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The pandemic’s impact on North American GDP: Checking on the neighbors

An earlier FRED Blog post discussed the global scale of the ongoing pandemic. Today, we focus on some recent GDP values in North America, comparing inflation-adjusted growth for Canada, the United States, and Mexico.

The data shown in this FRED graph are from the Organization for Economic Co-operation and Development (OECD), which uses the label “GDP in constant prices,” which is a synonym for “real GDP.” (Btw, FRED tends to adopt the series names used by the data source.)

But whether you call it a “tomāto” or a “tomăto,” these inflation-adjusted GDP growth figures show large declines in overall economic activity in Canada, the United States, and Mexico during the second quarter of 2020. The large trade flows among these three countries and the recent reduction in U.S. imports and exports can help explain the in-step movement of these GDP figures.

How this graph was created: Search for and select “Gross Domestic Product by Expenditure in Constant Prices: Total Gross Domestic Product for Canada.” From the “Edit Graph” panel, use the “Add Line” tab to search for and select “Gross Domestic Product by Expenditure in Constant Prices: Total Gross Domestic Product for the United States” and “Gross Domestic Product by Expenditure in Constant Prices: Total Gross Domestic Product for Mexico.” Use “Edit Line 1” to change “Units” to “Compounded Annual Rate of Change” and click “Copy to All” to apply this change to lines 2 and 3. use the “Format” tab to select “Graph type: Bars.” And select colors to taste.

Suggested by Diego Mendez-Carbajo.

View on FRED, series used in this post: NAEXKP01CAQ189S, NAEXKP01MXQ189S, NAEXKP01USQ652S


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