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2010 GDP

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2010 GDP (Photo: Bill Pugliano/Getty Images)

What Was GDP in 2010?:

2010 GDP improved slightly, quarter by quarter. The most recent Bureau of Economic Analysis (BEA) estimate for 2010 GDP was $14.958 trillion. This estimate was made on July 29, 2013, and was slightly higher than the $14.526 trillion estimate made in 2011, and the $14.657 trillion estimate made in 2010. This was also better than 2009 GDP of $14.418 trillion.

Here's the most recent estimate of GDP for each quarter in 2010 (followed by the prior years' estimates in parentheses):

  • Q1: $14.672 trillion ($14.278 trillion in 2011 and $14.446 trillion in 2010)
  • Q2: $14.879 trillion ($14.467 trillion in 2011 and $14.579 trillion in 2010)
  • Q3: $15.05 trillion ($14.6 trillion in 2011 and $14.745 trillion in 2010)
  • Q4: $15.232 trillion ($14.755 trillion in 2011 and $14.861 trillion in 2010).

What Was the GDP Growth Rate in 2010?:

In 2010, the economy grew 2.5%. The 2013 estimate is significantly lower than the 2011 estimate of 3% and the 2010 estimate of 2.8%. Here's the GDP growth rate for each quarter in 2010 (followed by the prior estimates in parentheses):
  • Q1: 1.6% (3.9% in 2011 and 3.7% in 2010)
  • Q2: 3.9% (3.8% and 1.7%)
  • Q3: 2.8% (2.5% and 2.6%)
  • Q4: 2.8% (2.3% and 2.8%).

What Is GDP?:

GDP is Gross Domestic Product, which is everything produced by all the people and all the companies in the U.S. GDP doesn't include imports and income from U.S. companies and Americans who are outside the country. Components for final products, such as computer chips, aren't counted, just the final product, such as the computer.GDP is important because it measures the economic strength of the country.

GDP also refers to the GDP growth rate. This measures the changes in GDP from quarter to quarter. In other words, the GDP growth rate measures economic growth. The ideal GDP growth rate is between 2-3%. Less than 2% will not create new jobs for the growing labor force. More than 3% means the economy is headed toward an asset bubble. This generally creates inflation and rising prices. Sometimes higher prices will cool off demand. More often, the bubble bursts, and the economy descends into recession. At that point, the economy contracts, and the GDP growth rate turns negative.

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