In 2023 the real gross domestic product (GDP) of the United States increased by 2.5 percent compared to 2022. This rate of annual growth indicates a return to economy normalcy after 2020 saw a dramatic decline in the GDP growth rate due to the the coronavirus (COVID-19) pandemic, and high growth in 2021.

What does GDP growth mean?

Essentially, the annual GDP of the U.S. is the monetary value of all goods and services produced within the country over a given year. On the surface, an increase in GDP therefore means that more goods and services have been produced between one period than another. In the case of annualized GDP, it is compared to the previous year. In 2023, for example, the U.S. GDP grew 2.5 percent compared to 2022.

Countries with highest GDP growth rate

Although the United States has by far the largest GDP of any country, it does not have the highest GDP growth, nor the highest GDP at purchasing power parity. In 2021, Libya had the highest growth in GDP, growing more than 177 percent compared to 2020. Furthermore, Luxembourg had the highest GDP per capita at purchasing power parity, a better measure of living standards than nominal or real GDP.

In 2024, the U.S. GDP increased from the previous year to about 29.18 trillion U.S. dollars. Gross domestic product (GDP) refers to the market value of all goods and services produced within a country. In 2024, the United States has the largest economy in the world. What is GDP? Gross domestic product is one of the most important indicators used to analyze the health of an economy. GDP is defined by the BEA as the market value of goods and services produced by labor and property in the United States, regardless of nationality. It is the primary measure of U.S. production. The OECD defines GDP as an aggregate measure of production equal to the sum of the gross values added of all resident, institutional units engaged in production (plus any taxes, and minus any subsidies, on products not included in the value of their outputs). GDP and national debt Although the United States had the highest Gross Domestic Product (GDP) in the world in 2022, this does not tell us much about the quality of life in any given country. GDP per capita at purchasing power parity (PPP) is an economic measurement that is thought to be a better method for comparing living standards across countries because it accounts for domestic inflation and variations in the cost of living. While the United States might have the largest economy, the country that ranked highest in terms of GDP at PPP was Luxembourg, amounting to around 141,333 international dollars per capita. Singapore, Ireland, and Qatar also ranked highly on the GDP PPP list, and the United States ranked 9th in 2022.

In 2023, the United States had a real gross domestic product of about 23.3 trillion U.S. dollars (2017 chained). See the U.S. GDP for further information. Real Gross Domestic Product is an inflation-adjusted measure that reflects the value of all goods and services produced in a given year, expressed in base-year prices. Real GDP in the U.S. The real GDP of the U.S. has increased from 9.37 trillion U.S. dollars (2012 chained) in 1990 to 22 trillion U.S. dollars in 2023. Like many of the worlds major economies, the United States has experienced a steady growth in GDP over the last few years. The Indian economy was expected to experienced growth of 9.4 percent between 2020 and 2021, while China’s GDP was expected to grow 8.1 percent in the same period. One of the defining qualities of the United States’ economy is its diversity and advanced technological advancements. Industries such as finance, real estate, health care, and business and education services are large contributors to the economy, while the manufacturing sector accounts for about 11 percent of the country’s wealth. The GDP generated by each state can also vary widely based on principal industries and production. In 2021, California had the highest state GDP in the United States, reaching 3.35 trillion U.S. dollars; comparatively, Vermont generated a GDP of 36.17 billion U.S. dollars in that year.

United States GDP: GO: QI: PI: Mfg: DG: Furniture & Related Products data was reported at 79.392 2017=100 in 2024. This records a decrease from the previous number of 79.984 2017=100 for 2023. United States GDP: GO: QI: PI: Mfg: DG: Furniture & Related Products data is updated yearly, averaging 100.139 2017=100 from Dec 1997 (Median) to 2024, with 28 observations. The data reached an all-time high of 138.207 2017=100 in 2005 and a record low of 79.392 2017=100 in 2024. United States GDP: GO: QI: PI: Mfg: DG: Furniture & Related Products data remains active status in CEIC and is reported by Bureau of Economic Analysis. The data is categorized under Global Database’s United States – Table US.A057: NIPA 2023: GDP by Industry: Gross Output: Quantity Index: 2017=100: Annual.

United States GDP: GO: 2017p: PI: Mfg: DG: Furniture and Related Products data was reported at 60.561 USD bn in 2024. This records a decrease from the previous number of 61.014 USD bn for 2023. United States GDP: GO: 2017p: PI: Mfg: DG: Furniture and Related Products data is updated yearly, averaging 76.388 USD bn from Dec 1997 (Median) to 2024, with 28 observations. The data reached an all-time high of 105.427 USD bn in 2005 and a record low of 60.561 USD bn in 2024. United States GDP: GO: 2017p: PI: Mfg: DG: Furniture and Related Products data remains active status in CEIC and is reported by Bureau of Economic Analysis. The data is categorized under Global Database’s United States – Table US.A055: NIPA 2023: GDP by Industry: Gross Output: Chain Linked 2017 Price: Annual.

In 2024, the real gross domestic product (GDP) of Louisiana was 256.42 billion U.S. dollars. This reflects an increase from the previous year when GDP totaled 248.62 billion U.S. dollars. The annual real GDP growth of the U.S. can be accessed here.

United States GDP: II: 2017p: PI: Mfg: DG: Miscellaneous Mfg data was reported at 56.591 USD bn in 2024. This records a decrease from the previous number of 61.172 USD bn for 2023. United States GDP: II: 2017p: PI: Mfg: DG: Miscellaneous Mfg data is updated yearly, averaging 89.117 USD bn from Dec 1997 (Median) to 2024, with 28 observations. The data reached an all-time high of 107.498 USD bn in 2005 and a record low of 56.591 USD bn in 2024. United States GDP: II: 2017p: PI: Mfg: DG: Miscellaneous Mfg data remains active status in CEIC and is reported by Bureau of Economic Analysis. The data is categorized under Global Database’s United States – Table US.A063: NIPA 2023: GDP by Industry: Intermediate Inputs: Chain Linked 2017 Price: Annual.

Graph and download economic data for All Employees: Government: State Government Excluding Education in Merced, CA (MSA) (SMU06329009092200001A) from 2005 to 2024 about Merced, state govt, education, CA, government, services, employment, and USA.

United States GDP: VA: 2017p: PI: Construction data was reported at 863.734 USD bn in 2024. This records an increase from the previous number of 821.062 USD bn for 2023. United States GDP: VA: 2017p: PI: Construction data is updated yearly, averaging 858.356 USD bn from Dec 1997 (Median) to 2024, with 28 observations. The data reached an all-time high of 934.014 USD bn in 2005 and a record low of 648.944 USD bn in 2011. United States GDP: VA: 2017p: PI: Construction data remains active status in CEIC and is reported by Bureau of Economic Analysis. The data is categorized under Global Database’s United States – Table US.A047: NIPA 2023: GDP by Industry: Value Added: Chain Linked 2017 Price: Annual.

United States GDP: II: 2017p: PI: Farms data was reported at 232.063 USD bn in 2024. This records a decrease from the previous number of 241.468 USD bn for 2023. United States GDP: II: 2017p: PI: Farms data is updated yearly, averaging 230.699 USD bn from Dec 1997 (Median) to 2024, with 28 observations. The data reached an all-time high of 269.167 USD bn in 2020 and a record low of 208.475 USD bn in 2005. United States GDP: II: 2017p: PI: Farms data remains active status in CEIC and is reported by Bureau of Economic Analysis. The data is categorized under Global Database’s United States – Table US.A063: NIPA 2023: GDP by Industry: Intermediate Inputs: Chain Linked 2017 Price: Annual.

United States GDP: 2017p: GPDI: Fixed Investment: Residential data was reported at 794.895 USD bn in 2024. This records an increase from the previous number of 762.673 USD bn for 2023. United States GDP: 2017p: GPDI: Fixed Investment: Residential data is updated yearly, averaging 591.495 USD bn from Dec 1967 (Median) to 2024, with 58 observations. The data reached an all-time high of 1,092.987 USD bn in 2005 and a record low of 301.464 USD bn in 1967. United States GDP: 2017p: GPDI: Fixed Investment: Residential data remains active status in CEIC and is reported by Bureau of Economic Analysis. The data is categorized under Global Database’s United States – Table US.A029: NIPA 2023: GDP by Expenditure: Chain Linked 2017 Price: Annual.

United States GDP: GO: QI: PI: Mining: Oil & Gas Extraction data was reported at 155.037 2017=100 in 2024. This records an increase from the previous number of 153.182 2017=100 for 2023. United States GDP: GO: QI: PI: Mining: Oil & Gas Extraction data is updated yearly, averaging 81.396 2017=100 from Dec 1997 (Median) to 2024, with 28 observations. The data reached an all-time high of 155.037 2017=100 in 2024 and a record low of 63.478 2017=100 in 2005. United States GDP: GO: QI: PI: Mining: Oil & Gas Extraction data remains active status in CEIC and is reported by Bureau of Economic Analysis. The data is categorized under Global Database’s United States – Table US.A057: NIPA 2023: GDP by Industry: Gross Output: Quantity Index: 2017=100: Annual.

United States Natural Gas Consumption: Connecticut: Consumers: Industrial data was reported at 21,200.000 Cub ft mn in 2024. This records an increase from the previous number of 20,651.000 Cub ft mn for 2023. United States Natural Gas Consumption: Connecticut: Consumers: Industrial data is updated yearly, averaging 24,538.500 Cub ft mn from Dec 1997 (Median) to 2024, with 28 observations. The data reached an all-time high of 34,554.000 Cub ft mn in 1997 and a record low of 20,469.000 Cub ft mn in 2005. United States Natural Gas Consumption: Connecticut: Consumers: Industrial data remains active status in CEIC and is reported by U.S. Energy Information Administration. The data is categorized under Global Database’s United States – Table US.RB014: Natural Gas Consumption: by State: Annual.

Graph and download economic data for All Employees: Business Support Services in Nebraska (SMU31000006056140001A) from 2005 to 2024 about NE, business, services, employment, and USA.

Graph and download economic data for All Employees: Local Government Excluding Educational Services in Maine (SMU23000009093200001A) from 2005 to 2024 about local govt, ME, education, government, services, employment, and USA.

Key information about Pakistan Household Income per Capita

• Pakistan Annual Household Income per Capita reached 587.069 USD in Jun 2019, compared with the previous value of 650.644 USD in Jun 2016.
• Pakistan Annual Household Income per Capita data is updated yearly, available from Jun 2005 to Jun 2019, with an averaged value of 508.977 USD.
• The data reached an all-time high of 650.644 USD in Jun 2016 and a record low of 290.069 USD in Jun 2005.

CEIC calculates Annual Household Income per Capita from annual Monthly Average Household Income multiplied by 12 and annual Average Household Size and converts it into USD. The Pakistan Bureau of Statistics provides Average Household Income in local currency and Average Household Size. The State Bank of Pakistan average market exchange rate is used for currency conversions. Household Income per Capita is in annual frequency, ending in June of each year.

Graph and download economic data for All Employees: Government: State Government Excluding Education in Muncie, IN (MSA) (SMU18346209092200001A) from 2005 to 2024 about Muncie, state govt, IN, education, government, services, employment, and USA.

Graph and download economic data for All Employees: Office Administrative Services in New York (SMU36000006056110001A) from 2005 to 2024 about administrative, NY, services, employment, and USA.

In economics, the inflation rate is a measure of the change in price of a basket of goods. The most common measure being the consumer price index. It is the percentage rate of change in price level over time, and also indicates the rate of decrease in the purchasing power of money. The annual rate of inflation for 2023, was 4.1 percent higher in the United States when compared to the previous year. More information on inflation and the consumer price index can be found on our dedicated topic page. Additionally, the monthly rate of inflation in the United States can be accessed here. Inflation and purchasing power Inflation is a key economic indicator, and gives economists and consumers alike a look at changes in prices in the wider economy. For example, if an average pair of socks costs 100 dollars one year and 105 dollars the following year, the inflation rate is five percent. This means the amount of goods an individual can purchase with a unit of currency has decreased. This concept is often referred to as purchasing power. The data presents the average rate of inflation in a year, whereas the monthly measure of inflation measures the change in prices compared with prices one year ago. For example, monthly inflation in the U.S. reached a peak in June 2022 at 9.1 percent. This means that prices were 9.1 percent higher than they were in June of 2021. The purchasing power is the extent to which a person has available funds to make purchases. The Big Mac Index has been published by The Economist since 1986 and exemplifies purchasing power on a global scale, allowing us to see note the differences between different countries currencies. Switzerland for example, has the most expensive Big Mac in the world, costing consumers 6.71 U.S. dollars as of July 2022, whereas a Big Mac cost 5.15 dollars in the United States, and 4.77 dollars in the Euro area. One of the most important tools in influencing the rate of inflation is interest rates. The Federal Reserve of the United States has the capacity to make changes to the federal interest rate . Changes to the rate of inflation are thought to be an imbalance between supply and demand. After COVID-19 related lockdowns came to an end there was a sudden increase in demand for goods and services with consumers having more funds than usual thanks to reduced spending during lockdown and government funded economic support. Additionally, supply-chain related bottlenecks also due to lockdowns around the world and the Russian invasion of Ukraine meant that there was a decrease in the supply of goods and services. By increasing the interest rate, the Federal Reserve aims to reduce spending, and thus bring demand back into balance with supply.

United States US: Road Fatalities: 30 days data was reported at 10,555.000 Person in Sep 2024. This records an increase from the previous number of 10,010.000 Person for Jun 2024. United States US: Road Fatalities: 30 days data is updated quarterly, averaging 9,290.000 Person from Mar 2005 (Median) to Sep 2024, with 79 observations. The data reached an all-time high of 11,897.000 Person in Sep 2005 and a record low of 6,726.000 Person in Mar 2011. United States US: Road Fatalities: 30 days data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s United States – Table US.OECD.ITF: Road Traffic and Road Accident Fatalities: OECD Member: Quarterly. [COVERAGE] Number of road fatalities is defined as the number of road deaths in the 30 days following the accident. [COVERAGE] Between 2015 and 2017, quarterly and annual totals include people that have their death month listed as unknown. [STAT_CONC_DEF] Until 2003, data are not available. In 2004, quarterly data are not available. Until 2005, monthly data are not available.