The Gross Domestic Product (GDP) in the United States contracted 0.50 percent in the first quarter of 2025 over the previous quarter. This dataset provides the latest reported value for - United States GDP Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

In 2024, the finance, insurance, real estate, rental, and leasing industry contributed the highest amount of value to the GDP of the U.S. at 21.2 percent. The construction industry contributed around four percent of GDP in the same year.

View economic output, reported as the nominal value of all new goods and services produced by labor and property located in the U.S.

U.S. GDP for 2023 was 27.721 trillion US dollars, a 6.59% increase from 2022.

<ul style='margin-top:20px;'>

<li>U.S. GDP for 2022 was <strong>26.007 trillion US dollars</strong>, a <strong>9.82% increase</strong> from 2021.</li>
<li>U.S. GDP for 2021 was <strong>23.681 trillion US dollars</strong>, a <strong>10.9% increase</strong> from 2020.</li>
<li>U.S. GDP for 2020 was <strong>21.354 trillion US dollars</strong>, a <strong>0.86% decline</strong> from 2019.</li>
</ul>GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.

The Gross Domestic Product (GDP) in the United States was worth 29184.89 billion US dollars in 2024, according to official data from the World Bank. The GDP value of the United States represents 27.49 percent of the world economy. This dataset provides - United States GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

In 2021, the agriculture sector contributed around 0.94 percent to the Gross Domestic Product (GDP) of the United States. In that same year, 17.61 percent came from industry, and the service sector contributed the most to the GDP, at 76.4 percent.

As of the third quarter of 2024, the GDP of the U.S. grew by 2.8 percent from the second quarter of 2024. GDP, or gross domestic product, is effectively a count of the total goods and services produced in a country over a certain period of time. It is calculated by first adding together a country’s total consumer spending, government spending, investments and exports; and then deducting the country’s imports. The values in this statistic are the change in ‘constant price’ or ‘real’ GDP, which means this basic calculation is also adjusted to factor in the regular price changes measured by the U.S. inflation rate. Because of this adjustment, U.S. real annual GDP will differ from the U.S. 'nominal' annual GDP for all years except the baseline from which inflation is calculated. What is annualized GDP? The important thing to note about the growth rates in this statistic is that the values are annualized, meaning the U.S. economy has not actually contracted or grown by the percentage shown. For example, the fall of 29.9 percent in the second quarter of 2020 did not mean GDP is suddenly one third less than a year before. In fact, it means that if the decline seen during that quarter continued at the same rate for a full year, then GDP would decline by this amount. Annualized values can therefore exaggerate the effect of short-term economic shocks, as they only look at economic output during a limited period. This effect can be seen by comparing annualized quarterly growth rates with the annual GDP growth rates for each calendar year.

U.S. gdp growth rate for 2023 was 2.89%, a 0.38% increase from 2022.

<ul style='margin-top:20px;'>

<li>U.S. gdp growth rate for 2022 was <strong>2.51%</strong>, a <strong>3.54% decline</strong> from 2021.</li>
<li>U.S. gdp growth rate for 2021 was <strong>6.06%</strong>, a <strong>8.22% increase</strong> from 2020.</li>
<li>U.S. gdp growth rate for 2020 was <strong>-2.16%</strong>, a <strong>4.75% decline</strong> from 2019.</li>
</ul>Annual percentage growth rate of GDP at market prices based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources.

Key information about United States Private Consumption: % of GDP

• United States Private Consumption accounted for 68.8 % of its Nominal GDP in Dec 2024, compared with a ratio of 67.7 % in the previous quarter.
• US Private Consumption contribution to Nominal GDP ratio is updated quarterly, available from Mar 1947 to Dec 2024, with an average share of 63.5 %.
• The data reached an all-time high of 68.8 % in Dec 2024 and a record low of 57.7 % in Mar 1952.

CEIC calculates Private Consumption as % of Nominal GDP from quarterly Private Consumption Expenditure and quarterly Nominal GDP. The Bureau of Economic Analysis provides Private Consumption Expenditure in USD and Nominal GDP in USD.


Related information about United States Private Consumption: % of GDP

• In the latest reports, US GDP expanded 1.8 % YoY in Mar 2023.
• Its Nominal GDP reached 6,632.4 USD bn in Mar 2023.
• US GDP Per Capita reached 59,484.0 USD in Dec 2017.
• Its Gross Savings Rate was measured at 16.0 % in Mar 2023.

The Gross Domestic Product (GDP) in the United States expanded 2 percent in the first quarter of 2025 over the same quarter of the previous year. This dataset provides the latest reported value for - United States GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Graph and download economic data for Shares of gross domestic product: Personal consumption expenditures (DPCERE1Q156NBEA) from Q1 1947 to Q1 2025 about Shares of GDP, PCE, consumption expenditures, consumption, personal, GDP, and USA.

US GDP Composition by Sector, 2016 Discover more data with ReportLinker!

The statistic shows the growth rate of the real gross domestic product (GDP) in the United States from 2020 to 2024, with projections up until 2030. GDP refers to the total market value of all goods and services that are produced within a country per year. It is an important indicator of the economic strength of a country. Real GDP is adjusted for price changes and is therefore regarded as a key indicator for economic growth. In 2024, the growth of the real gross domestic product in the United States was around 2.8 percent compared to the previous year. See U.S. GDP per capita and the US GDP for more information. Real gross domestic product (GDP) of the United States The gross domestic product (GDP) of a country is a crucial economic indicator, representing the market value of the total goods and services produced and offered by a country within a year, thus serving as one of the indicators of a country’s economic state. The real GDP of a country is defined as its gross domestic product adjusted for inflation. An international comparison of economic growth rates has ranked the United States alongside other major global economic players such as China and Russia in terms of real GDP growth. With further growth expected during the course of the coming years, as consumer confidence continues to improve, experts predict that the worst is over for the United States economy. A glance at US real GDP figures reveals an overall increase in growth, with sporadic slips into decline; the last recorded decline took place in Q1 2011. All in all, the economy of the United States can be considered ‘well set’, with exports and imports showing positive results. Apart from this fact, the United States remains one of the world’s leading exporting countries, having been surpassed only by China and tailed by Germany. It is also ranked first among the top global importers. Despite this, recent surveys revealing Americans’ assessments of the U.S. economy have yielded less optimistic results. Interestingly enough, this consensus has been mutual across the social and environmental spectrum. On the other hand, GDP is often used as an indicator for the standard of living in a country – and most Americans seem quite happy with theirs.

The Gross Domestic Product per capita in the United States was last recorded at 66682.61 US dollars in 2024. The GDP per Capita in the United States is equivalent to 528 percent of the world's average. This dataset provides - United States GDP per capita - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Graph and download economic data for Contributions to Percent Change in Real GDP by Industry: Gross Domestic Product (CPGDPAI) from Q2 2005 to Q1 2025 about GDP, rate, and USA.

Graph and download economic data for Value Added by Industry: Finance, Insurance, Real Estate, Rental, and Leasing: Finance and Insurance as a Percentage of GDP (VAPGDPFI) from Q1 2005 to Q1 2025 about value added, financing, leases, finance, insurance, rent, real estate, private industries, percent, private, industry, GDP, and USA.

Full Year GDP Growth in the United States decreased to 2.80 percent in 2024 from 2.90 percent in 2023. This dataset includes a chart with historical data for the United States Full Year GDP Growth.

United States US: GDP: % of Manufacturing: Textiles and Clothing data was reported at 1.388 % in 2011. This records a decrease from the previous number of 1.440 % for 2010. United States US: GDP: % of Manufacturing: Textiles and Clothing data is updated yearly, averaging 5.330 % from Dec 1963 (Median) to 2011, with 47 observations. The data reached an all-time high of 8.446 % in 1963 and a record low of 1.388 % in 2011. United States US: GDP: % of Manufacturing: Textiles and Clothing data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s USA – Table US.World Bank: Gross Domestic Product: Share of GDP. Value added in manufacturing is the sum of gross output less the value of intermediate inputs used in production for industries classified in ISIC major division D. Textiles and clothing correspond to ISIC divisions 17-19.; ; United Nations Industrial Development Organization, International Yearbook of Industrial Statistics.; ;

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.

Government spending in the United States was last recorded at 39.7 percent of GDP in 2024 . This dataset provides - United States Government Spending To Gdp- actual values, historical data, forecast, chart, statistics, economic calendar and news.