What is GDP and why is it important?
GDP, or Gross Domestic Product measures the total output of goods and services in an economy. You may see it reported at a national level, and that provides a comprehensive measure of our economic activity. We look at it regionally to see how our local economy is changing. GDP is also equal to the sum of personal expenditures, private investment, net exports, government consumption and gross investment.
What is “Gross domestic product (GDP) by metropolitan area (millions of current dollars)”?
Gross domestic product (GDP) by metropolitan area- GDP by metropolitan area is the measure of the market value of all final goods and services produced within a metropolitan area in a particular period of time (annually). For a complete list of regional statistics, see Regional Definitions. (U.S. Bureau of Economic Analysis)
What is “Per capita real GDP by metropolitan area (chained 2009 dollars)”?
Per capita real GDP by Metropolitan Area- Real GDP by metropolitan area is an inflation-adjusted measure of each metropolitan area’s gross product that is based on national prices for the goods and services produced within the area. Real GDP by metropolitan area is measured in chained (2009) dollars.
Per capita real GDP by metropolitan area is calculated by dividing the real GDP for a metropolitan area by the resident population of the area. In its calculation, BEA uses the Census Bureau’s annual midyear population estimate.
Per capita real GDP indicates the trend in output as it relates to population. Although it does not indicate whether the rate of growth in real GDP can be sustained, it suggests the ease with which the economy can continue to support its local population. For a complete list of regional statistics, see Regional Definitions. (U.S. Bureau of Economic Analysis)