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.

In 2024 the real gross domestic product (GDP) of the United States increased by 2.8 percent compared to 2023.
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.

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

During the period beginning roughly in the mid-1980s until the Global Financial Crisis (2007-2008), the U.S. economy experienced a time of relative economic calm, with low inflation and consistent GDP growth. Compared with the turbulent economic era which had preceded it in the 1970s and the early 1980s, the lack of extreme fluctuations in the business cycle led some commentators to suggest that macroeconomic issues such as high inflation, long-term unemployment and financial crises were a thing of the past. Indeed, the President of the American Economic Association, Professor Robert Lucas, famously proclaimed in 2003 that "central problem of depression prevention has been solved, for all practical purposes". Ben Bernanke, the future chairman of the Federal Reserve during the Global Financial Crisis (GFC) and 2022 Nobel Prize in Economics recipient, coined the term 'the Great Moderation' to describe this era of newfound economic confidence. The era came to an abrupt end with the outbreak of the GFC in the Summer of 2007, as the U.S. financial system began to crash due to a downturn in the real estate market.

Causes of the Great Moderation, and its downfall

A number of factors have been cited as contributing to the Great Moderation including central bank monetary policies, the shift from manufacturing to services in the economy, improvements in information technology and management practices, as well as reduced energy prices. The period coincided with the term of Fed chairman Alan Greenspan (1987-2006), famous for the 'Greenspan put', a policy which meant that the Fed would proactively address downturns in the stock market using its monetary policy tools. These economic factors came to prominence at the same time as the end of the Cold War (1947-1991), with the U.S. attaining a new level of hegemony in global politics, as its main geopolitical rival, the Soviet Union, no longer existed. During the Great Moderation, the U.S. experienced a recession twice, between July 1990 and March 1991, and again from March 2001 tom November 2001, however, these relatively short recessions did not knock the U.S. off its growth path. The build up of household and corporate debt over the early 2000s eventually led to the Global Financial Crisis, as the bursting of the U.S. housing bubble in 2007 reverberated across the financial system, with a subsequent credit freeze and mass defaults.

Economic Optimism Index in the United States increased to 47.90 points in December from 43.90 points in November of 2025. This dataset provides the latest reported value for - United States IBD/TIPP Economic Optimism Index - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Graph and download economic data for Dates of U.S. recessions as inferred by GDP-based recession indicator (JHDUSRGDPBR) from Q4 1967 to Q1 2025 about recession indicators, GDP, and USA.

In 2023, the GDP of the New York metro area amounted to *** trillion chained 2017 U.S. dollars. This is an increase from 2021, when the GDP of the New York metro area was **** trillion dollars. New York CityThe New York metro area’s GDP has steadily risen in the last two decades from *** trillion U.S. dollars in 2001 to **** trillion U.S. dollars in 2023. In September 2023, the New York- Newark-Jersey City area had an unemployment rate of *** percent. It also had the highest population in the country in 2022 at ***** million people. New York City’s economy is one of the greatest in the country and is home to many Fortune 500 companies, including Big Pharma’s Bristol-Myers Squibb. Industries such as media, real estate, fashion and entertainment are some of the most prominent in the area. The finance industry in New York City, also known as Wall Street, is one of the leading financial centers of the world and houses the New York Stock Exchange and NASDAQ. The region is also home to one of the largest trading industries in the country at the Port of New York and New Jersey. This port includes a large estuary, regional airports, and a plethora of rail and road networks. Silicon Alley is one of the country’s largest technology industry hubs, including internet, telecommunications, and biotechnology. In 2022, there were some ****** business establishments in the region that focused on professional, scientific, and technical services.

Graph and download economic data for Nominal Gross Domestic Product for United States (NGDPSAXDCUSQ) from Q1 1950 to Q2 2025 about GDP and USA.

The market size of currency circulating in the United States economy made up nearly *********** of the country's GDP. This so-called CIC/GDP ratio is meant to roughly measure the use of cash money in the country. Due to the anonymity of cash transactions, sources struggle to find exact volumes on this. The ratio mentioned here is quite popular in that regard, as the data it needs is relatively easy to find. Some industry experts mention, however, that this ratio is too general and does not necessarily reflect retail payments. In the case of the United States, another issue may come into play: During the coronavirus pandemic, the Federal Reserve pumped significant amounts of cash money into the American economy. This may potentially reflected in the growing ratio observed here.

In 2023, the GDP of the Chicago-Naperville-Elgin metropolitan area amounted to ****** billion chained 2017 U.S. dollars. The GDP of the United States since 1990 can be accessed here. Economic growth and unemployment in Chicago Economic growth in Chicago, measured by the growth in Gross Domestic Product (GDP), was significant in the years between 2001 and 2022. This growth occurred in a period of growth for cities nationally as seen by growth of other major American cities such as Los Angeles and San Francisco. In contrast to Chicago’s growth, San Francisco’s growth rate demonstrated the effect of a new and booming industry. The influence of technology and internet companies saw San Francisco grow nearly ** percent in comparison to the ** percent growth in GDP achieved by Chicago. As a result, Chicago-Naperville-Elgin ranked third in Gross Metropolitan Product of the United States, by metropolitan area in 2022. The drop in GDP output in 2020 can be attributed to the COVID-19 pandemic.

Graph and download economic data for Gross Domestic Product: All Industries in Columbia County, NY (GDPALL36021) from 2001 to 2023 about Columbia County, NY; NY; industry; GDP; and USA.

This web map shows annual Gross Domestic Product (GDP) by state and metro area in the USA for 2015. Clicking on the map reveals information about how the GDP has changed over time since 2001.The overlay of metro areas over states helps to put emphasis on where the country's GDP is coming from. The darkest green states produce the largest amount of GDP, and the largest circles show which major metropolitan areas contribute the most GDP within each state. Data is from the US Bureau of Economic Analysis and was downloaded from here. The state boundaries are generalized 2010 state boundaries from the Census Bureau's 2010 MAF/TIGER database. Note-- NAICS Industry detail is based on the 2007 North American Industry Classification System (NAICS).

What is Gross Domestic Product (GDP) by County? GDP is a comprehensive measure of the economies of counties. Gross domestic product estimates the value of the goods and services produced in an area. It can be used to compare the size and growth of county economies across the state.

This dataset is not not adjusted for inflation and represents the value of the goods and services in dollars at the time of the estimate. If you are looking to evaluate the growth of county economies over time, use of the Real GDP which is adjusted for inflation would eliminate changes in GDP caused by increases or decreases in the value of the US dollar. More information about the BEA's GDP by County is available here: GDP by County, Metro and Other Areas.

This product uses the Bureau of Economic Analysis (BEA) Data API but is not endorsed or certified by BEA.

United States CSI: Government Economic Policy: Don't Know data was reported at 2.000 % in May 2018. This stayed constant from the previous number of 2.000 % for Apr 2018. United States CSI: Government Economic Policy: Don't Know data is updated monthly, averaging 2.000 % from Jan 1978 (Median) to May 2018, with 485 observations. The data reached an all-time high of 10.000 % in Feb 2001 and a record low of 0.000 % in Sep 2016. United States CSI: Government Economic Policy: Don't Know data remains active status in CEIC and is reported by University of Michigan. The data is categorized under Global Database’s USA – Table US.H030: Consumer Sentiment Index: Unemployment, Interest Rates, Prices and Government Expectations. The question was: As to the economic policy of the government -- I mean steps taken to fight inflation or unemployment -- would you say the government is going a good job, only fair, or a poor job?

United States US: General Government: Net Debt: % of GDP data was reported at 83.669 % in 2023. This records an increase from the previous number of 82.141 % for 2022. United States US: General Government: Net Debt: % of GDP data is updated yearly, averaging 77.701 % from Dec 2001 (Median) to 2023, with 23 observations. The data reached an all-time high of 83.669 % in 2023 and a record low of 33.899 % in 2001. United States US: General Government: Net Debt: % of GDP data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s United States – Table US.IMF.FM: Government Finance Statistics.

Description

Subscriptions to economics journals at US libraries, for the year 2000.

Usage

data("Journals")

Format

A data frame containing 180 observations on 10 variables.

title

Journal title.

publisher

factor with publisher name.

society

factor. Is the journal published by a scholarly society?

price

Library subscription price.

pages

Number of pages.

charpp

Characters per page.

citations

Total number of citations.

foundingyear

Year journal was founded.

subs

Number of library subscriptions.

field

factor with field description.

Details

Data on 180 economic journals, collected in particular for analyzing journal pricing. See also https://econ.ucsb.edu/~tedb/Journals/jpricing.html for general information on this topic as well as a more up-to-date version of the data set. This version is taken from Stock and Watson (2007).

The data as obtained from the online complements for Stock and Watson (2007) contained two journals with title “World Development”. One of these (observation 80) seemed to be an error and was changed to “The World Economy”.

Source

Online complements to Stock and Watson (2007).

References

Bergstrom, T. (2001). Free Labor for Costly Journals? Journal of Economic Perspectives, 15, 183–198.

Stock, J.H. and Watson, M.W. (2007). Introduction to Econometrics, 2nd ed. Boston: Addison Wesley.

Examples

data and transformed variables

data("Journals") journals <- Journals[, c("subs", "price")] journals$citeprice <- Journals$price/Journals$citations journals$age <- 2000 - Journals$foundingyear journals$chars <- Journals$charpp*Journals$pages/10^6

Stock and Watson (2007)

Figure 8.9 (a) and (b)

plot(subs ~ citeprice, data = journals, pch = 19) plot(log(subs) ~ log(citeprice), data = journals, pch = 19) fm1 <- lm(log(subs) ~ log(citeprice), data = journals) abline(fm1)

Table 8.2, use HC1 for comparability with Stata

fm2 <- lm(subs ~ citeprice + age + chars, data = log(journals)) fm3 <- lm(subs ~ citeprice + I(citeprice^2) + I(citeprice^3) + age + I(age * citeprice) + chars, data = log(journals)) fm4 <- lm(subs ~ citeprice + age + I(age * citeprice) + chars, data = log(journals)) coeftest(fm1, vcov = vcovHC(fm1, type = "HC1")) coeftest(fm2, vcov = vcovHC(fm2, type = "HC1")) coeftest(fm3, vcov = vcovHC(fm3, type = "HC1")) coeftest(fm4, vcov = vcovHC(fm4, type = "HC1")) waldtest(fm3, fm4, vcov = vcovHC(fm3, type = "HC1"))

changes with respect to age

library("strucchange")

Nyblom-Hansen test

scus <- gefp(subs ~ citeprice, data = log(journals), fit = lm, order.by = ~ age) plot(scus, functional = meanL2BB)

estimate breakpoint(s)

journals <- journals[order(journals$age),] bp <- breakpoints(subs ~ citeprice, data = log(journals), h = 20) plot(bp) bp.age <- journals$age[bp$breakpoints]

visualization

plot(subs ~ citeprice, data = log(journals), pch = 19, col = (age > log(bp.age)) + 1) abline(coef(bp)[1,], col = 1) abline(coef(bp)[2,], col = 2) legend("bottomleft", legend = c("age > 18", "age < 18"), lty = 1, col = 2:1, bty = "n")

United States US: General Government: Gross Debt: % of GDP data was reported at 116.989 % in 2023. This records an increase from the previous number of 114.916 % for 2022. United States US: General Government: Gross Debt: % of GDP data is updated yearly, averaging 103.338 % from Dec 2001 (Median) to 2023, with 23 observations. The data reached an all-time high of 116.989 % in 2023 and a record low of 53.222 % in 2001. United States US: General Government: Gross Debt: % of GDP data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s United States – Table US.IMF.FM: Government Finance Statistics.

United States US Bank National (USB): Total Assets (TA) data was reported at 486,004,220.000 USD th in Dec 2019. This records an increase from the previous number of 477,393,605.000 USD th for Sep 2019. United States US Bank National (USB): Total Assets (TA) data is updated quarterly, averaging 278,464,643.000 USD th from Dec 2000 (Median) to Dec 2019, with 77 observations. The data reached an all-time high of 486,004,220.000 USD th in Dec 2019 and a record low of 71,345,806.000 USD th in Mar 2001. United States US Bank National (USB): Total Assets (TA) data remains active status in CEIC and is reported by Federal Deposit Insurance Corporation. The data is categorized under Global Database’s United States – Table US.KB058: Financial Data: Federal Deposit Insurance Corporation: US Bank National.

The Annual Social and Economic Supplement or March CPS supplement is the primary source of detailed information on income and work experience in the United States. Numerous publications based on this survey are issued each year by the Bureaus of Labor Statistics and Census. A public-use microdata file is available for private researchers, who also produce many academic and policy-related documents based on these data. The Annual Social and Economic Supplement is used to generate the annual Population Profile of the United States, reports on geographical mobility and educational attainment, and detailed analysis of money income and poverty status. The labor force and work experience data from this survey are used to profile the U.S. labor market and to make employment projections. To allow for the same type of in-depth analysis of hispanics, additional hispanic sample units are added to the basic CPS sample in March each year. Additional weighting is also performed so that estimates can be made for households and families, in addition to persons.

Key information about United States Domestic Credit

• United States Domestic Credit reached 31,813.3 USD bn in Mar 2025, compared with a reported figure of 31,080.1 USD bn in the previous quarter
• US Domestic Credit data is updated quarterly
• It is available from Dec 2001 to Mar 2025 and averaged 16,615.8 USD bn
• The data reached an all-time high of 31,813.3 USD bn in Mar 2025 and a record low of 9,167.0 USD bn in Dec 2001

• In the latest reports, US Domestic Credit represented an increased of 4.0 % YoY in Mar 2025
• Money Supply M2 in US increased to 22,298.1 USD bn YoY in Oct 2025
• US Foreign Exchange Reserves was measured at 38.3 USD bn in Oct 2025
• The Foreign Exchange Reserves equaled 0.1 Months of Import in Aug 2025
• The country's Non Performing Loans Ratio stood at 1.5 % in Sep 2025, compared with the ratio of 1.5 % in the previous quarter
• Household Debt of US reached 61.4 % in Jun 2025, accounting for 61.4 % of the country's Nominal GDP