In 2010, GDP (Gross Domestic Product) improved slightly, quarter by quarter. The most recent Bureau of Economic Analysis (BEA) estimate 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 economic outpur 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 Economic Growth Rate in 2010?:
In 2010, the GDP growth rate was 2.5%. The 2013 estimate is higher than the 2012 revision of 2.4%, but 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% (2.3% in 2012 revision, 3.9% in 2011, 3.7% in 2010)
- Advance - The economy grew 3.2% because Americans are shopping again. This was down quite a bit from the 5.6% growth rate in the fourth quarter 2009. Businesses restocking low inventory contributed 1.57 points to this growth. This is to be expected at this stage of the business cycle for an economy coming out of a recession. However, it is not a driver of growth, and will fall off in the next few quarters. An increase in personal consumption also helped. People are getting sick of sitting at home and doing without. They are starting to go out to eat again (contributed .34 points, after being down for the last five quarters). They are also buying shoes and clothes (contributing .23 points, after being down for five quarters). Auto sales drove .52% of the growth. Even though auto sales improved from 2009 (the worst in 30 years), they were still lower than the last two recessions. (Source: Calculated Risk)
- Second - Economic growth was revised down to 3% thanks to new data showing higher exports but lower demand from shopping.
- Third - Turns out the economy grew just 2.7% in Q1.
- Advance - Businesses buying durable goods drove 2.4% economic growth.
- Second - Growth was revised down to 1.6%, due to less inventory replenishment than the BEA originally thought. inventory restocking is counted as economic growth, and it is what led to the boost in economic growth in Q4 2009. It is the first sign of recovery, but becomes less important in later stages. Businesses bought even more equipment and software than originally thought. It contributed 1.5% to growth, higher than last month's initial estimate of 1.3%. This is a huge change from the end of 2009, when business spending subtracted 2.4% from GDP. Business imports of goods was higher than originally estimated, too - 4.34% vs 3.96%. This is another good sign for the economy. Companies purchase durable goods in the beginning of any recovery as they find they can't afford to make do with old equipment any longer. However, since it's imports, it's deducted from GDP.
- Third - Economy chugs along at a 1.7% growth rate, driven by business spending on equipment and computers.
- Advance - The economy only grew 2%, prompting additional Fed easing. Business increasing their inventory levels contributed 1.44% of this growth. These higher inventory levels are because they see an uptick in demand. According to the October survey of businesses by the National Association for Business Economics, nearly 60% of businesses reported an increase in demand - the largest percent in five years.
- Second - Growth was revised up to 2.5%, due businesses increasing their inventory levels.
- Final Report - The economy grew 2.6%, better than last quarter but still not enough to create a lot of jobs.
- Advance Report - The economy grew 3.2%, dragged down by a slow housing market.
- Second Report - The BEA's second estimate of GDP for the fourth quarter 2010 dropped to 2.8%, thanks to housing's shadow inventory.
- Final - The final estimate was 3.1%, thanks to consumer spending.
More GDP by Year
For earlier years, see U.S. GDP History