Regional Gross Domestic Product
What is GDP and why is it important?
GDP measures the total value of goods and services produced within an economy during a given period. At the county level, GDP provides a way to compare the size and growth of local economies over time. This visualization compares economic trends across Albany, Saratoga, Schenectady, and Rensselaer counties using three different measures of GDP: Real GDP, current-dollar GDP, and chain-type quantity indexes.
What is “Current-dollar GDP”?
Current-dollar GDP shows the dollar value of each county’s economy using prices from each year measured. Unlike Real GDP, it is not adjusted for inflation, so changes over time reflect both economic growth and price changes. This measure provides another way to compare economic growth across counties of different sizes.
What is “Real GDP”?
Real GDP is measured in 2017 dollars, which removes the effects of inflation by expressing economic activity in terms of 2017 purchasing power. This shows whether the economy is producing more goods and services over time, rather than simply reflecting higher prices.
What is “Chain-Type Quantity Index for Real GDP”?
The Chain-Type Quantity Index for Real GDP shows changes in economic output relative to the base year, with 2017 set equal to 100. Values above 100 indicate that a county’s real economic output has grown compared with 2017, while values below 100 indicate a lower level of economic output.
