referred to as the "statistical discrepancy. GDP by state for the U. Table 2. Table 5. News Release. These data have been superseded. Please see our latest releases for current estimates and contact information.
Explore Product View. EDT, Friday, May 4, Aversa bea. BEA's news release schedule. Definitions Gross domestic product GDP by state is the market value of goods and services produced by the labor and property located in a state.
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