The Gross Domestic Product (GDP) in the United States was worth 27720.71 billion US dollars in 2023, according to official data from the World Bank. The GDP value of the United States represents 26.29 percent of the world economy. This dataset provides - United States GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

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 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.

The Gross Domestic Product (GDP) in the United States expanded 2.50 percent in the fourth quarter of 2024 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.

On October 29, 1929, the U.S. experienced the most devastating stock market crash in it's history. The Wall Street Crash of 1929 set in motion the Great Depression, which lasted for twelve years and affected virtually all industrialized countries. In the United States, GDP fell to it's lowest recorded level of just 57 billion U.S dollars in 1933, before rising again shortly before the Second World War. After the war, GDP fluctuated, but it increased gradually until the Great Recession in 2008. Real GDP Real GDP allows us to compare GDP over time, by adjusting all figures for inflation. In this case, all numbers have been adjusted to the value of the US dollar in FY2012. While GDP rose every year between 1946 and 2008, when this is adjusted for inflation it can see that the real GDP dropped at least once in every decade except the 1960s and 2010s. The Great Recession Apart from the Great Depression, and immediately after WWII, there have been two times where both GDP and real GDP dropped together. The first was during the Great Recession, which lasted from December 2007 until June 2009 in the US, although its impact was felt for years after this. After the collapse of the financial sector in the US, the government famously bailed out some of the country's largest banking and lending institutions. Since recovery began in late 2009, US GDP has grown year-on-year, and reached 21.4 trillion dollars in 2019. The coronavirus pandemic and the associated lockdowns then saw GDP fall again, for the first time in a decade. As economic recovery from the pandemic has been compounded by supply chain issues, inflation, and rising global geopolitical instability, it remains to be seen what the future holds for the U.S. economy.

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.

Graph and download economic data for Nominal Gross Domestic Product for United States (NGDPSAXDCUSQ) from Q1 1950 to Q3 2024 about GDP and USA.

In 1870, the GDP of the U.S., Canada, Australia, and New Zealand was eight times larger than in 1820, and by 1913 it was almost 42 times larger. Although Europe had the largest share of global GDP in 1913, it had only grown by 5.4 times since 1820. GDP in the Asia-Pacific region did not double over this period, as it was not until the latter half of the twentieth century when industrialization began on a large scale.

The Gross Domestic Product (GDP) in South Korea was worth 1712.79 billion US dollars in 2023, according to official data from the World Bank. The GDP value of South Korea represents 1.62 percent of the world economy. This dataset provides - South Korea GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

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.

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.

In the first quarter of 2024, the GDP of the United States was three percent higher compared to the first quarter of 2023. The gross domestic product refers to the market value of all final goods and services produced in a country within a given period. The GDP of the United States amounted to 25.46 trillion U.S. dollars in 2022. The annual GDP of the United States can be found here, the growth per quarter can be found here and the chained quarterly GDP growth can be found here.

The Gross Domestic Product (GDP) in Panama was worth 83.32 billion US dollars in 2023, according to official data from the World Bank. The GDP value of Panama represents 0.08 percent of the world economy. This dataset provides - Panama GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

During the "Golden Age of Capitalism", from 1950 to 1973, GDP grew by annual averages of just under five percent in Western Europe*, four percent in the U.S., and ten percent in Japan. This period of prosperity came to an end with the recession of 1973-1975, however GDP growth rates did not return to their previous levels when the recession ended, as growth was fairly sporadic in the 1970s and then much slower throughout the 1980s. From 1973 to 1987, GDP grew annually at just two fifth of the Golden Age's rate in Europe and Japan, while the U.S.' annual rates were somewhat closer.

One major difference between the two given periods was that the U.S. was the dominant and most influential economy of all developed (non-communist) countries in the 1950s and 1960s, however, the 1970s and 1980s saw Japan and the European Communities (led by West Germany and France) emerge as major economic powers in their own right. While the U.S. remained the most powerful country in the world, other developed nations became more economically autonomous, and began asserting their own influence internationally.

Vintages of releases of gross domestic product (GDP) at basic prices, by North American Industry Classification System (NAICS) aggregates, by industry, volume measures, monthly.

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.

Between 1820 and 1913, Asia's share of global GDP fell from 58 percent to just 27 percent. Although Asia's overall GDP grew throughout the given period, the rapid industrialization observed across Europe, North America, Australia, and New Zealand saw their combined share increase from 35 percent to 67 percent, which offset Asia's growth. In particular, the combined share of North America, Australia, and New Zealand grew over ten times larger in this period, from two percent in 1820 to 21 percent in 1913.

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 Trinidad and Tobago was worth 27.37 billion US dollars in 2023, according to official data from the World Bank. The GDP value of Trinidad and Tobago represents 0.03 percent of the world economy. This dataset provides - Trinidad and Tobago GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

In most years since 1980, global GDP growth has been relatively consistent, generally fluctuating between two and five percent growth from year to year. The most notable exceptions to this were during the Great Recession in 2009, and again in 2020 during the Covid-19 pandemic, where the global economy actually shrank in both of these years. As the world economy continues to deal with the economic impact of the pandemic, as well as the fallout from Russia's invasion of Ukraine in 2022, the future remains uncertain, however current estimates suggest that annual growth will return to steady figures of around 3 percent in 2029.