The Economic Perspective: “First Quarter GDP”

Mary:  I’m Mary Walden with economist MW welcoming you to the economic perspective. Today’s program looks at first quarter GDP.  Mike, GDP, or gross domestic product, is the gold standard in measuring the size of the economy.  The federal government just released GDP numbers for the first quarter of 2020 for all states.   How did North Carolina’s GDP compare to other areas?

 

Mike: Summary Answer

  • We now know the first quarter was the beginning of the coronavirus recession: national GDP (adjusted for inflation) dropped 5%
  • NC was just a slight bit worse – our GDP fell 5.1%
  • Worst states hit:  New York and Nevada – tourism
  • States least hit: Nebraska, the Dakotas, Texas – low density
  • This was the first quarter, Jan-March
  • Recession was deepest in the second quarter, so can judge better when those numbers come out
  • I’m MW

 

Mary:  And I’m Mary Walden for the Economic Perspective, an NC State Extension program from the Department of Agricultural and Resource Economics