In December 2024, a public opinion survey found that only six percent of Americans felt that the economy was in an excellent state. Of the Americans surveyed, 38 percent considered the economy to be in a poor state.

The statistic shows the growth rate of the real gross domestic product (GDP) in the United States from 2019 to 2023, with projections up until 2029. 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 2023, the growth of the real gross domestic product in the United States was around 2.53 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 seasonally-adjusted national unemployment rate is measured on a monthly basis in the United States. In February 2025, the national unemployment rate was at 4.1 percent. Seasonal adjustment is a statistical method of removing the seasonal component of a time series that is used when analyzing non-seasonal trends. U.S. monthly unemployment rate According to the Bureau of Labor Statistics - the principle fact-finding agency for the U.S. Federal Government in labor economics and statistics - unemployment decreased dramatically between 2010 and 2019. This trend of decreasing unemployment followed after a high in 2010 resulting from the 2008 financial crisis. However, after a smaller financial crisis due to the COVID-19 pandemic, unemployment reached 8.1 percent in 2020. As the economy recovered, the unemployment rate fell to 5.3 in 2021, and fell even further in 2022. Additional statistics from the BLS paint an interesting picture of unemployment in the United States. In November 2023, the states with the highest (seasonally adjusted) unemployment rate were the Nevada and the District of Columbia. Unemployment was the lowest in Maryland, at 1.8 percent. Workers in the agricultural and related industries suffered the highest unemployment rate of any industry at seven percent in December 2023.

Key information about United States Market Capitalization: % of GDP

• United States Market Capitalization accounted for 155.0 % of its Nominal GDP in Dec 2022, compared with a percentage of 205.0 % in the previous year
• US Market Capitalization: % Nominal GDP is updated yearly, available from Dec 1975 to Dec 2022
• The data reached an all-time high of 205.0 % in Dec 2021 and a record low of 36.7 % in Dec 1978

United States CA: saar: Less: Other Current Transfers Paid data was reported at 1,021.811 USD bn in Sep 2018. This records an increase from the previous number of 992.528 USD bn for Jun 2018. United States CA: saar: Less: Other Current Transfers Paid data is updated quarterly, averaging 137.967 USD bn from Dec 1951 (Median) to Sep 2018, with 268 observations. The data reached an all-time high of 1,021.811 USD bn in Sep 2018 and a record low of 0.000 USD bn in Dec 1958. United States CA: saar: Less: Other Current Transfers Paid data remains active status in CEIC and is reported by Federal Reserve Board. The data is categorized under Global Database’s United States – Table US.AB073: Integrated Macroeconomic Accounts: Total Economy: Current Account.

Key information about United States Gross National Product (GNP)

• United States Gross National Product (GNP) was reported at 7,347.016 USD bn in Sep 2024.
• This records an increase from the previous number of 7,269.154 USD bn for Jun 2024.
• US Gross National Product (GNP) data is updated quarterly, averaging 1,117.425 USD bn from Mar 1947 to Sep 2024, with 311 observations.
• The data reached an all-time high of 7,347.016 USD bn in Sep 2024 and a record low of 61.035 USD bn in Mar 1947.

• US Gross National Product (GNP) data remains active status in CEIC and is reported by CEIC Data.
• CEIC de-annualises quarterly Gross National Product. The Bureau of Economic Analysis provides annualised Gross National Product in USD. Seasonally adjusted auxiliary series is used since non-seasonally adjusted data is unavailable from the source.

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.

United States US: GDP: saar: Net Current Transfers from Abroad data was reported at -173.200 USD bn in 2016. This records a decrease from the previous number of -161.150 USD bn for 2015. United States US: GDP: saar: Net Current Transfers from Abroad data is updated yearly, averaging -17.050 USD bn from Dec 1948 (Median) to 2016, with 69 observations. The data reached an all-time high of 4.900 USD bn in 1991 and a record low of -173.200 USD bn in 2016. United States US: GDP: saar: Net Current Transfers from Abroad data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s United States – Table US.IMF.IFS: Gross Domestic Product: by Expenditure: Seasonally Adjusted: Annual.

In 2023, the U.S. GDP increased from the previous year to about 27.36 trillion U.S. dollars. This increase in GDP can be attributed to a continued rebound from the impact of the coronavirus pandemic. Gross domestic product (GDP) refers to the market value of all goods and services produced within a country. In 2023, the United States has the largest economy in the world. See, for example, the Russian GDP for comparison.

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.

Graph and download economic data for Government current expenditures: Federal: Economic affairs: Transportation (G160571A027NBEA) from 1959 to 2023 about economic affairs, transportation, expenditures, federal, government, GDP, and USA.

In July 2024, 3.16 billion U.S. dollars were paid out in unemployment benefits in the United States. This is an increase from June 2024, when 2.62 billion U.S. dollars were paid in unemployment benefits. The large figures seen in 2020 are largely due to the impact of the coronavirus pandemic. Welfare in the U.S. Unemployment benefits first started in 1935 during the Great Depression as a part of President Franklin D. Roosevelt’s New Deal. The Social Security Act of 1935 ensured that Americans would not fall deeper into poverty. The United States was the only developed nation in the world at the time that did not offer any welfare benefits. This program created unemployment benefits, Medicare and Medicaid, and maternal and child welfare. The only major welfare program that the United States currently lacks is a paid maternity leave policy. Currently, the United States only offers 12 unpaid weeks of leave, under certain circumstances. However, the number of people without health insurance in the United States has greatly decreased since 2010. Unemployment benefits Current unemployment benefits in the United States vary from state to state due to unemployment being funded by both the state and the federal government. The average duration of people collecting unemployment benefits in the United States has fluctuated since January 2020, from as little as 4.55 weeks to as many as 50.32 weeks. The unemployment rate varies by ethnicity, gender, and education levels. For example, those aged 16 to 24 have faced the highest unemployment rates since 1990 during the pandemic. In February 2023, the Las Vegas-Henderson-Paradise, NV metropolitan area had the highest unemployment rate in the United States.

In February 2025, the agriculture and related private wage and salary workers industry had the highest unemployment rate in the United States, at eight percent. In comparison, self-employed workers, unincorporated, and unpaid family workers had the lowest unemployment rate, at 4.3 percent. The average for all industries was 4.5 percent. U.S. unemployment There are several factors that impact unemployment, as it fluctuates with the state of the economy. Unfortunately, the forecasted unemployment rate in the United States is expected to increase as we head into the latter half of the decade. Those with a bachelor’s degree or higher saw the lowest unemployment rate from 1992 to 2022 in the United States, which is attributed to the fact that higher levels of education are seen as more desirable in the workforce. Nevada unemployment Nevada is one of the states with the highest unemployment rates in the country and Vermont typically has one of the lowest unemployment rates. These are seasonally adjusted rates, which means that seasonal factors such as holiday periods and weather events that influence employment periods are removed. Nevada's economy consists of industries that are currently suffering high unemployment rates such as tourism. As of May 2023, about 5.4 percent of Nevada's population was unemployed, possibly due to the lingering impact of the coronavirus pandemic.

United States GFCF: saar: Financial Business data was reported at 264.719 USD bn in Mar 2018. This records an increase from the previous number of 259.972 USD bn for Dec 2017. United States GFCF: saar: Financial Business data is updated quarterly, averaging 61.105 USD bn from Dec 1951 (Median) to Mar 2018, with 266 observations. The data reached an all-time high of 264.719 USD bn in Mar 2018 and a record low of 0.871 USD bn in Sep 1952. United States GFCF: saar: Financial Business data remains active status in CEIC and is reported by Federal Reserve Board. The data is categorized under Global Database’s USA – Table US.AB074: Integrated Macroeconomic Accounts: Total Economy and Sectors: Selected Aggregates.

In the United States, approximately 6.63 million people were unemployed and looking for work in October 2024. The data has not been seasonally adjusted. For comparison, a look at the unemployment rate in EU states shows that the EU average is higher than the U.S. average.

In the United States, private nonfarm payroll employment decreased by around 28,000 in October 2024 compared to the previous month. The data are seasonally adjusted. According to the BLS, the data is derived from the Current Employment Statistics (CES) program which surveys about 140,000 businesses and government agencies each month, representing approximately 440,000 individual worksites, in order to provide detailed industry data on employment.

United States Avg Weekly Earnings: sa: PB: Marktng Research&Public Opinion Polling data was reported at 1,321.280 USD in May 2018. This records a decrease from the previous number of 1,327.430 USD for Apr 2018. United States Avg Weekly Earnings: sa: PB: Marktng Research&Public Opinion Polling data is updated monthly, averaging 941.470 USD from Mar 2006 (Median) to May 2018, with 147 observations. The data reached an all-time high of 1,345.300 USD in Jun 2017 and a record low of 623.830 USD in Jan 2008. United States Avg Weekly Earnings: sa: PB: Marktng Research&Public Opinion Polling data remains active status in CEIC and is reported by Bureau of Labor Statistics. The data is categorized under Global Database’s USA – Table US.G033: Current Employment Statistics Survey: Average Weekly and Hourly Earnings: Seasonally Adjusted.

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.

View data of the S&P 500, an index of the stocks of 500 leading companies in the US economy, which provides a gauge of the U.S. equity market.

As of November 2021, the U.S. goverment dedicated 26.46 percent of the GDP to soften the effects of the coronavirus pandemic. This translates to stimulus packages worth 5.54 trillion U.S. dollars

Economic impact of the Coronavirus pandemic

The impact of the COVID-19 pandemic was felt throughout the whole world. Lockdowns forced many industries to close completely for many months and restrictions were put on almost all economic activity. In 2020, the worldwide GDP loss due to Covid was 6.7 percent. The global unemployment rate rocketed to 6.47 percent in 2020 and confidence in governments’ ability to deal with the crisis diminished significantly.

Governmental response

In order to stimulate the economies and bring them out of recession, many countries have decided to release so called stimulus packages. These are fiscal and monetary policies used to support the recovery process. Through application of lower taxes and interest rates, direct financial aid, or facilitated access to funding, the governments aim to boost the employment, investment, and demand.

Stimulus packages

Until November 2021, Japan has dedicated the largest share of the GDP to stimulus packages among the G20 countries, with 53.69 percent (308 trillion Yen or 2.71 trillion U.S. dollars). While the first help package aimed at maintaining employment and securing businesses, the second and third ones focused more on structural changes and positive developments in the country in the post-pandemic future.

Graph and download economic data for Government Current Expenditures (GEXPND) from Q1 1947 to Q4 2024 about expenditures, government, GDP, and USA.