U.S. gdp growth rate for 2023 was 2.54%, a 0.61% increase from 2022.

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

<li>U.S. gdp growth rate for 2022 was <strong>1.94%</strong>, a <strong>3.86% decline</strong> from 2021.</li>
<li>U.S. gdp growth rate for 2021 was <strong>5.80%</strong>, a <strong>8.01% increase</strong> from 2020.</li>
<li>U.S. gdp growth rate for 2020 was <strong>-2.21%</strong>, a <strong>4.68% 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.

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

World gdp growth rate for 2023 was 2.72%, a 0.37% decline from 2022.

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

<li>World gdp growth rate for 2022 was <strong>3.09%</strong>, a <strong>3.17% decline</strong> from 2021.</li>
<li>World gdp growth rate for 2021 was <strong>6.26%</strong>, a <strong>9.19% increase</strong> from 2020.</li>
<li>World gdp growth rate for 2020 was <strong>-2.93%</strong>, a <strong>5.57% 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.

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 Argentina expanded 2.10 percent in the fourth quarter of 2024 over the same quarter of the previous year. This dataset provides the latest reported value for - Argentina 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 Norway contracted 0.10 percent in the first quarter of 2025 over the previous quarter. This dataset provides - Norway GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

In 2023, the real gross domestic product (GDP) of New York increase by 1.5 percent when compared to the previous year. 2021 saw was the largest increase in the state's real GDP since 2000, when the GDP increased by 4.8 percent as the state rebounded from the COVID-19 pandemic.

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.

As shown in this statistic, the growth of the real gross domestic product (GDP) in Costa Rica stands at approximately 3.44 percent in 2025.Fluctuating rise between 1980 and 2025A total increase by approximately 2.69 percentage points can be observed between 1980 and 2025. The data emphasizes however that this increase did not happen continuously.Fluctuating rise between 2025 and 2030The growth will stand at roughly 3.50 percent in 2030, according to forecasts. This indicates an overall increase by approximately 0.06 percentage points since 2025.This indicator describes the annual change in the gross domestic product at constant prices, expressed in national currency units. Here the gross domestic product represents the total value of the final goods and services produced during a year.

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.

Key information about US Nominal GDP Growth

• United States Nominal GDP Growth was reported at 5.028 % in Dec 2024.
• This records a decrease from the previous number of 5.032 % for Sep 2024.
• US Nominal GDP Growth data is updated quarterly, averaging 6.138 % from Mar 1948 to Dec 2024, with 308 observations.
• The data reached an all-time high of 19.646 % in Mar 1951 and a record low of -6.835 % in Jun 2020.
• US 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: Seasonally Adjusted.

CEIC calculates quarterly Nominal GDP Growth from quarterly Nominal GDP. The Bureau of Economic Analysis provides Nominal GDP in USD.

The Gross Domestic Product (GDP) in Japan stagnated 0 percent in the first quarter of 2025 over the previous quarter. This dataset provides - Japan GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

In 2024, Germany's real gross domestic product fell by around 0.23 percent compared to the previous year. Keeping it real Real gross domestic product is, by definition, a measure of the value of economic output adjusted for inflation. While nominal gross domestic product (GDP), often only referred to as gross domestic product, reflects the state of a country’s economy including everything produced by the inhabitants within the country, real GDP is a more precise measurement of economic growth since it takes price change into account. Germany’s race to the topGermany’s social market economy is one of the largest worldwide and continues to thrive. One of the strongest industries in Germany is car manufacturing: Several German vehicle manufacturers, like Daimler, Volkswagen, or BMW, are among the major global market players and have brought in billions of euros in revenue in the past years, fueling the economy for years to come.

Key information about Iran Real GDP Growth

• The Gross Domestic Product (GDP) in Iran expanded 5.0 % YoY in Mar 2022, following a growth of 6.7 % in the previous quarter.
• Real GDP Growth YoY data in Iran is updated quarterly, available from Jun 1989 to Mar 2022, with an average rate of 3.9 %.
• The data reached an all-time high of 22.7 % in Jun 1992 and a record low of -16.0 % in Sep 2008.

CEIC calculates Real GDP Growth from quarterly Real GDP. The Central Bank of the Islamic Republic of Iran provides Real GDP in local currency, at 2016-2017 prices. Real GDP Growth prior to Q1 2020 is calculated from Real GDP at 2011-2012 prices. Real GDP Growth prior to Q2 2005 is calculated from Real GDP at 1997-1998 prices.


Related information about Iran Real GDP Growth

• In the latest reports, Nominal GDP of Iran reached 429.4 USD bn in Mar 2022.
• Its GDP deflator (implicit price deflator) increased 51.5 % in Mar 2022.
• GDP Per Capita in Iran reached 11,557.0 USD in Mar 2021.
• Its Gross Savings Rate was measured at 36.8 % in Mar 2022.
• For Nominal GDP contributions, Investment accounted for 32.9 % in Mar 2022.
• Public Consumption accounted for 18.0 % in Mar 2022.
• Private Consumption accounted for 45.2 % in Mar 2022.

The Gross Domestic Product (GDP) in Vietnam expanded 6.93 percent in the first quarter of 2025 over the same quarter of the previous year. This dataset provides the latest reported value for - Vietnam GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Key information about Mexico Real GDP Growth

• The Gross Domestic Product (GDP) in Mexico expanded 3.7 % YoY in Dec 2022, following a growth of 4.4 % in the previous quarter.
• Real GDP Growth YoY data in Mexico is updated quarterly, available from Mar 1981 to Dec 2022, with an average rate of 2.7 %.
• The data reached an all-time high of 19.3 % in Jun 2021 and a record low of -18.8 % in Jun 2020.

CEIC calculates Real GDP Growth from quarterly Real GDP. The National Institute of Statistics and Geography provides Real GDP in local currency at 2013 prices.


Related information about Mexico Real GDP Growth

• In the latest reports, Nominal GDP of Mexico reached 372.0 USD bn in Dec 2022.
• Its GDP deflator (implicit price deflator) increased 6.5 % in Dec 2022.
• GDP Per Capita in Mexico reached 10,927.3 USD in Dec 2022.
• Its Gross Savings Rate was measured at 20.0 % in Sep 2022.
• For Nominal GDP contributions, Investment accounted for 21.9 % in Sep 2022.
• Public Consumption accounted for 11.3 % in Sep 2022.
• Private Consumption accounted for 68.7 % in Sep 2022.

Key information about China Real GDP Growth

• The Gross Domestic Product (GDP) in China expanded 4.5 % YoY in Mar 2023, following a growth of 2.9 % in the previous quarter.
• Real GDP Growth YoY data in China is updated quarterly, available from Mar 1992 to Mar 2023, with an average rate of 8.8 %.
• The data reached an all-time high of 18.7 % in Mar 2021 and a record low of -6.9 % in Mar 2020.

CEIC calculates Real GDP Growth from quarterly Real GDP Index. The National Bureau of Statistics provides Real GDP Index, at previous year prices.


Related information about China Real GDP Growth

• In the latest reports, Nominal GDP of China reached 4,166.8 USD bn in Mar 2023.
• Its GDP deflator (implicit price deflator) increased 0.4 % in Mar 2023.
• GDP Per Capita in China reached 12,732.6 USD in Dec 2022.
• Its Gross Savings Rate was measured at 46.8 % in Dec 2022.
• For Nominal GDP contributions, Investment accounted for 43.5 % in Dec 2022.
• Public Consumption accounted for 16.1 % in Dec 2022.
• Private Consumption accounted for 37.2 % in Dec 2022.

Key information about Germany Real GDP Growth

• The Gross Domestic Product (GDP) in Germany contracted 0.5 % YoY in Mar 2023, following a growth of 0.8 % in the previous quarter.
• Real GDP Growth YoY data in Germany is updated quarterly, available from Mar 1992 to Mar 2023, with an average rate of 1.6 %.
• The data reached an all-time high of 10.2 % in Jun 2021 and a record low of -10.4 % in Jun 2020.

CEIC calculates Real GDP Growth from quarterly Real GDP Index. Statistisches Bundesamt provides Real GDP Index at chain linked 2015 prices.


Related information about Germany Real GDP Growth

• In the latest reports, Nominal GDP of Germany reached 1,072.8 USD bn in Mar 2023.
• Its GDP deflator (implicit price deflator) increased 6.2 % in Mar 2023.
• GDP Per Capita in Germany reached 48,562.1 USD in Dec 2022.
• Its Gross Savings Rate was measured at 29.6 % in Mar 2023.
• For Nominal GDP contributions, Investment accounted for 24.9 % in Mar 2023.
• Public Consumption accounted for 20.5 % in Mar 2023.
• Private Consumption accounted for 49.9 % in Mar 2023.

Luxembourg gdp growth rate for 2023 was -1.10%, a 2.48% decline from 2022.

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

<li>Luxembourg gdp growth rate for 2022 was <strong>1.38%</strong>, a <strong>5.79% decline</strong> from 2021.</li>
<li>Luxembourg gdp growth rate for 2021 was <strong>7.17%</strong>, a <strong>8.08% increase</strong> from 2020.</li>
<li>Luxembourg gdp growth rate for 2020 was <strong>-0.91%</strong>, a <strong>3.83% 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.