From the Summer of 2007 until the end of 2009 (at least), the world was gripped by a series of economic crises commonly known as the Global Financial Crisis (2007-2008) and the Great Recession (2008-2009). The financial crisis was triggered by the collapse of the U.S. housing market, which caused panic on Wall Street, the center of global finance in New York. Due to the outsized nature of the U.S. economy compared to other countries and particularly the centrality of U.S. finance for the world economy, the crisis spread quickly to other countries, affecting most regions across the globe. By 2009, global GDP growth was in negative territory, with international credit markets frozen, international trade contracting, and tens of millions of workers being made unemployed.

Global similarities, global differences

Since the 1980s, the world economy had entered a period of integration and globalization. This process particularly accelerated after the collapse of the Soviet Union ended the Cold War (1947-1991). This was the period of the 'Washington Consensus', whereby the U.S. and international institutions such as the World Bank and IMF promoted policies of economic liberalization across the globe. This increasing interdependence and openness to the global economy meant that when the crisis hit in 2007, many countries experienced the same issues. This is particularly evident in the synchronization of the recessions in the most advanced economies of the G7. Nevertheless, the aggregate global GDP number masks the important regional differences which occurred during the recession. While the more advanced economies of North America, Western Europe, and Japan were all hit hard, along with countries who are reliant on them for trade or finance, large emerging economies such as India and China bucked this trend. In particular, China's huge fiscal stimulus in 2008-2009 likely did much to prevent the global economy from sliding further into a depression. In 2009, while the United States' GDP sank to -2.6 percent, China's GDP, as reported by national authorities, was almost 10 percent.

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 Qatar expanded 6.10 percent in the fourth quarter of 2024 over the same quarter of the previous year. This dataset provides the latest reported value for - Qatar GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus 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.

Full Year GDP Growth in Kosovo increased to 4.41 percent in 2024 from 4.01 percent in 2023. This dataset includes a chart with historical data for Kosovo Full Year GDP Growth.

Japan JP: GDP: Growth data was reported at 1.713 % in 2017. This records an increase from the previous number of 0.938 % for 2016. Japan JP: GDP: Growth data is updated yearly, averaging 3.100 % from Dec 1961 (Median) to 2017, with 57 observations. The data reached an all-time high of 12.882 % in 1968 and a record low of -5.416 % in 2009. Japan JP: GDP: Growth data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Japan – Table JP.World Bank.WDI: Gross Domestic Product: Annual Growth Rate. 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.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted average;

Full Year GDP Growth in Jordan increased to 2.60 percent in 2023 from 2.40 percent in 2022. This dataset includes a chart with historical data for Jordan Full Year GDP Growth.

The Gross Domestic Product (GDP) in South Sudan contracted 0.40 percent in the fourth quarter of 2023 over the same quarter of the previous year. This dataset provides the latest reported value for - South Sudan 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 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 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.

Palau PW: GDP: Growth: Gross Capital Formation data was reported at 23.020 % in 2016. This records an increase from the previous number of -10.848 % for 2015. Palau PW: GDP: Growth: Gross Capital Formation data is updated yearly, averaging -1.010 % from Sep 2008 (Median) to 2016, with 9 observations. The data reached an all-time high of 51.706 % in 2014 and a record low of -38.353 % in 2009. Palau PW: GDP: Growth: Gross Capital Formation data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Palau – Table PW.World Bank.WDI: Gross Domestic Product: Annual Growth Rate. Annual growth rate of gross capital formation based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. Gross capital formation (formerly gross domestic investment) consists of outlays on additions to the fixed assets of the economy plus net changes in the level of inventories. Fixed assets include land improvements (fences, ditches, drains, and so on); plant, machinery, and equipment purchases; and the construction of roads, railways, and the like, including schools, offices, hospitals, private residential dwellings, and commercial and industrial buildings. Inventories are stocks of goods held by firms to meet temporary or unexpected fluctuations in production or sales, and 'work in progress.' According to the 1993 SNA, net acquisitions of valuables are also considered capital formation.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted average;

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.

Full Year GDP Growth in Uganda increased to 6 in 2023 from 5.20 in 2022. This dataset includes a chart with historical data for Uganda Full Year GDP Growth.

The Gross Domestic Product (GDP) in Bosnia and Herzegovina expanded 1.40 percent in the third quarter of 2024 over the previous quarter. This dataset provides the latest reported value for - Bosnia And Herzegovina GDP Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Germany DE: GDP: Growth: Gross Fixed Capital Formation data was reported at -1.205 % in 2023. This records a decrease from the previous number of -0.199 % for 2022. Germany DE: GDP: Growth: Gross Fixed Capital Formation data is updated yearly, averaging 2.080 % from Dec 1971 (Median) to 2023, with 53 observations. The data reached an all-time high of 7.996 % in 1990 and a record low of -9.665 % in 2009. Germany DE: GDP: Growth: Gross Fixed Capital Formation data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Germany – Table DE.World Bank.WDI: Gross Domestic Product: Annual Growth Rate. Average annual growth of gross fixed capital formation based on constant local currency. Aggregates are based on constant 2015 prices, expressed in U.S. dollars. Gross fixed capital formation (formerly gross domestic fixed investment) includes land improvements (fences, ditches, drains, and so on); plant, machinery, and equipment purchases; and the construction of roads, railways, and the like, including schools, offices, hospitals, private residential dwellings, and commercial and industrial buildings. According to the 2008 SNA, net acquisitions of valuables are also considered capital formation.;World Bank national accounts data, and OECD National Accounts data files.;Weighted average;

Netherlands NL: GDP: Growth: Gross Value Added: Industry data was reported at 3.150 % in 2017. This records an increase from the previous number of 2.746 % for 2016. Netherlands NL: GDP: Growth: Gross Value Added: Industry data is updated yearly, averaging 1.443 % from Dec 1970 (Median) to 2017, with 48 observations. The data reached an all-time high of 14.189 % in 1970 and a record low of -7.736 % in 2009. Netherlands NL: GDP: Growth: Gross Value Added: Industry data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Netherlands – Table NL.World Bank: Gross Domestic Product: Annual Growth Rate. Annual growth rate for industrial value added based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. Industry corresponds to ISIC divisions 10-45 and includes manufacturing (ISIC divisions 15-37). It comprises value added in mining, manufacturing (also reported as a separate subgroup), construction, electricity, water, and gas. Value added is the net output of a sector after adding up all outputs and subtracting intermediate inputs. It is calculated without making deductions for depreciation of fabricated assets or depletion and degradation of natural resources. The origin of value added is determined by the International Standard Industrial Classification (ISIC), revision 3.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted Average; Note: Data for OECD countries are based on ISIC, revision 4.

The gross domestic product (GDP) growth rate in Finland fluctuated fairly strongly between 5.3 and -8.1 percent in the period from 2003 to 2023. According to preliminary data, the GPD growth rate was -1-2 percent in 2023. The Finnish economy contracted almost nine percent from 2008 to 2009, as a result of the global financial crisis. After 2009, GDP growth rates did not reach the pre-crisis levels, although the GDP slowly resumed its growth.

Key information about Oman Nominal GDP Growth

• Oman Nominal GDP Growth was reported at 3.409 % in Sep 2024.
• This records a decrease from the previous number of 3.804 % for Jun 2024.
• Oman Nominal GDP Growth data is updated quarterly, averaging 6.717 % from Mar 2006 to Sep 2024, with 75 observations.
• The data reached an all-time high of 59.321 % in Sep 2008 and a record low of -30.526 % in Jun 2009.
• Oman Nominal GDP Growth data remains active status in CEIC and is reported by CEIC Data.
• The data is categorized under World Trend Plus’s Global Economic Monitor – Table: Nominal GDP: Y-o-Y Growth: Quarterly.

CEIC calculates quarterly Nominal GDP Growth from quarterly Nominal GDP. The National Centre for Statistics and Information provides year-to-date Nominal GDP in local currency based on SNA 2008. Nominal GDP Growth prior to Q1 2011 is calculated from Nominal GDP based on SNA 1993.

Canada CA: GDP: Growth: GNI per Capita data was reported at -3.785 % in 2023. This records a decrease from the previous number of 2.983 % for 2022. Canada CA: GDP: Growth: GNI per Capita data is updated yearly, averaging 1.722 % from Dec 1971 (Median) to 2023, with 53 observations. The data reached an all-time high of 8.596 % in 2021 and a record low of -7.215 % in 2009. Canada CA: GDP: Growth: GNI per Capita data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Canada – Table CA.World Bank.WDI: Gross Domestic Product: Annual Growth Rate. Annual percentage growth rate of GNI per capita based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. GNI per capita is gross national income divided by midyear population. GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and property income) from abroad.;World Bank national accounts data, and OECD National Accounts data files.;Weighted average;

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.