As can be seen in the ranking of GDP of the 196 nations that we publish, the United States is the world’s top economy in terms of GDP. The GDP of the United States has decreased in absolute terms.
What happened to the Gross Domestic Product in 2011?
The Bureau of Economic Analysis released data today showing that gross domestic productthe broadest measure of the nation’s economic activitygrew at an annualized rate of 2.8 percent in the fourth quarter of 2011, up from 1.8 percent the previous quarter and the highest quarterly rate of growth since the second quarter of 2010.* While 2.8 percent growth would put slight downward pressure on the unemployment rate if sustained over a year, it’s uncertain if the GDP growth trend is even as strong as this quarter’s report shows; growth in 2011 was just 1.7 percent, and the average of Blue Chip estimates for 2012 is 2.4 percent.
While a sharp reduction in federal defense spending (which reduced the quarter’s growth rate by 0.7 percentage point) dragged down the quarter’s growth rate, it was buoyed by a large positive contribution from changes in private inventories (which added 1.9 percentage points to the quarter’s growth rate). Defense spending and changes in private inventories are both highly volatile aspects of the economy, so examining the quarter’s performance without them is arguably the best method to gauge the economy’s “real” health.
This is a terrible state of health. Domestic demand (final demand that includes imports but subtracts exportsa measure of how much U.S.-based families, corporations, and governments demand) rose at only 0.9 percent in the quarter, while final demand (GDP minus the impact of inventory changes) grew at only 0.8 percent. Even removing the negative impact of defense spending, these metrics would only rise to 1.5 percent and 1.6 percent, respectively.
Personal consumption expenditures increased by only 2% in the third quarter, and non-residential fixed investment in every category slowed from the previous quarter. Following six months of fast expansion, investment in non-residential structures actually decreased by 7.2 percent in the third quarter. In the fourth quarter of 2011, investment in equipment and software, which had averaged 12.9 percent annualized growth rates in the previous nine quarters, slowed to 5.2 percent.
After contributing to growth for the previous six months, net exports detracted 0.1 percentage point from the quarter’s growth.
The federal non-defense sector contributed 0.1 percentage point to the quarter’s growth rate, while state and local government expenditure dragged growth by 0.3 percentage point, making this the ninth quarter in a row that the state and local sector has slowed growth.
The fact that disposable personal income climbed at only 0.8 percent after inflation is perhaps the most concerning aspect of this data. This means that even the modest increase in consumption spending in the quarter (of 2%), was financed in part by a drop in the personal savings rate, which fell to 3.7 percent of disposable personal income, marking the fifth consecutive quarter of decline and the lowest savings rate since the fourth quarter of 2007.
The “market-based” deflator for personal consumption expenditures excluding food and energy (a frequently regarded indicator of “core” price inflation) rose only 1.8 percent compared to the same quarter a year ago.
What was the GDP in 2012?
In 2012, current-dollar GDP climbed by 4.0 percent, or $600.3 billion, compared to a 4.0 percent gain, or $576.8 billion, in 2011. Real GDP climbed by 1.5 percent in 2012 (measured from the fourth quarter of 2011 to the fourth quarter of 2012). In 2011, the real GDP increased by 2.0%.
In 2011, which country had the greatest GDP?
THE UNITED STATES OF AMERICA, WASHINGTON, APRIL 29, 2014 The International Comparison Program (ICP) released fresh data today showing that the global economy produced products and services worth more than $90 trillion in 2011, with low and medium income nations accounting for nearly half of total output.
The 2011 round of ICP, which was conducted under the auspices of the United Nations Statistical Commission, covered 199 economies, making it the largest-ever endeavor to assess Purchasing Power Parities (PPPs) across countries. In comparison to previous attempts to calculate PPPs, the ICP 2011 estimates benefited from a number of methodological advancements.
PPPs for 2011 and estimates of PPP-based gross domestic product (GDP) and its key components in aggregate and per capita terms are the ICP’s main outputs. PPPs are a more direct indicator of what money can purchase than exchange rates when turning national economic metrics (e.g. GDP) into a common currency.
- World GDP was $90,647 billion in PPP terms, compared to $70,294 billion in exchange rates terms.
- When using PPPs, the share of global GDP held by middle-income countries is 48 percent; when using exchange rates, it is 32 percent.
- Based on PPPs, low-income economies were more than two times greater as a part of global GDP than respective exchange rate shares in 2011. Despite the fact that these economies only accounted for 1.5 percent of the global economy, they accounted for approximately 11 percent of the world’s population.
- Around 28% of the world’s population lives in countries whose GDP per capita expenditures are higher than the global average of $13,460, while 72% live in countries where GDP per capita expenditures are lower.
- The world’s estimated median annual per capita expenditures are $10,057, which indicates that half of the world’s population spends more than that and the other half spends less.
- China, India, Russia, Brazil, Indonesia, and Mexico are the six largest middle-income economies, accounting for 32.3 percent of global GDP, while the United States, Japan, Germany, France, the United Kingdom, and Italy account for 32.9 percent.
- Asia and the Pacific, which includes China and India, accounts for 30% of global GDP, while Eurostat-OECD accounts for 54%, Latin America 5.5 percent (excluding Mexico, which participates in the OECD, and Argentina, which did not participate in the ICP 2011), and Africa and Western Asia each account for about 4.5 percent.
- Except for Japan and South Korea, which are included in the OECD comparison, China and India account for two-thirds of the Asia and Pacific economy.
- Russia controls more than 70% of the CIS, whereas Brazil controls 56% of Latin America.
- About half of Africa’s economy is accounted for by South Africa, Egypt, and Nigeria.
- The Price Level Index (PLI) measures the relationship between a PPP and a corresponding exchange rate. A value greater than 100 indicates that prices are higher on average than the rest of the globe, while a value less than 100 indicates that prices are lower.
- Switzerland, Norway, Bermuda, Australia, and Denmark are the most costly economies in terms of GDP, with indices ranging from 210 to 185. The United States was placed 25th in the world, behind France, Germany, Japan, and the United Kingdom, as well as most other high-income economies.
- A PLI of 50 or less is displayed in 23 economies. Egypt, Pakistan, Myanmar, Ethiopia, and the Lao People’s Democratic Republic have the cheapest economies, with indices ranging from 35 to 40.
- Qatar, Macau SAR, China, Luxembourg, Kuwait, and Brunei are the five economies with the highest GDP per capita. The first two economies have per capita incomes of more than $100,000.
- Eleven economies have a per capita income of more than $50,000, although accounting for less than 0.6 percent of the global population. The US has the 12th highest GDP per capita in the world.
- Malawi, Mozambique, Central African Republic, Niger, Burundi, Congo, Democratic Republic of the Congo, Comoros, and Liberia are among the eight economies with a GDP per capita of less than $1,000.
- Actual individual consumption per capita a measure of all expenditures in the economy that directly benefit individuals is a better estimate of a country’s population’s material well-being than GDP per capita. Bermuda, the United States, the Cayman Islands, Hong Kong SAR, China, and Luxembourg are the five economies with the greatest actual individual consumption per capita, according to this metric.
- The global average of actual individual consumption per capita is $8,647.
- China presently holds the highest proportion of global investment spending (gross fixed capital formation) at 27 percent, followed by the United States at 13 percent.
- India, Japan, and Indonesia come in third, with 7%, 4%, and 3%, respectively.
- China and India contribute for almost 80% of all investment spending in Asia and the Pacific. Russia controls 77% of the Commonwealth of Independent States, Brazil 61% of Latin America, and Saudi Arabia 40% of Western Asia.
Statistics are used to calculate PPPs. They are prone to sampling mistakes, measurement errors, and classification errors, just like any statistics. As a result, they should be considered approximations of true values. It is impossible to quantify their margins of error directly due to the intricacy of the process utilized to collect the data and calculate the PPPs. As a result, minor discrepancies in projected values between economies should not be taken seriously.
PPPs should not be used to determine whether a currency is undervalued or overvalued. They don’t say what “should be” exchange rates. The demand for currencies as a medium of trade, speculative investment, or state reserves is not reflected in PPPs.
The ICP is designed to compare levels of economic activity across economies in a given benchmark year, represented in a common currency. As a result, because they are based on two different price levels, PPP-based expenditures are not directly comparable to the 2005 ICP round figures. Furthermore, several of the economies included in one of these comparisons were not included in the other. In ICP 2011, a small number of economies shifted from one region to another, and, most critically, some significant advances in methodology were made.
The ICP should not be used to compare changes in PPP-based GDP over time in an economy. Even when extrapolated estimates and a new benchmark are only a few years apart, experience has shown that significant differences can occur. The six-year gap between the most recent ICP rounds has resulted in some significant variations between the extrapolated PPP-based expenditures for 2011 and the benchmark PPP-based expenditures available from ICP 2011.
What is the largest GDP ever recorded in the United States?
From 1960 to 2020, GDP in the United States averaged 7680.13 USD Billion, with a top of 21433.22 USD Billion in 2019 and a low of 543.30 USD Billion in 1960.
In 2010, what was the GDP?
As can be seen in the ranking of GDP of the 196 nations that we publish, the United States is the world’s leading economy in terms of GDP, with a total of $15,049,000 million in 2010. GDP in the United States increased by $570,900 million in absolute terms from 2009.
In 2011, what happened to the Philippine economy?
Despite persistent exogenous economic troubles, government infrastructure underspending in the second and third quarters, and a continuing fall in fishing, the domestic economy increased by only 3.7 percent in 2011, compared to 7.6 percent in 2010. Net primary income fell by 0.9 percent, lowering GNI growth to 2.6 percent from 8.2 percent previous year.
The slowdown in the Eurozone, the creeping economic recovery in the US, and the typhoons towards the end of the year helped cushion the impact of the slowdown in the Eurozone, the creeping economic recovery in the US, and the typhoons towards the end of the year, as GDP grew by 3.7 percent in the fourth quarter, down from 6.1 percent the previous quarter.
NPI regained 2.9 percent in the fourth quarter after three consecutive quarters of decrease, although GNI growth slowed to 3.5 percent from 5.6 percent.
Consumer expenditure increased by 6.1 percent year over year, up from 3.4 percent the previous year, but this was not enough to offset the drop in global trade and the reduced investments in fixed capital formation.
The persistent reduction in exports and the reduced addition to inventory offset the sustained household consumption of 6.7 percent growth and the massive rebound of building of 11.4 percent in the fourth quarter.
Seasonally adjusted GDP increased by 0.9 percent, slightly higher than the previous quarter’s 0.8 percent, while seasonally adjusted GNI increased by 1.7 percent, up from 0.9 percent in the third quarter, indicating that the Philippine economy will have more fun in the first quarter of the year of the dragon.
Meanwhile, the Agriculture, Hunting, Forestry, and Fishing sector continues to be buffeted by significant headwinds, falling 1.2 percent from 3.7 percent the previous quarter, owing mostly to the contraction of Palay, Fishing, Other Crops, and Corn.
Due to the increase of Construction and Manufacturing, Industry advanced to 1.9 percent growth from 1.4 percent in the previous quarter.
The weak growth of all subsectors except Public Administration & Defense and Transportation, Storage & Communication caused the services sector to slow to 0.7 percent from 1.4 percent.
As a result of the slowing economy in 2011, per capita GDP fell to 1.8 percent in 2011 from 5.6 percent in 2010.
Similarly, per capita GNI fell from 6.1 percent to 0.7 percent.
HFCE, on the other hand, increased by 4.1 percent from 1.4 percent.
With the fourth quarter’s 3.7 percent GDP growth, per capita GDP fell to 1.8 percent from 4.1 percent, while per capita GNI fell to 1.6 percent from 3.6 percent.
HFCE, on the other hand, increased by 4.8 percent from 2.9 percent.
What was the most prosperous nation in history?
I was delaying in 2006 when I should have been producing a bylined article for a client of my public relations firm, Idea Grove. We work with a lot of international clients who want to get into the American market. In my investigation, I came across an essay that was harshly critical of Italy’s political condition at the time. “Yeah, but overall, Italy is arguably the finest country in the history of the world,” I reasoned.
Then I was off and running on a blog post that would go on to receive over 750,000 views over the next 15 years and is still getting over 5,000 views per month.
- Any previous achievements are awarded to the current country; for example, Mesopotamia is credited to modern Iraq.
- The most points are awarded for seminal achievements; yet, points are reduced for protracted periods of regress.
- In most cases, my own comments is blended with direct Wikipedia pulls for the descriptions; I didn’t demarcate which was which to make it easier to read. If you want, you can just think it’s all borrowed.
Since 2009, how much has the economy grown?
From mid-2009 to mid-2019, the economy grew at an annual rate of 2.3 percent. The quarterly growth pattern was irregular, with several quarters of growth well above 3.5 percent sandwiched between three quarters of negative growth.
What is America’s GDP forecast for 2021?
Retail and wholesale trade industries led the increase in private inventory investment. The largest contributor to retail was inventory investment by automobile dealers. Increases in both products and services contributed to the increase in exports. Consumer products, industrial supplies and materials, and foods, feeds, and beverages were the biggest contributions to the growth in goods exports. Travel was the driving force behind the increase in service exports. The rise in PCE was mostly due to an increase in services, with health care, recreation, and transportation accounting for the majority of the increase. The increase in nonresidential fixed investment was mostly due to a rise in intellectual property items, which was partially offset by a drop in structures.
The reduction in federal spending was mostly due to lower defense spending on intermediate goods and services. State and local government spending fell as a result of lower consumption (driven by state and local government employee remuneration, particularly education) and gross investment (led by new educational structures). The rise in imports was mostly due to a rise in goods (led by non-food and non-automotive consumer goods, as well as capital goods).
After gaining 2.3 percent in the third quarter, real GDP increased by 6.9% in the fourth quarter. The fourth-quarter increase in real GDP was primarily due to an increase in exports, as well as increases in private inventory investment and PCE, as well as smaller decreases in residential fixed investment and federal government spending, which were partially offset by a decrease in state and local government spending. Imports have increased.
In the fourth quarter, current dollar GDP climbed 14.3% on an annual basis, or $790.1 billion, to $23.99 trillion. GDP climbed by 8.4%, or $461.3 billion, in the third quarter (table 1 and table 3).
In the fourth quarter, the price index for gross domestic purchases climbed 6.9%, compared to 5.6 percent in the third quarter (table 4). The PCE price index climbed by 6.5 percent, compared to a 5.3 percent gain in the previous quarter. The PCE price index grew 4.9 percent excluding food and energy expenses, compared to 4.6 percent overall.
Personal Income
In the fourth quarter, current-dollar personal income climbed by $106.3 billion, compared to $127.9 billion in the third quarter. Increases in compensation (driven by private earnings and salaries), personal income receipts on assets, and rental income partially offset a decline in personal current transfer receipts (particularly, government social assistance) (table 8). Following the end of pandemic-related unemployment programs, the fall in government social benefits was more than offset by a decrease in unemployment insurance.
In the fourth quarter, disposable personal income grew $14.1 billion, or 0.3 percent, compared to $36.7 billion, or 0.8 percent, in the third quarter. Real disposable personal income fell 5.8%, compared to a 4.3 percent drop in the previous quarter.
In the fourth quarter, personal savings totaled $1.34 trillion, compared to $1.72 trillion in the third quarter. In the fourth quarter, the personal saving rate (savings as a percentage of disposable personal income) was 7.4 percent, down from 9.5 percent in the third quarter.
GDP for 2021
In 2021, real GDP climbed 5.7 percent (from the 2020 annual level to the 2021 annual level), compared to a 3.4 percent fall in 2020. (table 1). In 2021, all major subcomponents of real GDP increased, led by PCE, nonresidential fixed investment, exports, residential fixed investment, and private inventory investment. Imports have risen (table 2).
PCE increased as both products and services increased in value. “Other” nondurable items (including games and toys as well as medications), apparel and footwear, and recreational goods and automobiles were the major contributors within goods. Food services and accommodations, as well as health care, were the most significant contributors to services. Increases in equipment (dominated by information processing equipment) and intellectual property items (driven by software as well as research and development) partially offset a reduction in structures in nonresidential fixed investment (widespread across most categories). The rise in exports was due to an increase in products (mostly non-automotive capital goods), which was somewhat offset by a drop in services (led by travel as well as royalties and license fees). The increase in residential fixed investment was primarily due to the development of new single-family homes. An increase in wholesale commerce led to an increase in private inventory investment (mainly in durable goods industries).
In 2021, current-dollar GDP expanded by 10.0 percent, or $2.10 trillion, to $22.99 trillion, compared to 2.2 percent, or $478.9 billion, in 2020. (tables 1 and 3).
In 2021, the price index for gross domestic purchases climbed by 3.9 percent, compared to 1.2 percent in 2020. (table 4). Similarly, the PCE price index grew 3.9 percent, compared to 1.2 percent in the previous quarter. The PCE price index climbed 3.3 percent excluding food and energy expenses, compared to 1.4 percent overall.
Real GDP rose 5.5 percent from the fourth quarter of 2020 to the fourth quarter of 2021 (table 6), compared to a 2.3 percent fall from the fourth quarter of 2019 to the fourth quarter of 2020.
From the fourth quarter of 2020 to the fourth quarter of 2021, the price index for gross domestic purchases grew 5.5 percent, compared to 1.4 percent from the fourth quarter of 2019 to the fourth quarter of 2020. The PCE price index climbed by 5.5 percent, compared to 1.2 percent for the year. The PCE price index increased 4.6 percent excluding food and energy, compared to 1.4 percent overall.
Source Data for the Advance Estimate
A Technical Note that is issued with the news release on BEA’s website contains information on the source data and major assumptions utilized in the advance estimate. Each version comes with a thorough “Key Source Data and Assumptions” file. Refer to the “Additional Details” section below for information on GDP updates.