The Gross Domestic Product (GDP) in the United States contracted 0.20 percent in the first quarter of 2025 over the previous quarter. This dataset provides the latest reported value for - United States GDP Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

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.

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.

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.

Palau gdp growth rate for 2023 was 1.88%, a 3.2% increase from 2022.

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

<li>Palau gdp growth rate for 2022 was <strong>-1.32%</strong>, a <strong>12.48% increase</strong> from 2021.</li>
<li>Palau gdp growth rate for 2021 was <strong>-13.79%</strong>, a <strong>7.79% decline</strong> from 2020.</li>
<li>Palau gdp growth rate for 2020 was <strong>-6.00%</strong>, a <strong>6.2% 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.

Graph and download economic data for Real gross domestic income (A261RX1Q020SBEA) from Q1 1947 to Q4 2024 about GDI, income, real, GDP, and USA.

Graph and download economic data for Real Gross Domestic Product: All Industry Total in the District of Columbia (DCRGSP) from 1997 to 2024 about DC, GSP, real, industry, GDP, and USA.

The U.S. spirits industry faces challenges as bar tabs shrink amid economic pressures, with consumers opting for cheaper drinks during critical festive months.

The Gross Domestic Product (GDP) in Guatemala was worth 102.05 billion US dollars in 2023, according to official data from the World Bank. The GDP value of Guatemala represents 0.10 percent of the world economy. This dataset provides - Guatemala GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

This statistic compares key U.S. and Eurozone economic and financial data. In the 2nd Quarter of 2011, the Euro-zone economy grew by 0.2 percent, while the U.S. gained economic growth of 1.3 percent in the same period.

Graph and download economic data for Real Gross Domestic Product: All Industry Total in Massachusetts (MARGSP) from 1997 to 2024 about MA, GSP, real, industry, GDP, and USA.

In 2023, the real gross domestic product (GDP) of North Carolina increased by three percent compared to the previous year. 2021 saw the most growth experienced by the state's real GDP, when the GDP grew by 6.3 percent when compared to the previous year.

How Tariffs are Impacting the Economy

Tariffs impact the economy by raising the cost of imported goods and materials, which can lead to inflation. For industries like cable manufacturing, tariffs on raw materials and components increase production costs. These price hikes often get passed on to consumers, making goods more expensive and reducing disposable income. Tariffs also create uncertainty in global trade, disrupting established supply chains and delaying manufacturing schedules.

Companies may need to seek alternative suppliers or manufacturing locations, which can result in inefficiencies or delays in production. In the cold shrink cable accessories market, tariffs on key materials such as cable components could increase manufacturing costs, especially in the Asia-Pacific region where most production occurs. Additionally, businesses may face difficulties in expanding into new markets or maintaining competitiveness due to the rising cost of imported components and retaliatory tariffs from other countries.

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The Gross Domestic Product (GDP) in Canada expanded 0.50 percent in the first quarter of 2025 over the previous quarter. This dataset provides - Canada GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

How Tariffs are Impacting the Economy

Tariffs have significant economic implications, particularly for industries reliant on global supply chains. The imposition of tariffs on imported materials and products increases the cost of production, leading to higher prices for consumers.

This creates inflationary pressures and can reduce purchasing power, particularly in sectors where price sensitivity is high. For industries like cable manufacturing, tariffs on raw materials such as EPDM (Ethylene Propylene Diene Monomer) can disrupt production and lead to higher costs for end-users.

Additionally, tariffs create uncertainty in international trade, making it difficult for companies to forecast costs and plan for future production. This uncertainty can delay investments and hinder business growth. For businesses in the Cold Shrink Cable Termination market, tariffs on imported components such as cable terminations or EPDM can drive up production costs, forcing companies to pass the costs onto customers or absorb the higher expenses, thus impacting profit margins.

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Graph and download economic data for Total Gross Domestic Product for Austin-Round Rock, TX (MSA) (NGMP12420) from 2001 to 2023 about Austin, TX, industry, GDP, and USA.

Graph and download economic data for Imports of Goods for United States (IMPTOTUS) from Jan 2008 to Apr 2025 about imports, goods, commodities, and USA.

Graph and download economic data for Real Gross Private Domestic Investment: Fixed Investment (A007RL1Q225SBEA) from Q2 1947 to Q1 2025 about fixed, investment, gross, domestic, private, real, GDP, rate, and USA.

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.