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 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.

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.

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.

The statistic depicts Mexico's real gross domestic product (GDP) growth rate 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, Mexico's real GDP grew by about 1.45 percent compared to the previous year. Mexico's economy Mexico, having not been dramatically affected by the 2002 South American crisis, has one of the strongest economies in the Americas behind the United States and Canada. By improving its macroeconomic rules and regulations, Mexico improved on many aspects of its economy, most notably inflation. Several goals that the government wanted accomplish were the improvement of infrastructure around the country as well as newer tax laws that would allow for higher income equality. Mexico is generally an export-oriented country, with the majority of export goods consisting of electronics, automobiles and agricultural goods. Exports over the past decade have seen continuous growth, with the exception of 2009. This increase in exports is largely due to an increasing number of free trade agreements with international countries, which essentially eliminate tariffs between member countries. However, Mexico imports more than they export, having recorded an annual trade deficit over the past decade. While most economics label this as a negative aspect, other economics believe that trade deficits are associated with positive economic developments.

In 2024, the annual growth rate of the real gross domestic product (GDP) in Taiwan amounted to approximately 4.6 percent. 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. GDP development in Taiwan The GDP of Taiwan displayed a comparatively stable development over the last decade with growth rates averaging 3.3 percent between 2014 and 2024. This strong economic performance was mainly due to the successful development of high-tech industries, especially in the electronics sector, and the firm integration into global value chains. The industrial sector of Taiwan is still comparatively large and produces many intermediate products for the global market. Despite the island’s small size, Taiwan is among the leading exporters and has one of the highest trade surpluses in the world. GDP per capita reached around 32,400 U.S. dollars in 2023. Current economic development Taiwan was among few to be able to maintain strong economic growth during the global spread of the coronavirus pandemic in 2020 and 2021. At the end of 2022, the country was hit by the global economic downturn, and quarterly GDP growth dropped to -3.5 percent in the first quarter of 2023. However, the economy rebounded quickly and returned to positive growth in the second quarter.

For most of the past two decades, China had the highest GDP growth of any of the BRICS countries, although it was overtaken by India in the mid-2010s, and India is predicted to have the highest growth in the 2020s. All five countries saw their GDP growth fall during the global financial crisis in 2008, and again during the coronavirus pandemic in 2020; China was the only economy that continued to grow during both crises, although India's economy also grew during the Great Recession. In 2014, Brazil experienced its own recession due to a combination of economic and political instability, while Russia also went into recession due to the drop in oil prices and the economic sanctions imposed following its annexation of Crimea.

The statistic shows the growth in real GDP in Brazil from between 2020 and 2024, with projections up until 2030. In 2024, Brazil’s real gross domestic product increased by 3.4 percent compared to the previous year.Brazilian growth and civic unrestGDP is a reliable tool used to indicate the shape of a national economy. It is one of the most well-known and well-understood measurements of the state of a country. Gross domestic product, or GDP, is the total market value of all final services and goods that have been produced in a country within a given period of time, usually a year.Brazil has undergone a huge economic transformation in the course of the last decade and is now one of the fastest growing economies on the planet. It belongs to the BRIC club of countries, an acronym that refers to the countries Brazil, Russia, India and China, a group of countries which are considered to be at a relatively similar stage of new and advancing economic development. Economic reforms in Brazil have given the country a boost on the international stage, which has helped it to gain significantly in recognition and influence around the world.The domestic product growth rate in Brazil is progressing throughout the years. After a minor blip in 2009, when a short recession saw the rate of growth moving slightly backwards, the economy has picked itself up and fought back with an increase of an impressive 7.53 percent in 2010. Despite the rapid growth and the perceived increase in Brazilian domestic prosperity, the gap between rich and poor remains distinct. The lower class manifested themselves in the numerous protests that erupted across the South American state in the summer of 2013. For days, hundreds of thousands of Brazilians took to the streets to protest the increase of public transport fares, but the demonstrations evolved into a more general protest against increasing social inequalities among the Brazilian population, despite increased prosperity.

This statistic shows the real gross domestic product (GDP) growth rate in Italy 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, Italy's real GDP increased by about 0.73 percent compared to the previous year. Italy's national debt Italy’s economy is a developed industrial economy that ranks as one of the largest in the world. A large and efficient economy has helped Italy attain a spot as a member of the G7 and G8, as well as the European Union. After the Second World War, Italy experienced a significant economic boost due to support from the ‘’Free World’’, which is a term used to identify non-communist countries during the Cold War. But several decades of economic growth came to an end after the 2008 recession; from roughly 2007 to 2011, the Italian’s encountered multiple setbacks that shrunk the national economy and dramatically affected the country as a whole. Debt became a major problem and Italy saw annual national debt growth primarily due to the country’s inability to maintain its budget properly as well as an overall decrease in GDP. As a result, investors often questioned the country’s ability to pay off its debts without incurring further debt, particularly due to the country’s large debt-to-GDP ratio, which remains one of the highest in the world.

The statistic shows the growth rate of the real gross domestic product (GDP) in Japan from 2020 to 2024, with projections up until 2030. In 2023, Japan's GDP increased by 1.49 percent compared to the previous year. For comparison, the GDP growth rate of China had reached about 8.45 percent that same year.Gross domestic product growth rate in JapanGDP serves as one of the most heavily relied upon indicators to gauge the state and health of a country’s economy. GDP is the total market value of all final goods and services that have been produced within a nation’s borders in a given period of time, usually a year. GDP figures allow a more fundamental understanding of a country’s economy. Year-on-year GDP growth acts as a helpful and clear sign of the direction in which a country is moving in economic terms. Real GDP is especially useful and insightful as it takes price changes (inflation and deflation) into account.The gross domestic product growth rate in Japan has been shaky since the recession of 2008 struck the world economy like a bolt out of the blue and Japan is still yet to gain a solid foothold. Despite its ongoing financial predicament however, Japan remains one of the world’s most highly developed economies. The economy of Japan is the third largest worldwide by nominal GDP and the nation has a very active manufacturing sector. It is active in the auto manufacturing sector, the third largest in the world after the United States and China, and has an electronics industry that is counted among the worlds most innovative. Japan can boast many titles, but perhaps the most significant to its future stability is that which relates to its astronomical national debts, currently running at over 200 percent of GDP, roughly 10.5 trillion US dollars.

In the second quarter of 2025, the growth of the real gross domestic product (GDP) in China ranged at *** percent compared to the same quarter of the previous year. 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. GDP growth in China In 2024, China ranged second among countries with the largest gross domestic product worldwide. Since the introduction of economic reforms in 1978, the country has experienced rapid social and economic development. In 2013, it became the world’s largest trading nation, overtaking the United States. However, per capita GDP in China was still much lower than that of industrialized countries. Until 2011, the annual growth rate of China’s GDP had constantly been above nine percent. However, economic growth has cooled down since and is projected to further slow down gradually in the future. Rising domestic wages and the competitive edge of other Asian and African countries are seen as main reasons for the stuttering in China’s economic engine. One strategy of the Chinese government to overcome this transition is a gradual shift of economic focus from industrial production to services. Challenges to GDP growth Another major challenge lies in the massive environmental pollution that China’s reckless economic growth has caused over the past decades. China’s development has been powered mostly by coal consumption, which resulted in high air pollution. To counteract industrial pollution, further investments in waste management and clean technologies are necessary. In 2017, about **** percent of GDP was spent on pollution control. Surging environmental costs aside, environmental issues could also be a key to industrial transition as China placed major investments in renewable energy and clean tech projects. The consumption of green energy skyrocketed from **** exajoules in 2005 to **** million in 2022.

Vietnam’s real gross domestic product (GDP) has been experiencing positive growth for the past five years since 2019, and is projected to continue to do so through 2030. In 2023, Vietnam’s real GDP increased by around five percent compared to the previous year. Learning from real GDP Real gross domestic product (GDP) is a measure that reflects the value of all goods and services an economy produces within a given year. It is expressed in base-year prices, and is thus an inflation-adjusted way to compare a country’s economic output through the years. The GDP growth rate is a significant indicator of a country’s economic health, as it reacts to the economy’s expansions and contractions. Vietnam’s optimistic future As indicated by the positive growth rate of its real GDP, Vietnam’s economy is expanding due to growth in exports, domestic demand, and the manufacturing sector. As the economy expands, so does the total expenditure of Vietnamese consumers. The average monthly income per capita in Vietnam increased to almost 3.8 percent in 2018, and is spent on fast moving consumer goods from popular brands like Vinamilk and P/S.

Given the essential nature of hazardous waste collection, there’s a fairly consistent demand from companies in downstream markets like construction and manufacturing. Large companies in these industries require industry services to remove hazardous waste like asbestos, chemicals, solvents, oils and electrical equipment. Hazardous waste collection services revenue is expected to grow at a compound annual rate of 1.9% over the five years through 2025 to €5.7 billion, including an estimated climb of 2.6% in 2025, with the average industry profit margin forecast to reach 12.4%. Although construction and manufacturing have traditionally proved a fairly stable source of demand for hazardous waste collectors, the COVID-19 outbreak incited fierce volatility in these markets, bringing activity to a halt in the first half of 2020 amid lockdown restrictions. Following this, construction and manufacturing output picked up amid the gradual reopening of the economy. However, this was short-lived due to periods of high interest rates and subdued economic growth. The elevated base rate environment has particularly hurt construction, ratcheting up the cost of borrowing and putting off developers from undertaking projects, limiting the amount of waste produced and hurting demand in recent years. However, the base rate has been falling in the two years through 2025, increasing the amount of construction projects due to cheaper borrowing costs, leading to more demand for hazardous waste collection services and boosting industry revenue. Hazardous waste collection services revenue is projected to swell at a compound annual rate of 6.4% over the five years through 2029 to €7.7 billion. Downstream market conditions are set to improve in the short term as inflationary pressures subside and economic growth picks up, supporting activity in the construction and manufacturing sectors. Consolidation activity that has characterised the industry in recent years, like Suez SA's reacquisition of its business from Veolia, will continue to shake up the market structure as growing competition incentivises hazardous waste collectors to expand and leverage economies of scale.

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.

Given the essential nature of hazardous waste collection, there’s a fairly consistent demand from companies in downstream markets like construction and manufacturing. Large companies in these industries require waste collection services to remove hazardous waste like asbestos, chemicals, solvents, oils and electrical equipment. Hazardous waste collection services revenue is expected to grow at a compound annual rate of 1.9% over the five years through 2025 to €5.7 billion, including an estimated climb of 2.6% in 2025, with the average industry profit margin forecast to reach 12.4%. Although construction and manufacturing have traditionally proved a fairly stable source of demand for hazardous waste collectors, the COVID-19 outbreak incited fierce volatility in these markets, bringing activity to a halt in the first half of 2020 amid lockdown restrictions. Following this, construction and manufacturing output picked up amid the gradual reopening of the economy. However, this was short-lived due to periods of high interest rates and subdued economic growth. The elevated base rate environment has particularly hurt construction, ratcheting up the cost of borrowing and putting off developers from undertaking projects, limiting the amount of waste produced and hurting demand in recent years. However, the base rate has been falling in the two years through 2025, increasing the number of construction projects due to cheaper borrowing costs, leading to more demand for hazardous waste collection services and boosting industry revenue. Hazardous waste collection services revenue is projected to swell at a compound annual rate of 6.4% over the five years through 2029 to €7.7 billion. Downstream market conditions are set to improve in the short term as inflationary pressures subside and economic growth picks up, supporting activity in the construction and manufacturing sectors. Consolidation activity that has characterised the industry in recent years, like Suez SA's reacquisition of its business from Veolia in 2022, will continue to shake up the market structure as growing competition incentivises hazardous waste collectors to expand and leverage economies of scale.

Given the essential nature of hazardous waste collection, there’s a fairly consistent demand from companies in downstream markets like construction and manufacturing. Large companies in these industries require waste collection services to remove hazardous waste like asbestos, chemicals, solvents, oils and electrical equipment. Hazardous waste collection services revenue is expected to grow at a compound annual rate of 1.9% over the five years through 2025 to €5.7 billion, including an estimated climb of 2.6% in 2025, with the average industry profit margin forecast to reach 12.4%. Although construction and manufacturing have traditionally proved a fairly stable source of demand for hazardous waste collectors, the COVID-19 outbreak incited fierce volatility in these markets, bringing activity to a halt in the first half of 2020 amid lockdown restrictions. Following this, construction and manufacturing output picked up amid the gradual reopening of the economy. However, this was short-lived due to periods of high interest rates and subdued economic growth. The elevated base rate environment has particularly hurt construction, ratcheting up the cost of borrowing and putting off developers from undertaking projects, limiting the amount of waste produced and hurting demand in recent years. However, the base rate has been falling in the two years through 2025, increasing the number of construction projects due to cheaper borrowing costs, leading to more demand for hazardous waste collection services and boosting industry revenue. Hazardous waste collection services revenue is projected to swell at a compound annual rate of 6.4% over the five years through 2029 to €7.7 billion. Downstream market conditions are set to improve in the short term as inflationary pressures subside and economic growth picks up, supporting activity in the construction and manufacturing sectors. Consolidation activity that has characterised the industry in recent years, like Suez SA's reacquisition of its business from Veolia in 2022, will continue to shake up the market structure as growing competition incentivises hazardous waste collectors to expand and leverage economies of scale.

Given the essential nature of hazardous waste collection, there’s a fairly consistent demand from companies in downstream markets like construction and manufacturing. Large companies in these industries require industry services to remove hazardous waste like asbestos, chemicals, solvents, oils and electrical equipment. Hazardous waste collection services revenue is expected to grow at a compound annual rate of 1.9% over the five years through 2025 to €5.7 billion, including an estimated climb of 2.6% in 2025, with the average industry profit margin forecast to reach 12.4%. Although construction and manufacturing have traditionally proved a fairly stable source of demand for hazardous waste collectors, the COVID-19 outbreak incited fierce volatility in these markets, bringing activity to a halt in the first half of 2020 amid lockdown restrictions. Following this, construction and manufacturing output picked up amid the gradual reopening of the economy. However, this was short-lived due to periods of high interest rates and subdued economic growth. The elevated base rate environment has particularly hurt construction, ratcheting up the cost of borrowing and putting off developers from undertaking projects, limiting the amount of waste produced and hurting demand in recent years. However, the base rate has been falling in the two years through 2025, increasing the amount of construction projects due to cheaper borrowing costs, leading to more demand for hazardous waste collection services and boosting industry revenue. Hazardous waste collection services revenue is projected to swell at a compound annual rate of 6.4% over the five years through 2029 to €7.7 billion. Downstream market conditions are set to improve in the short term as inflationary pressures subside and economic growth picks up, supporting activity in the construction and manufacturing sectors. Consolidation activity that has characterised the industry in recent years, like Suez SA's reacquisition of its business from Veolia, will continue to shake up the market structure as growing competition incentivises hazardous waste collectors to expand and leverage economies of scale.

Revenue volatility in the Non-Hazardous Collection industry is low, given that many local authority contracts provide steady revenue streams over multiple years. Waste companies collect non-hazardous waste materials like mixed recoverable materials from households on behalf of local authorities and commercial and construction clients. This means demand is largely contingent on activity in industrial and construction markets, which have been subdued in recent years due to economic headwinds like high interest rates and subdued economic growth. Non-hazardous waste collection revenue is expected to grow at a compound annual rate of 0.3% over the five years through 2025 to €103 billion, including a revenue growth of 0.9% in 2025. Following a solid recovery in 2021 amid the gradual reopening of the economy after the pandemic, waste collectors have contended with subdued demand amid the high base rate environment and spiralling inflation, which hit the construction and manufacturing sectors, leading to a drop in revenue in 2023. Food industries also provide a large market for waste collectors, and with the cost-of-living squeeze beginning to loosen its grip and supply chain disruptions letting up, demand picked up in 2024. With interest rates continuing to fall in the two years through 2025, greater demand from downstream industries like construction have led to increased waste generation in 2025, boosting revenue and profit margins. Non-hazardous waste collection revenue is expected to grow at a compound annual rate of 2.5% over the five years through 2030 to €108.016 billion. In the short term, economic conditions are set to improve with inflationary pressures subsiding and economic growth picking up, supporting demand for non-hazardous waste collection services. A growing emphasis on sustainability will also support demand as businesses look to recycle their waste. An uptick in the number of households across Europe will also bolster demand for waste collection services, as more waste will be generated.

The statistic shows the growth rate in the real GDP in the United Kingdom from 2020 to 2024, with projections up until 2030. In 2024, the rate of GDP growth in the United Kingdom was at around 1.1 percent compared to the previous year.The economy of the United KingdomGDP is used an indicator as to the shape of a national economy. It is one of the most regularly called upon measurements regarding the economic fitness of a country. GDP is the total market value of all final goods and services that have been produced in a country within a given period of time, usually a year. Inflation adjusted real GDP figures serve as an even more telling indication of a country’s economic state in that they act as a more reliable and clear tool as to a nation’s economic health. The gross domestic product (GDP) growth rate in the United Kingdom has started to level in recent years after taking a huge body blow in the financial collapse of 2008. The UK managed to rise from the state of dark desperation it was in between 2009 and 2010, from -3.97 to 1.8 percent. The country suffered acutely from the collapse of the banking industry, raising a number of questions within the UK with regards to the country’s heavy reliance on revenues coming from London's financial sector, arguably the most important in the world and one of the globe’s financial command centers. Since the collapse of the post-war consensus and the rise of Thatcherism, the United Kingdom has been swept along in a wave of individualism - collective ideals have been abandoned and the mass privatisation of the heavy industries was unveiled - opening them up to market competition and shifting the economic focus to that of service.The Big Bang policy, one of the cornerstones of the Thatcher government programs of reform, involved mass and sudden deregulation of financial markets. This led to huge changes in the way the financial markets in London work, and saw the many old firms being absorbed by big banks. This, one could argue, strengthened the UK financial sector greatly and while frivolous and dangerous practices brought the sector into great disrepute, the city of London alone brings in around one fifth of the countries national income making it a very prominent contributor to wealth in the UK.

Given the essential nature of hazardous waste collection, there’s a fairly consistent demand from companies in downstream markets like construction and manufacturing. Large companies in these industries require industry services to remove hazardous waste like asbestos, chemicals, solvents, oils and electrical equipment. Hazardous waste collection services revenue is expected to grow at a compound annual rate of 1.9% over the five years through 2025 to €5.7 billion, including an estimated climb of 2.6% in 2025, with the average industry profit margin forecast to reach 12.4%. Although construction and manufacturing have traditionally proved a fairly stable source of demand for hazardous waste collectors, the COVID-19 outbreak incited fierce volatility in these markets, bringing activity to a halt in the first half of 2020 amid lockdown restrictions. Following this, construction and manufacturing output picked up amid the gradual reopening of the economy. However, this was short-lived due to periods of high interest rates and subdued economic growth. The elevated base rate environment has particularly hurt construction, ratcheting up the cost of borrowing and putting off developers from undertaking projects, limiting the amount of waste produced and hurting demand in recent years. However, the base rate has been falling in the two years through 2025, increasing the amount of construction projects due to cheaper borrowing costs, leading to more demand for hazardous waste collection services and boosting industry revenue. Hazardous waste collection services revenue is projected to swell at a compound annual rate of 6.4% over the five years through 2029 to €7.7 billion. Downstream market conditions are set to improve in the short term as inflationary pressures subside and economic growth picks up, supporting activity in the construction and manufacturing sectors. Consolidation activity that has characterised the industry in recent years, like Suez SA's reacquisition of its business from Veolia, will continue to shake up the market structure as growing competition incentivises hazardous waste collectors to expand and leverage economies of scale.