Question

Data on GDP is released on the last Friday of each month, go to www.bea.gov and see what the most recent Real Gross Domestic Product is. What does the latest available data say about the current rate of GDP growth? Is the economy in a recession or an expansion? Be detailed in your answer and be sure to use economic terms.

Answer 1

*according to the BEA report

In the 2nd quarter of 2020,real GDP declined by 31.4%.all 50 states have been impacted by the pandemic and GDP has decreased.accomadation and food services decreased 88.4% and durable goods manufacturing decreased 43.3% nationally..from all these data say that current real GDP growth is declining and the economy is entering into recession because low growth will result into less profit and less price resulting into recession.the projected growth rate of america is -5.91 %,from this we can say that there is negative growth and decline in GDP.