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California’s real GDP and unemployment levels

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A high/low real GDP correlates to a fall/rise in unemployment levels. There are many types of GDP, however in general, real GDP means the value of all goods and services produced in terms of labor and capital in an economy from year to year. Nominal GDP also known as current dollar GDP is a value of all goods and services produced measured in U.S dollars.

According to the June 11 report featuring 2012-2013 advanced year statistics, the U. S. Bureau of Economic Analysis indicates a 2.0 percent real GDP rate in 2013 for the State of California from 2.7 in 2012. Industries indicating a drop in percentage from 2012 show mining, durable goods and manufacturing, professional, scientific and technical services, education, services except government, and government.

Agriculture, forestry, fishing and hunting, non-durable goods manufacturing, information, real estate and rental leasing, management of companies and enterprises were the leading contributors to California’s economic growth for 2013.

However, the industry with the highest real GDP growth in California was in Information (newspaper/radio/tv/cable broadcasting, software publishers, motion picture and video, satellite communications) with a 0.72 percentage point of total growth in real GDP. The report also shows California’s real GDP contributing 13.2 percent towards our nation’s total.

The second largest contributor to real GDP was finance, insurance, real estate, rentals and leasing contributing a 0.44 percentage point of real GDP for the state. All percentages are inflation adjusted based on national prices for goods and services produced within the state.

In 2013, California’s (current dollar) GDP was $2,202.7 billion and ranked 1st in the United States.

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