GENERATING INSIGHTS FROM USA GDP DATA

Abstract

Purpose The basic idea that I wanted to project using my project work is the impact of the Pandemic on the Gross Domestic Product (GDP) of the United States of America (USA). Design I have accumulated data of the USA GDP for a 10 year period and also the data related to the other factors that impact the GDP of the country. I have also built a Power BI Dashboard using this data and even tried to explain the relationship between various data variables and along with predicting future trends associated with them. This study used the Correlation analysis in order to see the relationship and relativity between the various variables. The database that we used is FRED which is an open source data base of the USA geography. Federal Reserve Economic Data (FRED) is an online database system maintained by the Research Department of the Federal Bank USA and contains the authentic information regarding the USA economic data. The variable that I have used are plotted in graphs on the basis of their YOY (Year On Year) Growth rate and I have researched about the impact the various factors and variables have caused on the economy. I have researched using the Google Scholar research papers and reports from the big 4 firms. I have plotted various graphs from the accumulated data in order to justify the trends from the data with the help of various research work available online. Findings I concluded that the USA GDP is highly affected due to the pandemic as spending on the service sector has decreased. Many people have lost their jobs and many have adjusted to the virtual business settings. The consumer spending have deviated from their pre-pandemic trends and savings of the citizens have also changed considerably.This research covers the major that contributes to the major drivers of the USA GDP. Known the ambiguity about the rigorousness, severity and phase of the infections and associated illnesses, the GDP of USA has seen a drastic impact. The study considers a comprehensive list of causal factors affecting the GDP like consumer spending, housing sector, government sector etc. This research includes database of the USA economy from authentic data sources like FRED. U.S. impacts are estimated to be very adverse and may take a long time to recover from the losses. The economy remains in concerned zone, fresh confidence notwithstanding.