Today’s post is by Jericia Stevens, Account Manager at SafeSourcing Inc.
Gross Domestic Product (GDP) is the value of all goods and services produced in the U.S. The GDP figure is released quarterly. We use GDP to measure economic output. The growth rate in GDP is closely evaluated by the Federal Reserve to determine whether the economy is growing too slowly or too quickly. (Bankrate.com)
I recently read an article concerning the GDP and if it can still effectively measure the economy. This was being questioned because the economy has shifted from being a production driven economy to a more service driven economy. The economy used to be driven by the production of things, such as refrigerators, cars, shoes, etc.
Today the economy thrives from services and technologies. According to the Bureau of Economic Analysis, the quarterly data by industry reports that finance and insurance; wholesale trade; and information services were the leading contributors to the increase U.S. economic growth in the third quarter of 2016. The Bureau also reported, 20 of 22 industry groups contributed to the overall 3.5 percent increase in real GDP in the third quarter.
SafeSourcing, Inc. is part of the service industry. We provide innovative eProcurement tools that can increase efficiency and improve profitability for our customers; as well as provide superior value for all stakeholders. In addition to providing information, tools and services, SafeSourcing proactively supports consumer safety and environmental standards throughout the global supply chain management process.
To learn more, visit SafeSourcing.com. Let SafeSourcing manage your services, goods and projects. We can handle your sourcing needs. We enjoy bringing this blog to you every week and hope you find value in it. For more information on how we can help you with your procurement needs or on our “Risk Free” trial program, please contact a SafeSourcing Customer Service Representative.
https://bea.gov/newsreleases/glance.htm Ahearn, Cale (2016, September 21).