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 Panama expanded 2 percent in the third quarter of 2024 over the same quarter of the previous year. This dataset provides the latest reported value for - Panama GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

In 2022, the Gross Domestic Product (GDP) of North Africa grew by 4.3 percent compared to the previous year. Due to the COVID-19 pandemic, the North African economy shrank by 1.4 percent in 2020. Economic recovery was observed in the following year, with the GDP rising by almost 12 percent. North Africa's economic growth is set to remain stable in the coming years.

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.

Full Year GDP Growth in the United States decreased to 2.80 percent in 2024 from 2.90 percent in 2023. This dataset includes a chart with historical data for the United States Full Year GDP Growth.

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 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 Gross Domestic Product (GDP) in China expanded 1.60 percent in the fourth quarter of 2024 over the previous quarter. This dataset provides - China GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The Gross Domestic Product (GDP) in Mexico expanded 0.50 percent in the fourth quarter of 2024 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.

The Gross Domestic Product (GDP) in France expanded 0.60 percent in the fourth quarter of 2024 over the same quarter of the previous year. This dataset provides the latest reported value for - France GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The Gross Domestic Product (GDP) in Chile expanded 4 percent in the fourth quarter of 2024 over the same quarter of the previous year. This dataset provides - Chile GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The statistic shows the gross domestic product (GDP) of the United States from 1987 to 2023, with projections up until 2029. The gross domestic product of the United States in 2023 amounted to around 27.72 trillion U.S. dollars. The United States and the economy The United States’ economy is by far the largest in the world; a status which can be determined by several key factors, one being gross domestic product: A look at the GDP of the main industrialized and emerging countries shows a significant difference between US GDP and the GDP of China, the runner-up in the ranking, as well as the followers Japan, Germany and France. Interestingly, it is assumed that China will have surpassed the States in terms of GDP by 2030, but for now, the United States is among the leading countries in almost all other relevant rankings and statistics, trade and employment for example. See the U.S. GDP growth rate here. Just like in other countries, the American economy suffered a severe setback when the economic crisis occurred in 2008. The American economy entered a recession caused by the collapsing real estate market and increasing unemployment. Despite this, the standard of living is considered quite high; life expectancy in the United States has been continually increasing slightly over the past decade, the unemployment rate in the United States has been steadily recovering and decreasing since the crisis, and the Big Mac Index, which represents the global prices for a Big Mac, a popular indicator for the purchasing power of an economy, shows that the United States’ purchasing power in particular is only slightly lower than that of the euro area.

The Gross Domestic Product (GDP) in Croatia expanded 3.70 percent in the fourth quarter of 2024 over the same quarter of the previous year. This dataset provides - Croatia GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The Gross Domestic Product (GDP) in Romania expanded 0.80 percent in the fourth quarter of 2024 over the previous quarter. This dataset provides - Romania GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The Gross Domestic Product (GDP) in Singapore expanded 5 percent in the fourth quarter of 2024 over the same quarter of the previous year. This dataset provides - Singapore GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The Gross Domestic Product (GDP) in Indonesia expanded 0.53 percent in the fourth quarter of 2024 over the previous quarter. This dataset provides - Indonesia GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Key information about Russia Real GDP Growth

• The Gross Domestic Product (GDP) in Russia contracted 2.6 % YoY in Mar 2023, following a negative growth of 3.2 % in the previous quarter.
• Real GDP Growth YoY data in Russia is updated quarterly, available from Mar 1996 to Mar 2023, with an average rate of 2.7 %.
• The data reached an all-time high of 12.3 % in Dec 1999 and a record low of -9.4 % in Jun 2009.

CEIC calculates quarterly Real GDP Growth from quarterly Real GDP. The Federal State Statistics Service provides Real GDP in local currency at 2021 prices, based on SNA 2008. Real GDP Growth prior to Q1 2012 is calculated from Real GDP at 2008 prices and prior to Q1 2004 from Real GDP at 2003 prices, both based on SNA 1993.


Related information about Russia Real GDP Growth

• In the latest reports, Nominal GDP of Russia reached 494.7 USD bn in Mar 2023.
• Its GDP deflator (implicit price deflator) increased 0.7 % in Mar 2023.
• GDP Per Capita in Russia reached 15,074.8 USD in Dec 2022.
• Its Gross Savings Rate was measured at 35.2 % in Dec 2022.
• For Nominal GDP contributions, Investment accounted for 28.9 % in Dec 2022.
• Public Consumption accounted for 17.5 % in Dec 2022.
• Private Consumption accounted for 47.3 % in Dec 2022.

The Gross Domestic Product (GDP) in Tanzania expanded 5.90 percent in the third quarter of 2024 over the same quarter of the previous year. This dataset provides - Tanzania GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The Gross Domestic Product (GDP) in Singapore expanded 0.50 percent in the fourth quarter of 2024 over the previous quarter. This dataset provides - Singapore GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The United States recorded a Government Debt to GDP of 122.30 percent of the country's Gross Domestic Product in 2023. This dataset provides - United States Government Debt To GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.