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Gross Domestic Product
Gross domestic product (GDP) is the sum of four components - consumption, investment, government spending, and net exports. Together, they measure the market value of all goods and services produced in the United States. The graph below shows the percentage change in GDP and its components since the start of each recession.

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NOTES: Personal consumption expenditure (consumption) measures the market value of goods and services consumed by individuals. Gross domestic private investment (investment) includes the value of new residential investments, non-residential (i.e., business) investment in structures and equipment, and the change in business inventories. Net exports are defined as the value of exports less the value of imports, (exports and imports are both shown above, the net is difference between them) Government consumption expenditures and gross investment (government) includes government spending on domestically produced goods and services; this spending, however does not include transfer payments (such as Social Security).

SOURCE: EPI analysis of Bureau of Economic Analysis data



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