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If you throw all the products we buy and the services we use in one basket, then add up the price tag, that's the Gross Domestic Product, which is the primary metric economists use to assess the economic health of a country or region.
The easy part of calculating GDP is the calculation itself: C+I+G+(X-M)=GDP. Got it? No? Well, add Consumption, Investment by companies, Government purchases, and then take the product of eXports (calling it 'E' would lack sexiness) minus iMports ('I' was taken). Viola! GDP.
Still don't get it? Well, knowing the components helps. Consumption is the biggest component, and it's a tally of the cost of all the goods and services we buy. Investment is what companies spend on the real assets they own, plus the value of the inventory that we haven't gobbled up through consumption. Government purchases are what the Feds pay money for (whether it be highways or fighter jets, though big social programs, like welfare, aren't counted). And then we calculate the difference between the goods and services we¿re sending to other countries and the stuff we're bringing in.
Good. That explains it, except there's a catch. Inflation has a habit of distorting the numbers, so economists talk about either Nominal GDP or Real GDP. In fact, Real GDP isn't necessarily "real" for most folks, since it takes any inflation out. Nominal GDP includes the effects of inflation. (There's something called the implicit price deflator which is a calculation using the two, but we'll spare you the details.)
So, now that we know GDP, why do we want to? Well, it's good to compare different markets. And watching the trend shows whether a given economy is growing (good), stagnating (not so good), or shrinking (very not so good). When GDP goes down two quarters in a row, we're officially in a recession.
For the record, GDP is released at the end of each month, with most reporting ¿preliminary¿ data for the previous month. But you won't get final GDP numbers for the fourth quarter of a year until the very end of the first quarter of the next year. After all, it's not an easy number to calculate.
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Friday, May 16, 2008
SBA Remains in Norwich Until May 22, Urges Return of Disaster Loan Applications
Comtex
ATLANTA, May 16, 2008 /PRNewswire via COMTEX News Network/ ----ATLANTA, May 16 /PRNewswire-USNewswire/ - The U. S. Small Business Administration announced today that due to the level of activity, the Disaster Loan Outreach Center in Norwich will remain open until May 22. The Center will be open 8:30 a.m. to 4:30 p.m. Monday through Wednesday and from 8:30 to 12 noon on Thursday at which time the Center will close.
Frank Skaggs, Director of Disaster Field Operations Center East said, "Residents are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property. Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. The SBA's Customer Service Representatives will be on hand at the Disaster Loan Outreach Center to issue loan applications, answer questions about the SBA's disaster loan program, explain the application process and help individuals complete their application."
The Center is located in the following community and will be open as indicated:
New London County
Norwich City Hall
City Manager's Office, Room 219
100 Broadway, Norwich, CT 06360
Open: Monday, May 19, 2008
Hours: 8:30 a.m. to 4:30 p.m.
Monday, May 19 - Wednesday, May 21
Closing: Thursday, May 22, at noon
Bernard M. Sweeney, SBA's Connecticut District Director stresses, "Low-interest Federal disaster loans are available to renters, homeowners, businesses of all sizes and private, non-profit organizations whose property was damaged or destroyed by the fire."
Businesses of any size and private non-profit organizations may borrow up to $1.5 million to repair or replace damaged or destroyed real estate, machinery, equipment, inventory, and other business assets. The SBA can also lend additional funds to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.
For small businesses only, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loans assistance is available regardless of whether the business suffered any physical property damage.
Interest rates are as low as 2.687 percent homeowners and renters, and 4.000 percent for businesses, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based upon each applicant's financial condition.
Individuals and businesses unable to visit the Center in person may obtain information and loan applications by calling toll-free (800) 659-2955. Hearing impaired individuals may call (800) 877-8339.
The filing deadline to return applications for physical property damage is July 7, 2008. The deadline to return economic injury applications is February 5, 2009.
For more information about the SBA's Disaster Loan Programs, visit our website at www.sba.gov.
SOURCE U.S. Small Business Administration
http://www.sba.gov
Copyright (C) 2008 PR Newswire. All rights reserved
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