ges? What was GDP in 2013 (sometimes called GSP) for your state (Alabama)?

Assignment 2: what is gross domestic product?

In 2013, the Gross Domestic Product (GDP) of Alabama was $207.3 billion, ranking it 24th in the nation according to figures compiled by the Bureau of Economic Analysis. This represents a 4.1% increase from 2012 when GSP was at $199.5 billion and has been steadily increasing since 2009 when it stood at just $186 billion. The largest contributing sectors to this growth were professional and business services, manufacturing, state and local government expenditures, non-durable goods manufacturing, construction and retail trade.

Professional and business services accounted for 17.9% ($37.1 billion) of the total GDP of Alabama in 2013 while manufacturing contributed 14% ($29 billion). State and local government expenditures made up 13% ($26.8 billion), followed closely by non-durable goods manufacturing which provided 10% ($20.4 billion). Construction added another 9%, with its share totaling $18.6 billion while retail trade saw a 7% contribution with an estimated value of about $14.4 billion dollars that year .

The amount spent on exports in 2013 also rose from previous years as well due to increases in energy production such as natural gas drilling along with higher demands on manufactured products like automobiles produced by Honda Motor Co., which is located in Lincoln near Birmingham; Boeing Co.’s aerospace facility located in Huntsville; Austal USA’s shipbuilding plant located 12 miles north-west of Mobile; Hyundai Motor Manufacturing Alabama’s automotive production facility outside Montgomery; Toyota Motor Engineering & Manufacturing North America’s engine plant situated northwardly from Decatur; Mercedes Benz U.S International Plant close to Tuscaloosa etc..

Overall, these figures show that strong economic performance within each sector helped drive GSP growth throughout 2013 for the state of Alabama – something that continues into the present day thanks to further investment both domestically and abroad across multiple industries.