A Discussion of the Gross Domestic Product
The gross domestic product, popularly known as the GDP, is the total value of the output of all goods and services produced by labor and property within the United States. The purveyor of this news is the National Bureau of Economic Analysis, which is an agency of the U.S. Department of Commerce. Estimates of such data are issued quarterly, with two subsequent monthly revisions being released. The initial estimate of a quarter’s GDP is issued late in the month following the end of that three-month period. First and second revisions come out the following two months. It should be noted that this initial estimate of a quarter’s GDP is based on data that are incomplete. Accordingly, there can be some dramatic revisions as surveys become more complete.