Gross Domestic Product

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Gross domestic product, adjusted for inflation, also known as “real GDP,” is an economic measure of whether the American economy is growing or contracting from year to year or from quarter to quarter, a key determinant in deciphering whether the economy is expanding or in a recession.

BEA LogoAn arm of the Commerce Department, the Bureau of Economic Analysis, calculates the nation’s total economic production by adding consumption, investment, government purchases and net exports to get the total GDP.

The BEA produces economic accounts statistics that enable government and business decision-makers, researchers, and the American public to follow and understand the performance of the nation’s economy.

The Wall Street Journal conducts an Economic Forecasting Survey among a group of nearly 80 economists on more than 10 major economic indicators on a monthly basis.

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