On October 29, 1929, the U.S. experienced the most devastating stock market crash in it's history. The Wall Street Crash of 1929 set in motion the Great Depression, which lasted for twelve years and affected virtually all industrialized countries. In the United States, GDP fell to it's lowest recorded level of just 57 billion U.S dollars in 1933, before rising again shortly before the Second World War. After the war, GDP fluctuated, but it increased gradually until the Great Recession in 2008. Real GDP Real GDP allows us to compare GDP over time, by adjusting all figures for inflation. In this case, all numbers have been adjusted to the value of the US dollar in FY2012. While GDP rose every year between 1946 and 2008, when this is adjusted for inflation it can see that the real GDP dropped at least once in every decade except the 1960s and 2010s. The Great Recession Apart from the Great Depression, and immediately after WWII, there have been two times where both GDP and real GDP dropped together. The first was during the Great Recession, which lasted from December 2007 until June 2009 in the US, although its impact was felt for years after this. After the collapse of the financial sector in the US, the government famously bailed out some of the country's largest banking and lending institutions. Since recovery began in late 2009, US GDP has grown year-on-year, and reached 21.4 trillion dollars in 2019. The coronavirus pandemic and the associated lockdowns then saw GDP fall again, for the first time in a decade. As economic recovery from the pandemic has been compounded by supply chain issues, inflation, and rising global geopolitical instability, it remains to be seen what the future holds for the U.S. economy.

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 1938, the year before the Second World War, the United States had, by far, the largest economy in the world in terms of gross domestic product (GDP). The five Allied Great Powers that emerged victorious from the war, along with the three Axis Tripartite Pact countries that were ultimately defeated made up the eight largest independent economies in 1938.

When values are converted into 1990 international dollars, the U.S. GDP was over 800 billion dollars in 1938, which was more than double that of the second largest economy, the Soviet Union. Even the combined economies of the UK, its dominions, and colonies had a value of just over 680 billion 1990 dollars, showing that the United States had established itself as the world's leading economy during the interwar period (despite the Great Depression).

Interestingly, the British and Dutch colonies had larger combined GDPs than their respective metropoles, which was a key motivator for the Japanese invasion of these territories in East Asia during the war. Trade with neutral and non-belligerent countries also contributed greatly to the economic development of Allied and Axis powers throughout the war; for example, natural resources from Latin America were essential to the American war effort, while German manufacturing was often dependent on Swedish iron supplies.

Throughout the Second World War, the United States consistently had the largest gross domestic product (GDP) in the world. Additionally, U.S. GDP grew significantly throughout the war, whereas the economies of Europe and Japan saw relatively little growth, and were often in decline. The impact of key events in the war is also reflected in the trends shown here - the economic declines of France and the Soviet Union coincide with the years of German invasion, while the economies of the three Axis countries experienced their largest declines in the final year of the war.

Between the Wall Street Crash of 1929 and the end of the Great Depression in the late 1930s, the Soviet Union saw the largest growth in its gross domestic product, growing by more than 70 percent between 1929 and 1937/8. The Great Depression began in 1929 in the United States, following the stock market crash in late October. The inter-connectedness of the global economy, particularly between North America and Europe, then came to the fore as the collapse of the U.S. economy exposed the instabilities of other industrialized countries. In contrast, the economic isolation of the Soviet Union and its detachment from the capitalist system meant that it was relatively shielded from these events. 1929-1932 The Soviet Union was one of just three countries listed that experienced GDP growth during the first three years of the Great Depression, with Bulgaria and Denmark being the other two. Bulgaria experienced the largest GDP growth over these three years, increasing by 27 percent, although it was also the only country to experience a decline in growth over the second period. The majority of other European countries saw their GDP growth fall in the depression's early years. However, none experienced the same level of decline as the United States, which dropped by 28 percent. 1932-1938 In the remaining years before the Second World War, all of the listed countries saw their GDP grow significantly, particularly Germany, the Soviet Union, and the United States. Coincidentally, these were the three most powerful nations during the Second World War. This recovery was primarily driven by industrialization, and, again, the U.S., USSR, and Germany all experienced the highest level of industrial growth between 1932 and 1938.

United States Federal Govt Receipts: Individual Income Taxes: as % of GDP data was reported at 8.100 % in 2023. This records a decrease from the previous number of 10.400 % for 2022. United States Federal Govt Receipts: Individual Income Taxes: as % of GDP data is updated yearly, averaging 7.700 % from Sep 1934 (Median) to 2023, with 90 observations. The data reached an all-time high of 10.400 % in 2022 and a record low of 0.700 % in 1935. United States Federal Govt Receipts: Individual Income Taxes: as % of GDP data remains active status in CEIC and is reported by Office of Management and Budget. The data is categorized under Global Database’s United States – Table US.F006: Federal Government Receipts and Outlays: Annual.

In the build up to the Second World War, the United States was the major power with the highest gross domestic product (GDP) per capita in the world. In 1938, the United States also had the highest overall GDP in the world, and by a significant margin, however differences in GDP per person were much smaller. Switzerland In terms of countries that played a notable economic role in the war, the neutral country of Switzerland had the highest GDP per capita in the world. A large part of this was due to the strength of Switzerland's financial system. Most major currencies abandoned the gold standard early in the Great Depression, however the Swiss Franc remained tied to it until late 1936. This meant that it was the most stable, freely convertible currency available as the world recovered from the Depression, and other major powers of the time sold large amounts of gold to Swiss banks in order to trade internationally. Switzerland was eventually surrounded on all sides by Axis territories and lived under the constant threat of invasion in the war's early years, however Swiss strategic military planning and economic leverage made an invasion potentially more expensive than it was worth. Switzerland maintained its neutrality throughout the war, trading with both sides, although its financial involvement in the Holocaust remains a point of controversy. Why look at GDP per capita? While overall GDP is a stronger indicator of a state's ability to fund its war effort, GDP per capita is more useful in giving context to a country's economic power in relation to its size and providing an insight into living standards and wealth distribution across societies. For example, Germany and the USSR had fairly similar GDPs in 1938, whereas Germany's per capita GDP was more than double that of the Soviet Union. Germany was much more industrialized and technologically advanced than the USSR, and its citizens generally had a greater quality of life. However these factors did not guarantee victory - the fact that the Soviet Union could better withstand the war of attrition and call upon its larger population to replenish its forces greatly contributed to its eventual victory over Germany in 1945.

This data collection consists of individual-plant data from the Census of Manufactures, conducted by the United States Bureau of the Census, for 1929, 1931, 1933, and 1935. The purpose of this research was to analyze the economic behavior of the American industrial economy during the period 1929-1935, which spans the largest decline in demand ever to strike the manufacturing sector of the economy. This project created establishment panel data sets for the automotive, automotive parts, and textile industries.

United States Federal Govt Receipts: Other: as % of GDP data was reported at 0.600 % in 2023. This records a decrease from the previous number of 1.100 % for 2022. United States Federal Govt Receipts: Other: as % of GDP data is updated yearly, averaging 0.800 % from Sep 1934 (Median) to 2023, with 90 observations. The data reached an all-time high of 1.500 % in 1935 and a record low of 0.400 % in 1943. United States Federal Govt Receipts: Other: as % of GDP data remains active status in CEIC and is reported by Office of Management and Budget. The data is categorized under Global Database’s United States – Table US.F006: Federal Government Receipts and Outlays: Annual.

Graph and download economic data for Government social benefits: to persons: Federal: Direct relief (TRP7301A027NBEA) from 1935 to 1943 about social assistance, benefits, federal, government, GDP, and USA.

United States GDP: PCE: Services: Consumption Expenditure of NPISH data was reported at 624.848 USD bn in 2024. This records an increase from the previous number of 554.067 USD bn for 2023. United States GDP: PCE: Services: Consumption Expenditure of NPISH data is updated yearly, averaging 19.809 USD bn from Dec 1929 (Median) to 2024, with 96 observations. The data reached an all-time high of 624.848 USD bn in 2024 and a record low of 0.903 USD bn in 1935. United States GDP: PCE: Services: Consumption Expenditure of NPISH data remains active status in CEIC and is reported by Bureau of Economic Analysis. The data is categorized under Global Database’s United States – Table US.A006: NIPA 2023: GDP by Expenditure: Current Price: Annual.

Graph and download economic data for Consumption of fixed capital: Private: Domestic: Noncorporate business: Proprietors' income (B1619C1A027NBEA) from 1935 to 2024 about proprietors, noncorporate, fixed, capital, domestic, business, consumption, income, private, GDP, and USA.

United States GDP: PCE: Services: Consump Exp of Nonprofit Inst Serving HH (NPISH) data was reported at 403.386 USD bn in 2017. This records an increase from the previous number of 392.209 USD bn for 2016. United States GDP: PCE: Services: Consump Exp of Nonprofit Inst Serving HH (NPISH) data is updated yearly, averaging 13.755 USD bn from Dec 1929 (Median) to 2017, with 89 observations. The data reached an all-time high of 403.386 USD bn in 2017 and a record low of 0.903 USD bn in 1935. United States GDP: PCE: Services: Consump Exp of Nonprofit Inst Serving HH (NPISH) data remains active status in CEIC and is reported by Bureau of Economic Analysis. The data is categorized under Global Database’s USA – Table US.A006: NIPA 2018: GDP by Expenditure: Annual Average: Current Price.

Graph and download economic data for Government current transfer receipts: from business (net): Federal: Deposit insurance premiums (B1041C1A027NBEA) from 1935 to 2023 about transfers, receipts, insurance, deposits, Net, federal, business, government, GDP, and USA.

United States GDP: PCE: Services: Consumption Exp of NPISH (FCE) data was reported at 376.889 USD bn in 2017. This records an increase from the previous number of 358.852 USD bn for 2016. United States GDP: PCE: Services: Consumption Exp of NPISH (FCE) data is updated yearly, averaging 13.755 USD bn from Dec 1929 (Median) to 2017, with 89 observations. The data reached an all-time high of 376.889 USD bn in 2017 and a record low of 0.903 USD bn in 1935. United States GDP: PCE: Services: Consumption Exp of NPISH (FCE) data remains active status in CEIC and is reported by Bureau of Economic Analysis. The data is categorized under Global Database’s USA – Table US.A013: NIPA 2013: GDP by Expenditure: Annual Average: Current Price.

United States GNP: 2017p: CFC: Private data was reported at 3,273.735 USD bn in 2024. This records an increase from the previous number of 3,175.140 USD bn for 2023. United States GNP: 2017p: CFC: Private data is updated yearly, averaging 499.201 USD bn from Dec 1929 (Median) to 2024, with 96 observations. The data reached an all-time high of 3,273.735 USD bn in 2024 and a record low of 97.306 USD bn in 1935. United States GNP: 2017p: CFC: Private data remains active status in CEIC and is reported by Bureau of Economic Analysis. The data is categorized under Global Database’s United States – Table US.A029: NIPA 2023: GDP by Expenditure: Chain Linked 2017 Price: Annual.

United States GNP: 2009p: CFC: Private data was reported at 2,268.916 USD bn in 2017. This records an increase from the previous number of 2,219.353 USD bn for 2016. United States GNP: 2009p: CFC: Private data is updated yearly, averaging 407.418 USD bn from Dec 1929 (Median) to 2017, with 89 observations. The data reached an all-time high of 2,268.916 USD bn in 2017 and a record low of 92.071 USD bn in 1935. United States GNP: 2009p: CFC: Private data remains active status in CEIC and is reported by Bureau of Economic Analysis. The data is categorized under Global Database’s USA – Table US.A015: NIPA 2013: GDP by Expenditure: Annual Average: 2009 Price: Chain Linked.

In July 2024, 3.16 billion U.S. dollars were paid out in unemployment benefits in the United States. This is an increase from June 2024, when 2.62 billion U.S. dollars were paid in unemployment benefits. The large figures seen in 2020 are largely due to the impact of the coronavirus pandemic. Welfare in the U.S. Unemployment benefits first started in 1935 during the Great Depression as a part of President Franklin D. Roosevelt’s New Deal. The Social Security Act of 1935 ensured that Americans would not fall deeper into poverty. The United States was the only developed nation in the world at the time that did not offer any welfare benefits. This program created unemployment benefits, Medicare and Medicaid, and maternal and child welfare. The only major welfare program that the United States currently lacks is a paid maternity leave policy. Currently, the United States only offers 12 unpaid weeks of leave, under certain circumstances. However, the number of people without health insurance in the United States has greatly decreased since 2010. Unemployment benefits Current unemployment benefits in the United States vary from state to state due to unemployment being funded by both the state and the federal government. The average duration of people collecting unemployment benefits in the United States has fluctuated since January 2020, from as little as 4.55 weeks to as many as 50.32 weeks. The unemployment rate varies by ethnicity, gender, and education levels. For example, those aged 16 to 24 have faced the highest unemployment rates since 1990 during the pandemic. In February 2023, the Las Vegas-Henderson-Paradise, NV metropolitan area had the highest unemployment rate in the United States.

Throughout the early 20th century, Italy consistently had the highest GDP per capita in Southern Europe, which grew consistently at each given interval. Portugal was the only other country to see consistent growth between the four given years, whereas the civil wars in Spain (1936-1939) and Greece (1946-1949) saw their respective GDP per capita fall in the corresponding years. Overall, GDP per capita across these four countries grew by just 28 percent between 1913 and 1950, although it did drop in 1938 due to the Spanish Civil War. Southern Europe's GDP per capita in 1950 was just 51 percent of the rate in Western Europe.

GDP：个人消费支出：服务业：为家庭服务的非营利机构消费支出在12-01-2024达624.848十亿美元，相较于12-01-2023的554.067十亿美元有所增长。GDP：个人消费支出：服务业：为家庭服务的非营利机构消费支出数据按年更新，12-01-1929至12-01-2024期间平均值为19.809十亿美元，共96份观测结果。该数据的历史最高值出现于12-01-2024，达624.848十亿美元，而历史最低值则出现于12-01-1935，为0.903十亿美元。CEIC提供的GDP：个人消费支出：服务业：为家庭服务的非营利机构消费支出数据处于定期更新的状态，数据来源于Bureau of Economic Analysis，数据归类于全球数据库的美国 – Table US.A006: NIPA 2023: GDP by Expenditure: Current Price: Annual。