Econ Exploder: GDP

The Indicator from Planet Money

NPR

Business

4.7 • 9.2K Ratings

🗓️ 30 April 2022

⏱️ 9 minutes

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Summary

The Bureau of Economic Analysis released their quarterly gross domestic product report this week. It showed GDP shrank at an annualized rate of 1.4%. Not good. But there's a mix of stories in the details. We explain with the help of a bit of music.

Transcript

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0:00.0	NPR.
0:03.2	This is the Indicated from Planta Money.
0:12.7	I'm Adrian Ma, here with Wayland Wong and Darien Woods.
0:16.2	Hello.
0:17.2	Hey, hey.
0:18.2	Today we're talking about GDP.
0:20.5	Gross domestic product.
0:21.5	And we'll get the pain out of the way fast.
0:24.4	Okay.
0:25.4	GDP was down 1.4% in the first quarter.
0:29.4	That's an annualized figure.
0:31.3	And while not all economists are necessarily worried, down is certainly not the direction
0:36.7	we want to go if we want incomes to grow.
0:39.2	No, it is not.
0:40.9	But what we were fascinated by was in this report that 1.4% decline is only the overall
0:47.8	total.
0:48.8	There are actually a lot of booming sectors once you break down the numbers.
0:51.8	It's quite a varied picture.
0:53.4	And speaking of breaking down the numbers, there's actually a very elegant formula for GDP.
0:58.8	And Econ nerds might know this.
1:00.8	It is consumption plus investment plus government spending plus exports minus imports.
1:07.7	Easy peasy.
	...

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