Today [July 30, 2010] the BEA released the advance estimate for GDP figures, along with their annual revision of GDP. These changes reach as far back as 2007, with the recession being somewhat more severe than originally thought and the subsequent recovery being weaker.
These changes were far reaching and too numerous to list, however, the updated figures can be viewed here:
http://bea.gov/national/nipaweb/TableView.asp?SelectedTable=1&FirstYear=2009&LastYear=2010&Freq=Qtr
Additional changes were made to methodology that makes the GDP figures include more components of the Census Bureau's QSS. Thus, GDP figures from the first quarter of 2010 onward will be calculated in a slightly different - but more encompassing manner - allowing the figures to come out higher than they would have been previously during growth, and lower during periods of downturn.
Perhaps the greatest revelation in the new figures is that the depth of the recession has been relocated. Instead of focusing on the last portion of 2008 and the first quarter of 2009, the most damage was done in the final two quarters of 2008. The economic decline decelerated immediately with the new year to only -4.9% growth as opposed to initial estimates closer to -6.5%.
Ultimately growth in the 1st quarter of 2010 was moved up to 3.7% from 2.7%, and the first estimate for the 2nd quarter of 2010 comes out to be 2.4%.
New chart including new figures;
