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 2.89%, 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.

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.

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

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.

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.

Full Year GDP Growth in India decreased to 6.50 percent in 2025 from 9.20 percent in 2024. This dataset includes a chart with historical data for India Full Year GDP Growth.

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 Gross Domestic Product (GDP) in India expanded 7.40 percent in the first quarter of 2025 over the same quarter of the previous year. This dataset provides - India GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

In 2024, the U.S. GDP increased from the previous year to about 29.18 trillion U.S. dollars. Gross domestic product (GDP) refers to the market value of all goods and services produced within a country. In 2024, the United States has the largest economy in the world. 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.

World gdp growth rate for 2023 was 2.83%, a 0.4% decline from 2022.

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

<li>World gdp growth rate for 2022 was <strong>3.24%</strong>, a <strong>3.11% decline</strong> from 2021.</li>
<li>World gdp growth rate for 2021 was <strong>6.35%</strong>, a <strong>9.23% increase</strong> from 2020.</li>
<li>World gdp growth rate for 2020 was <strong>-2.88%</strong>, a <strong>5.55% 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.

Mexico gdp growth rate for 2023 was 3.20%, a 0.49% decline from 2022.

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

<li>Mexico gdp growth rate for 2022 was <strong>3.69%</strong>, a <strong>2.36% decline</strong> from 2021.</li>
<li>Mexico gdp growth rate for 2021 was <strong>6.05%</strong>, a <strong>14.4% increase</strong> from 2020.</li>
<li>Mexico gdp growth rate for 2020 was <strong>-8.35%</strong>, a <strong>7.96% 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 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.

World GDP for 2023 was 100.000 trillion US dollars, a 0% increase from 2022.

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

<li>World GDP for 2022 was <strong>100.000 trillion US dollars</strong>, a <strong>2.2% increase</strong> from 2021.</li>
<li>World GDP for 2021 was <strong>97.848 trillion US dollars</strong>, a <strong>14.09% increase</strong> from 2020.</li>
<li>World GDP for 2020 was <strong>85.763 trillion US dollars</strong>, a <strong>2.71% 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 Canada expanded 2.30 percent in the first quarter of 2025 over the same quarter of the previous year. This dataset provides - Canada GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The Gross Domestic Product (GDP) in China was worth 18743.80 billion US dollars in 2024, according to official data from the World Bank. The GDP value of China represents 17.65 percent of the world economy. This dataset provides - China GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

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 India Real GDP Growth

• The Gross Domestic Product (GDP) in India expanded 4.4 % YoY in Dec 2022, following a growth of 6.3 % in the previous quarter.
• Real GDP Growth YoY data in India is updated quarterly, available from Jun 2005 to Dec 2022, with an average rate of 7.2 %.
• The data reached an all-time high of 21.6 % in Jun 2021 and a record low of -23.4 % in Jun 2020.

CEIC calculates Real GDP Growth from quarterly Real GDP. Ministry of Statistics and Programme Implementation provides Real GDP in local currency based on SNA 2008, at 2011-2012 prices. Real GDP prior to Q2 2012 is based on a combination of SNA 2008 and SNA 1993, at 2004-2005 prices.


Related information about India Real GDP Growth

• In the latest reports, Nominal GDP of India reached 844.6 USD bn in Dec 2022.
• Its GDP deflator (implicit price deflator) increased 6.6 % in Dec 2022.
• GDP Per Capita in India reached 2,301.4 USD in Mar 2022.
• Its Gross Savings Rate was measured at 30.2 % in Mar 2022.
• For Nominal GDP contributions, Investment accounted for 28.4 % in Dec 2022.
• Public Consumption accounted for 9.0 % in Dec 2022.
• Private Consumption accounted for 63.3 % in Dec 2022.

The Gross Domestic Product (GDP) in Mexico expanded 0.80 percent in the first quarter of 2025 over the same quarter of the previous year. This dataset provides - Mexico GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.