The gross domestic product (GDP) of all G7 countries decreased sharply in 2009 and 2020 due to the financial crisis and COVID-19 pandemic, respectively. The growth decline was heavier after the COVID-19 pandemic than the financial crisis. Moreover, Italy had a negative GDP growth rate in 2012 and 2013 following the euro crisis. In 2023, Germany experienced an economic recession.

World gdp growth rate for 2023 was 2.72%, a 0.37% decline from 2022.

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

<li>World gdp growth rate for 2022 was <strong>3.09%</strong>, a <strong>3.17% decline</strong> from 2021.</li>
<li>World gdp growth rate for 2021 was <strong>6.26%</strong>, a <strong>9.19% increase</strong> from 2020.</li>
<li>World gdp growth rate for 2020 was <strong>-2.93%</strong>, a <strong>5.57% 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.

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.

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.

U.S. gdp growth rate for 2023 was 2.54%, a 0.61% increase from 2022.

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

<li>U.S. gdp growth rate for 2022 was <strong>1.94%</strong>, a <strong>3.86% decline</strong> from 2021.</li>
<li>U.S. gdp growth rate for 2021 was <strong>5.80%</strong>, a <strong>8.01% increase</strong> from 2020.</li>
<li>U.S. gdp growth rate for 2020 was <strong>-2.21%</strong>, a <strong>4.68% 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.

The Gross Domestic Product (GDP) in the United States contracted 0.20 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.

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.

This dataset provides values for FULL YEAR GDP GROWTH reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

European Union gdp growth rate for 2023 was 0.45%, a 3.03% decline from 2022.

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

<li>European Union gdp growth rate for 2022 was <strong>3.48%</strong>, a <strong>2.53% decline</strong> from 2021.</li>
<li>European Union gdp growth rate for 2021 was <strong>6.01%</strong>, a <strong>11.66% increase</strong> from 2020.</li>
<li>European Union gdp growth rate for 2020 was <strong>-5.65%</strong>, a <strong>7.46% 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.

The fastest growing economy in Europe in 2024 was Malta. The small Mediterranean country's gross domestic product grew at five percent in 2024, beating out Montenegro which had a growth rate of almost four percent and the Russian Federation which had a rate of 3.6 percent in the same year. Estonia was the country with the largest negative growth in 2024, as the Baltic country's economy shrank by 0.88 percent compared with 2023, largely as a result of the country's exposure to the economic effects of Russia's invasion of Ukraine and the subsequent economic sanctions placed on Russia. Germany, Europe's largest economy, experience economic stagnation with a growth of 0.1 percent. Overall, the EU (which contains 27 European countries) registered a growth rate of one percent and the Eurozone (which contains 20) grew by 0.8 percent.

The Covid-19 pandemic saw growth fall by 2.2 percent, compared with an increase of 2.5 percent the year before. The last time the real GDP growth rates fell by a similar level was during the Great Recession in 2009, and the only other time since the Second World War where real GDP fell by more than one percent was in the early 1980s recession. The given records began following the Wall Street Crash in 1929, and GDP growth fluctuated greatly between the Great Depression and the 1950s, before growth became more consistent.

This dataset provides values for GDP ANNUAL GROWTH RATE reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

China gdp growth rate for 2023 was 5.20%, a 2.21% increase from 2022.

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

<li>China gdp growth rate for 2022 was <strong>2.99%</strong>, a <strong>5.46% decline</strong> from 2021.</li>
<li>China gdp growth rate for 2021 was <strong>8.45%</strong>, a <strong>6.21% increase</strong> from 2020.</li>
<li>China gdp growth rate for 2020 was <strong>2.24%</strong>, a <strong>3.71% 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.

OECD members gdp growth rate for 2023 was 1.67%, a 1.11% decline from 2022.

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

<li>OECD members gdp growth rate for 2022 was <strong>2.78%</strong>, a <strong>2.94% decline</strong> from 2021.</li>
<li>OECD members gdp growth rate for 2021 was <strong>5.71%</strong>, a <strong>9.67% increase</strong> from 2020.</li>
<li>OECD members gdp growth rate for 2020 was <strong>-3.95%</strong>, a <strong>5.75% 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 Canada Real GDP Growth

• The Gross Domestic Product (GDP) in Canada expanded 2.1 % YoY in Dec 2022, following a growth of 3.8 % in the previous quarter.
• Real GDP Growth YoY data in Canada is updated quarterly, available from Mar 1962 to Dec 2022, with an average rate of 3.1 %.
• The data reached an all-time high of 12.1 % in Jun 2021 and a record low of -12.2 % in Jun 2020.

CEIC calculates Real GDP Growth from quarterly Real GDP. Statistics Canada provides Real GDP in local currency, at chain linked 2012 prices.


Related information about Canada Real GDP Growth

• In the latest reports, Nominal GDP of Canada reached 513.5 USD bn in Dec 2022.
• Its GDP deflator (implicit price deflator) increased 4.2 % in Dec 2022.
• GDP Per Capita in Canada reached 54,104.3 USD in Jun 2022.
• Its Gross Savings Rate was measured at 23.4 % in Dec 2022.
• For Nominal GDP contributions, Investment accounted for 23.1 % in Dec 2022.
• Public Consumption accounted for 21.0 % in Dec 2022.
• Private Consumption accounted for 55.6 % in Dec 2022.

According to preliminary figures, the growth of real gross domestic product (GDP) in China amounted to 5.0 percent in 2024. For 2025, the IMF expects a GDP growth rate of around 3.95 percent. Real GDP growth The current gross domestic product is an important indicator of the economic strength of a country. It refers to the total market value of all goods and services that are produced within a country per year. When analyzing year-on-year changes, the current GDP is adjusted for inflation, thus making it constant. Real GDP growth is regarded as a key indicator for economic growth as it incorporates constant GDP figures. As of 2024, China was among the leading countries with the largest gross domestic product worldwide, second only to the United States which had a GDP volume of almost 29.2 trillion U.S. dollars. The Chinese GDP has shown remarkable growth over the past years. Upon closer examination of the distribution of GDP across economic sectors, a gradual shift from an economy heavily based on industrial production towards an economy focused on services becomes visible, with the service industry outpacing the manufacturing sector in terms of GDP contribution. Key indicator balance of trade Another important indicator for economic assessment is the balance of trade, which measures the relationship between imports and exports of a nation. As an economy heavily reliant on manufacturing and industrial production, China has reached a trade surplus over the last decade, with a total trade balance of around 992 billion U.S. dollars in 2024.

The Gross Domestic Product (GDP) in China expanded 5.40 percent in the first quarter of 2025 over the same quarter of the previous year. This dataset provides - China GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Key information about Iran Real GDP Growth

• The Gross Domestic Product (GDP) in Iran expanded 5.0 % YoY in Mar 2022, following a growth of 6.7 % in the previous quarter.
• Real GDP Growth YoY data in Iran is updated quarterly, available from Jun 1989 to Mar 2022, with an average rate of 3.9 %.
• The data reached an all-time high of 22.7 % in Jun 1992 and a record low of -16.0 % in Sep 2008.

CEIC calculates Real GDP Growth from quarterly Real GDP. The Central Bank of the Islamic Republic of Iran provides Real GDP in local currency, at 2016-2017 prices. Real GDP Growth prior to Q1 2020 is calculated from Real GDP at 2011-2012 prices. Real GDP Growth prior to Q2 2005 is calculated from Real GDP at 1997-1998 prices.


Related information about Iran Real GDP Growth

• In the latest reports, Nominal GDP of Iran reached 429.4 USD bn in Mar 2022.
• Its GDP deflator (implicit price deflator) increased 51.5 % in Mar 2022.
• GDP Per Capita in Iran reached 11,557.0 USD in Mar 2021.
• Its Gross Savings Rate was measured at 36.8 % in Mar 2022.
• For Nominal GDP contributions, Investment accounted for 32.9 % in Mar 2022.
• Public Consumption accounted for 18.0 % in Mar 2022.
• Private Consumption accounted for 45.2 % in Mar 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 Nepal Real GDP Growth

• The Gross Domestic Product (GDP) in Nepal expanded 0.2 % YoY in Sep 2024, following a growth of 1.3 % in the previous quarter.
• Real GDP Growth YoY data in Nepal is updated quarterly, available from Dec 2004 to Sep 2024, with an average rate of 1.2 %.
• The data reached an all-time high of 14.0 % in Sep 2020 and a record low of -10.5 % in Jun 2020.

CEIC shifts period-end for quarterly Real GDP Growth. The Central Bureau of Statistics provides Real GDP Growth Rate, at 2010-2011 producer prices. Real GDP Growth prior to Q4 2010 is based on Real GDP at 2000-2001 producer prices. Real GDP Growth is reported in quarterly frequency, ending in January, April, July and October.


Related information about Nepal Real GDP Growth

• In the latest reports, Nominal GDP of Nepal reached 40.8 USD bn in Jul 2022.
• Its GDP deflator (implicit price deflator) increased 9.1 % in Jul 2023.
• GDP Per Capita in Nepal reached 1,399.0 USD in Jul 2023.
• Its Gross Savings Rate was measured at 35.6 % in Jul 2024.
• For Nominal GDP contributions, Investment accounted for 30.5 % in Jul 2024.
• Public Consumption accounted for 6.3 % in Jul 2024.
• Private Consumption accounted for 86.1 % in Jul 2024.