Updated July 29, 2011
As it turns out, the economy was still growing strongly in 2007. However, you'll see that, at the time, the BEA said that GDP turned negative in Q4 2007. It later revised the estimate up to 2.9%, when more data came in. At the time, however, there was much shock that perhaps a recession had started. Shortly thereafter, it did. Here's the blog posts for each GDP release in 2007.
2007 GDP for the Year: 1.9% (Was 2.1%.)
Note: On July 29, 2011, the BEA revised all GDP stats from 2006 on. This is in addition to the July 30, 2010, and July 31, 2009, revisions of all stats since 1929. The revised figures are given first, then the original growth rate. A record of these changes aren't easily available anywhere else.Q4 2007: 1.9% (Prior annual revisions were 2.9% in 2010 and 2.1% in 2009)
- Advance Report - Why the economy slumped to .6% and the risk of recession.
- Second Report - New data confirmed growth was only .6%.
- Third Report - No revisions. Growth still at .6%.
- In April 2008, the BEA revised Q4 2007 GDP to -.2%, declaring the start of the current recession.
Q3 2007 GDP: 3% (2.3% and 3.6%)
- Advance Report: - Why GDP was still so healthy at 3.9%, why it might have declined in Q4, and the annual outlook.
- Second Report - Discusses the surprising jump in GDP growth to 4.9%, the factors behind the revision, and the outlook for Q4.
- Third Report - Why the Final Report remained at a still astounding 4.9%.
- In April 2008, the BEA revised Q3 2007 GDP to 4.8% (same as Q2 2007 revision).
Q2 2007 GDP: 3.6% (3.2%)
- Advance Report: - Why it was unlikely that GDP could go from .6% in Q1 to 3.4% in Q2
- Second Report - Why GDP was revised up to an astounding 4%.
- Third Report - Why the Final Report was revised down slightly to 3.8%.
- In April 2008, the BEA revised Q2 2007 GDP to 4.8%.
Q1 2007 GDP: .5% (.9% and 1.2%)
- Advance Report: - The significance of 1.2% GDP growth to you.
- Deja Vu - Dow High, GDP Low - Why the stock market hit a new high when the underlying economy dropped to a new low. How this was like March 2000, the beginning of the last recession.
- Second Report - Why GDP was revised down to .5.
- Third Report - GDP was revised up .1 point, to .6%, the lowest growth rate in four years.
- In April 2008, the BEA revised Q1 2007 GDP to .1%. In July 2010, the BEA revised it again to .9%.
