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.

The statistic shows global gross domestic product (GDP) from 1985 to 2024, with projections up until 2030. In 2020, global GDP amounted to about 85.76 trillion U.S. dollars, two and a half trillion lower than in 2019. Gross domestic product Gross domestic product, also known as GDP, is the accumulated value of all finished goods and services produced in a country, often measured annually. GDP is significant in determining the economic health, growth and productivity in the country, and is a stat often used when comparing several countries at a time, most likely in order to determine which country has seen the most progress. Until 2020, Global GDP had experienced a growth every year since 2010. However, a strong growth rate does not necessarily lead to all positive outcomes and often has a negative effect on inflation rates. A severe growth in GDP leads to lower unemployment, however lower unemployment often leads to higher inflation rates due to demand increasing at a much higher rate than supply and as a result prices rise accordingly. In terms of unemployment, growth had been fairly stagnant since the economic downturn of 2007-2009, but it remains to be seen what the total impact of the coronavirus pandemic will be on total employment.

Key information about Indonesia GDP Deflator Growth

• Indonesia GDP deflator (implicit price deflator) increased 8.3 % in Dec 2022, compared with an increase of 10.7 % in the previous quarter.
• Indonesia GDP Deflator Growth data is updated quarterly, available from Mar 1994 to Dec 2022, with an average rate of 7.9 %.
• The data reached an all-time high of 92.7 % in Sep 1998 and a record low of -1.7 % in Jun 2020.

CEIC calculates quarterly GDP Deflator Growth from quarterly Nominal and Real GDP. The Central Bureau of Statistics provides Nominal GDP in local currency and Real GDP in local currency, at 2010 prices. GDP Deflator Growth prior to Q1 2011 is calculated from Nominal GDP and Real GDP at 2000 prices, based on SNA 1993. GDP Deflator Growth prior to Q1 2001 is calculated from Nominal GDP and Real GDP at 1993 prices, based on SNA 1968.


Related information about Indonesia GDP Deflator Growth

• In the latest reports, Indonesia GDP expanded 5.0 % YoY in Dec 2022.
• Its Nominal GDP reached 328.6 USD bn in Dec 2022.
• Indonesia GDP Per Capita reached 4,783.3 USD in Dec 2022.
• Its Gross Savings Rate was measured at 37.3 % in Dec 2022.

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

Key information about Myanmar GDP Deflator Growth

• Myanmar GDP deflator (implicit price deflator) increased 2.9 % in Dec 2021, compared with an increase of 2.5 % in the previous year.
• Myanmar GDP Deflator Growth data is updated yearly, available from Dec 2011 to Dec 2021, with an average rate of 4.2 %.
• The data reached an all-time high of 10.3 % in Dec 2011 and a record low of 2.5 % in Dec 2020.

CEIC calculates annual GDP Deflator Growth from quarterly Nominal and Real GDP. The Central Bank of Myanmar provides Nominal GDP in local currency and Real GDP in local currency, at 2015-2016 prices. GDP Deflator Growth prior to 2017 is calculated from Nominal and Real GDP reported in annual frequency, ending in March of each year. GDP Deflator Growth prior to 2019 is calculated from Nominal and Real GDP reported in annual frequency, ending in September of each year.


Related information about Myanmar GDP Deflator Growth

• In the latest reports, Myanmar GDP contracted 2.9 % YoY in Dec 2021.
• Myanmar GDP Per Capita reached 1,446.0 USD in Dec 2020.
• Its Gross Savings Rate was measured at 28.7 % in Mar 2018.

In 2023, the real GDP of Canada was around 1.89 trillion Canadian dollars at 2017 constant prices. Compared to the previous year, Canada's GDP increased. Constant prices adjust for the effect of inflation on the underlying goods and services used to calculate GDP, thereby enabling the GDP figure to reflect actual changes in output.

Portugal, Canada, and the United States were the countries with the highest house price to income ratio in 2024. In all three countries, the index exceeded 130 index points, while the average for all OECD countries stood at 116.2 index points. The index measures the development of housing affordability and is calculated by dividing nominal house price by nominal disposable income per head, with 2015 set as a base year when the index amounted to 100. An index value of 120, for example, would mean that house price growth has outpaced income growth by 20 percent since 2015. How have house prices worldwide changed since the COVID-19 pandemic? House prices started to rise gradually after the global financial crisis (2007–2008), but this trend accelerated with the pandemic. The countries with advanced economies, which usually have mature housing markets, experienced stronger growth than countries with emerging economies. Real house price growth (accounting for inflation) peaked in 2022 and has since lost some of the gain. Although, many countries experienced a decline in house prices, the global house price index shows that property prices in 2023 were still substantially higher than before COVID-19. Renting vs. buying In the past, house prices have grown faster than rents. However, the home affordability has been declining notably, with a direct impact on rental prices. As people struggle to buy a property of their own, they often turn to rental accommodation. This has resulted in a growing demand for rental apartments and soaring rental prices.