Wednesday, June 3, 2009

GDP Data for 2008

Another belated post full of graphy goodness.

No dramatic changes at the highest level. The trade deficit fell slightly, but the country is still over-consuming.

Even with the trade deficit falling, both exports and imports increased as a percentage of GDP.

Consumption of motor vehicles registered the greatest decline. The share of spending on cars and parts (but not transportation services or fuel) has fallen from 4.1% of GDP in 2002 to 2.7% in 2008.

Residential investment has fallen from a peak of 6.1% in 2005 to 3.4% in 2008. That's a huge change. The increase in non-residential structure investment over the same period made up for half of the fall in residential. But the sector is wildly over-supplied and thus spending is set to contract.

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