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Assessment of Historical Growth in the US Economy

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GDP is the best indicator to express the economic health of a country’s GDP is usually measured on an annual basis for easy comparisons. But quarterly figures are also being computed and recorded for the major industrially advanced countries. GDP can be measured as ‘Current Dollars’ values or ‘Constant Dollars’ Values. The Constant dollar GDP is also known as the ‘Real GDP represents the quantity of economic output. Real GDP is always used in measuring the overall rate at which an economy is grown. The current dollar GDP represents the market value of goods and services produced in a period in a country.And compare them to check for the trend of the growth in the US economy expressed through the GDP figures. Usually, such kinds of economic data can be obtained from the website of the Bureau of Economic Analysis. (BEA)An analysis of the US GDP is expressed in chained dollars in the BEA Website for the period from 1929 to 2006 last quarter. An analysis of the historical GDP figures indicates that the US economy has been continuously showing an increasing trend only except for some years where it shows a negative trend. Especially in the years where there were recessions of the economy the GDP has been continuously growing.From the following Chart, it can be observed that the growth of the US economy suffered slightly during the years 1974, 1982 and 1991. These are the known periods of recession where the US economy was recording a negative growth of -0.51 percent, -1.97percetn, and -0.17percent respectively which are very negligible. Apart from these small deviations in the near past, the US economy has been continuously doing well. The observed data is also produced below to show that in the real values also the GDP of the US economy is growing continuously except for intermittent reversals to negative figures.