United States GDP Annual Growth Rate

Last Release

Sep 30, 2024

Actual

2.7

Units In

3.1

Frequency

Quarterly

Next Release

N/A

Time to Release

N/A

Highest	Lowest	Average	Date Range	Source
13.4 Dec 1950	-9.1 Jun 2020	3.11 %	1948-2024	U.S. Bureau of Economic Analysis

The United States is the world’s largest economy. Yet, in the last two decades, like in the case of many other developed nations, its growth rates have been decreasing. If in the 50’s and 60’s the average growth rate was above 4 percent, in the 70’s and 80’s dropped to around 3 percent. In the last ten years, the average rate has been below 2 percent and since the second quarter of 2000 has never reached the 5 percent level.

Latest Updates

The US economic growth accelerated to 1.6 percent year-on-year during the first quarter of 2023, up from 0.9 percent in the previous period, a preliminary estimate showed. Consumer spending rose at a faster pace (2.3 percent vs 1.7 percent in Q4), despite the stubbornly high inflation, due to a rebound in goods purchases (0.8 percent vs -0.8 percent) and a solid increase in services consumption (3.0 percent, the same as in Q4). In addition, public spending increased 2.6 percent, the most since the second quarter of 2020, and net external demand contributed positively to the GDP as exports rose and imports fell. Meanwhile, nonresidential fixed investment growth slowed to 2.7 percent (vs 4.5 percent in Q4) and residential fixed investment tumbled 19.0 percent, a sixth period of contraction, as rising borrowing costs continued to hurt the housing market.