What Was GDP in 2010?:
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?:
- 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 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.