2010 Gross Domestic Product / Gross Metropolitan Product
Long Island’s economic trend reflects the national recession.
| |||
|
Why is this important?
The Gross Domestic Product (GDP) is a measure of the extent of economic activity within a defined geographical region or within a sector of a defined economic region. When referencing a defined metropolitan area it is sometimes referred to as the Gross Metropolitan Product (GMP). Essentially the GDP/GMP measures the economic output of a region and can be used to compare overall economic activities across regions, or the contributions of various sectors.
How are we doing?
In 2009, the total private sector GDP for Long Island was about $128 billion in 2008 dollars, down from about $132 billion in 2008 (a decline of 3.2%). Overall, Long Island’s private sector of the economy grew by 17% from 1999 to 2009. However, there was greater growth earlier in the period, slower growth more recently, and stagnation and decline most recently. There was almost no change between 2007 and 2008 (contraction of .1%), prior to the substantial decline between 2008 and 2009.
Comparisons with the US economy as a whole indicates that the national economy grew slightly more between 2000 and 2009 (15.2%) compared to Long Island (13.6%). In 2008 the Long Island economy was stagnant while the nation’s economy experienced almost 1% growth. In 2009, the U.S. economy contracted less than did our local economy (-2.1% versus -3.2%).