Annual Growth (Year-to-Year Percent Change) in GDP is shown in the chart on the right. This is not the annualized quarterly rate of change that serves as the headline number for the series.

Note: The GDP headline number refers to the most-recent quarter’s annualized quarter-to-quarter rate of change (what that quarter’s percent quarter-to-quarter change would translate into if compounded for four consecutive quarters).

This can mean that the latest quarter can be reported with a positive annualized growth rate, while the actual annual rate of change is negative. Such was the case for the 3rd quarter of 2009.