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LI/NY region posts decline in 2009 GDP

GDP

GDP

Federal government economists on Wednesday put a number on how bad the recession was on Long Island and in the rest of metropolitan New York.

They said the gross domestic product fell 4 percent in 2009 to $1.1 trillion. That compares with $1.14 trillion a year earlier.

GDP is the value of goods and services produced in the region, which includes Nassau, Suffolk, New York City and parts of New Jersey and Pennsylvania.

The GDP drop, reported by the U.S. Bureau of Economic Analysis, followed a small decline of 0.4 percent in 2008. The bureau will release numbers for last year in September.

The 2009 drop was due in part to less activity in construction, information, financial services, tourism and other service industries. Gains were reported in government and trade. However, data wasn’t released for five economic sectors, including education and health care, transportation and utilities and mining.

The bureau removed inflation from the GDP figures. If it were included, the New York region’s GDP totaled $1.2 trillion in 2009, down from $1.24 trillion a year earlier.

The region also fared better than many across the country. It ranked 243 out of the 366 areas studied. Nearly 300 communities saw GDP fall in 2009 compared with 2008.

 

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