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Nominal GDP

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U.S. Economy

Which statement correctly describes Nominal GDP in New York State?

  • The Q1 2026 figure of about $2.554 trillion is a seasonally adjusted annual rate, not a literal one-quarter dollar total.
  • GDP per resident is a productivity/output ratio and should not be interpreted as the income received by the typical resident.
  • New York’s 2025 current-dollar GDP of about $2.468 trillion measures output at current prices.
  • The increase from about $1.840 trillion real GDP in 2024 to $1.894 trillion in 2025 corresponds to roughly 2.9% annual real growth.
Correct answer(s):
  • New York's 2025 current-dollar GDP of about $2.468 trillion measures output at current prices.
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