The US economy grew at an annualized rate of 2.1% in the second quarter of 2023, compared to the preliminary figure of 2.4% and the first quarter's expansion of 2.0%. Downward revisions to both private inventory investment and nonresidential fixed investment were partially offset by an upward revision to state and local government spending. Growth rates eased for both consumer spending (1.7% vs 4.2% in Q1) and government consumption (3.3% vs 5.0%), while nonresidential fixed investment saw the most significant increase in almost a year (6.1% vs 0.6%). Meanwhile, exports experienced the largest decline since the aftermath of the COVID-19 outbreak in Q2 2020 (-10.6% vs 7.8% in Q1), and residential fixed investment slumped for the ninth consecutive period (-3.6% vs -4.0%). Additionally, private inventory investment had a negative contribution to the GDP. source: U.S. Bureau of Economic Analysis

GDP Growth Rate in the United States averaged 3.17 percent from 1947 until 2023, reaching an all time high of 35.30 percent in the third quarter of 2020 and a record low of -29.90 percent in the second quarter of 2020. This page 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. United States GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on August of 2023.

GDP Growth Rate in the United States is expected to be 5.90 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United States GDP Growth Rate is projected to trend around 1.70 percent in 2024 and 1.80 percent in 2025, according to our econometric models.

Ok
Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.

API Features Documentation Interested? Click here to contact us
Please Paste this Code in your Website
Width
Height
 Preview

United States GDP Growth Rate



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-07-27 12:30 PM QoQ Adv Q2 2.4% 2% 1.8% 1.8%
2023-08-30 12:30 PM QoQ 2nd Est Q2 2.1% 2% 2.4% 2.4%
2023-09-28 12:30 PM QoQ Final Q2 2% 2.1% 2.1%


Related Last Previous Unit Reference
GDP Growth Rate 2.10 2.00 percent Jun 2023
GDP Annual Growth Rate 2.60 1.80 percent Jun 2023
Government Spending 3506.69 3484.45 USD Billion Jun 2023
GDP Constant Prices 20404.09 20282.80 USD Billion Jun 2023
Gross National Product 20382.26 20303.89 USD Billion Mar 2023
Gross Fixed Capital Formation 3554.50 3512.00 USD Billion Jun 2023
Changes in Inventories 9.30 3.51 USD Billion Jun 2023
GDP Sales QoQ 2.20 4.20 percent Jun 2023
Real Consumer Spending 1.70 4.20 percent Jun 2023
Full Year GDP Growth 2.10 5.90 percent Dec 2022
GDP from Utilities 268.30 271.00 USD Billion Mar 2023
GDP from Transport 561.90 557.30 USD Billion Mar 2023
GDP from Services 14422.80 14331.40 USD Billion Mar 2023
GDP from Public Administration 2273.00 2258.00 USD Billion Mar 2023
GDP from Mining 409.70 407.80 USD Billion Mar 2023
GDP from Manufacturing 2252.30 2283.40 USD Billion Mar 2023
GDP from Construction 570.10 568.40 USD Billion Mar 2023
GDP from Agriculture 219.40 201.00 USD Billion Mar 2023

United States GDP Growth Rate
On the expenditure side, personal consumption expenditures accounts for 68 percent of total GDP out of which purchases of goods constitute 23 percent and services 45 percent. Private investment accounts for 16 percent of GDP and government consumption and investment for 18 percent. As the value of goods exported (13.5 percent) is lower than the value of goods imported (16.5 percent), net exports subtracts 3 percent from the total GDP value.
Actual Previous Highest Lowest Dates Unit Frequency
2.10 2.00 35.30 -29.90 1947 - 2023 percent Quarterly
SA

News Stream
US Economy Grows Less than Initially Estimated in Q2
The US economy grew at an annualized rate of 2.1% in the second quarter of 2023, compared to the preliminary figure of 2.4% and the first quarter's expansion of 2.0%. Downward revisions to both private inventory investment and nonresidential fixed investment were partially offset by an upward revision to state and local government spending. Growth rates eased for both consumer spending (1.7% vs 4.2% in Q1) and government consumption (3.3% vs 5.0%), while nonresidential fixed investment saw the most significant increase in almost a year (6.1% vs 0.6%). Meanwhile, exports experienced the largest decline since the aftermath of the COVID-19 outbreak in Q2 2020 (-10.6% vs 7.8% in Q1), and residential fixed investment slumped for the ninth consecutive period (-3.6% vs -4.0%). Additionally, private inventory investment had a negative contribution to the GDP.
2023-08-30
US GDP Grows at a Stronger 2.4%
The US economy expanded an annualized 2.4% qoq in the second quarter of 2023, higher than 2% in the previous period and way above market expectations of 1.8%, the advance estimate showed. Nonresidential fixed investment accelerated sharply (7.7% vs 0.6%), led by a rebound in equipment (10.8% vs -8.9%) and intellectual property products (3.9% vs 3.1%). Also, private inventories added 0.14 percentage points to the growth (vs -2.14 in Q1). On the other hand, consumer spending slowed sharply (1.6% vs 4.2%) but still, overshot market estimates as inflation eased but the labor market remained tight. While consumption of goods slowed sharply (0.7% vs 6%), spending on services remained strong (2.1% vs 3.2%). Also, public expenditure increased at a much softer pace (2.6% vs 5%) and net trade weighed down on the growth by subtracting 0.12 percentage points as exports were down 10.8% and imports dropped at a smaller 7.8%. Residential investment continued to decline (-4.2% vs -4%).
2023-07-27
US Economy Seen Growing 1.8% in Q2
The US economy likely expanded at an annualized rate of 1.8% in Q2 2023, which would mark the slowest growth in a year, following a 2% expansion in Q1. Consumer spending is expected to remain robust, although it likely increased at a smaller pace, and business investment probably accelerated, boosted by equipment such as aircraft and motor vehicles. Government spending is also seen as contributing to growth. On the other hand, net trade is expected to be a drag, and residential investment likely declined again. Still, investors are growing increasingly confident that the US economy can avoid a recession this year, thanks to a strong labor market, wage gains, and savings. During the FOMC press conference in July, Chair Powell stated that a period of below-trend growth and some softening of labor market conditions are likely expected, although the central bank's staff no longer forecasts a US recession. In June, the Federal Reserve forecasted the US economy would expand by 1% this year.
2023-07-27