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 United States’ GDP increased in absolute terms.
In 2016, what was the actual GDP?
In 2016, current-dollar GDP climbed 2.9 percent, or $529.0 billion, to $18,565.6 billion, compared to a 3.7 percent, or $643.5 billion, increase in 2015. (table 1 and table 3).
What is the 2014 real GDP?
In 2014, current-dollar GDP climbed 3.9 percent, or $652.6 billion, to $17,420.7 billion, compared to a 3.7 percent, or $604.9 billion, gain in 2013.
What was the 2017 GDP?
The US economy is growing at a rate of 2.3 percent. 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 $19,479,600 million in 2017.
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.
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.
In 2008, what was the GDP?
The US economy is improving. 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 $14,769,900 million in 2008.
What is the highest US GDP ever?
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.
What is the current year’s real GDP?
According to the Bureau of Economic Analysis’ “first” estimate, real gross domestic product (GDP) expanded at an annual rate of 2.6 percent in the fourth quarter of 2018 (table 1). Real GDP climbed by 3.4 percent in the third quarter.
Because of the partial government shutdown, the “advance” estimate for the fourth quarter and annual GDP for 2018 was originally slated for January 30th, and the “second” estimate was originally scheduled for February 28th. For more information, see the Technical Note.
The Bureau stressed that the fourth-quarter preliminary estimate provided today is based on incomplete or subject to revision by the source agency (see “Source Data for the Initial Estimate” on page 3). On March 28, 2019, updated fourth-quarter forecasts will be provided, based on more full data.
Personal consumption expenditures (PCE), nonresidential fixed investment, exports, private inventory investment, and federal government spending all contributed to the increase in real GDP in the fourth quarter. Negative contributions from household fixed investment and state and local government spending partially offset these gains. Imports, which are deducted from GDP calculations, increased (table 2).
The fourth-quarter slowdown in real GDP growth was due to decreases in private inventory investment, PCE, and federal government spending, as well as a decrease in state and local government spending. An increase in exports and a speeding up of nonresidential fixed investment partially compensated these developments. Imports grew at a slower pace in the fourth quarter than in the third.
In the fourth quarter, current dollar GDP climbed by 4.6 percent, or $233.2 billion, to $20.89 trillion. GDP in current dollars climbed by 4.9 percent, or $246.3 billion, in the third quarter (table 1 and table 3).
In the fourth quarter, the price index for gross domestic purchases grew 1.6 percent, compared to 1.8 percent in the third quarter (table 4). The PCE price index climbed by 1.5 percent, compared to a 1.6 percent increase in the previous quarter. The PCE price index grew 1.7 percent excluding food and energy expenses, compared to 1.6 percent overall.
In the fourth quarter, current-dollar personal income climbed by $225.1 billion, compared to $190.6 billion in the third quarter. The increase in personal income was due to an increase in farm proprietor income as well as increases in personal dividend and interest income. Employee compensation has slowed.
In the fourth quarter, disposable personal income climbed by $218.7 billion, or 5.7 percent, compared to $160.9 billion, or 4.2 percent, in the third quarter. The growth in real disposable personal income was 4.2 percent, compared to a 2.6 percent gain in the previous year.
In the fourth quarter, personal savings totaled $1.06 trillion, up from $996.0 billion in the third quarter. In the fourth quarter, the personal saving rate (savings as a proportion of disposable personal income) was 6.7 percent, up from 6.4 percent in the third quarter.
Based on newly available tabulations from the BLS Quarterly Census of Employment and Wages program, the percent change in real GDI for the third quarter of 2018 was updated from 4.3 percent to 4.6 percent.
In 2018, real GDP increased by 2.9 percent (from the 2017 annual level to the 2018 annual level), compared to a 2.2 percent gain in 2017. (table 1).
PCE, nonresidential fixed investment, exports, federal government spending, private inventory investment, and state and local government expenditure all contributed to the increase in real GDP in 2018, which was partially offset by a minor negative contribution from residential fixed investment. Imports, which are deducted from GDP calculations, increased (table 2).
The increase in real GDP between 2017 and 2018 was primarily due to increases in nonresidential fixed investment, private inventory investment, federal government spending, exports, and PCE, as well as an increase in state and local government spending, which was partially offset by a decline in residential investment.
GDP in current dollars climbed 5.2 percent, or $1.02 trillion, to $20.50 trillion in 2018, compared to 4.2 percent, or $778.2 billion, in 2017. (table 1 and table 3).
In 2018, the price index for gross domestic purchases climbed by 2.2 percent, compared to 1.9 percent in 2017. (table 4). The PCE price index grew 2.0 percent, compared to 1.8 percent in the previous quarter. The PCE price index grew 1.9 percent excluding food and energy expenses, compared to 1.6 percent overall (table 4).
Real GDP increased by 3.1 percent in 2018 (measured from the fourth quarter of 2017 to the fourth quarter of 2018), compared to 2.5 percent in 2017. During 2018, the price index for gross domestic purchases climbed by 2.1 percent, compared to 1.9 percent in 2017.
A Technical Note that is issued with the news release on BEA’s Web site contains information on the source data and important assumptions utilized for unavailable source data in the initial estimate. Each version comes with a thorough “Key Source Data and Assumptions” file. See the “Additional Information” section below for more information on GDP updates.
In 2021, which country will have the greatest GDP?
What are the world’s largest economies? According to the International Monetary Fund, the following countries have the greatest nominal GDP in the world:
In 2016 and 2017, what was the GDP?
According to the Bureau of Economic Analysis’ “third” estimate, real gross domestic product (GDP) increased at an annual rate of 2.9 percent in the fourth quarter of 2017 (table 1). Real GDP climbed by 3.2 percent in the third quarter.
The “third” estimate released last month was based on less extensive source data than the “second” estimate presented today. The growth in real GDP was 2.5 percent in the second estimate. The overall picture of economic growth remained unchanged with this third estimate for the fourth quarter; personal consumption expenditures (PCE) and private inventory investment were revised up (see “Updates to GDP” on page 2).
In the fourth quarter, real gross domestic income (GDI) climbed by 0.9 percent, compared to 2.4 percent in the third. In the fourth quarter, the average of real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI, climbed 1.9 percent, compared to a 2.8 percent gain in the third quarter (table 1). PCE, nonresidential fixed investment, exports, residential fixed investment, state and local government expenditure, and federal government spending all contributed to the increase in real GDP in the fourth quarter, which was partly offset by a negative contribution from private inventory investment. Imports, which are deducted from GDP calculations, increased (table 2).
The fourth-quarter slowdown in real GDP growth was due to a drop in private inventory investment, which was partially offset by increases in PCE, exports, state and local government spending, nonresidential fixed investment, and federal government spending, as well as an increase in residential fixed investment. Imports, which are deducted from GDP calculations, increased.
In the fourth quarter, current-dollar GDP climbed by 5.3 percent, or $253.5 billion, to $19,754.1 billion. GDP in current dollars climbed by 5.3 percent, or $250.6 billion, in the third quarter (table 1 and table 3).
In the fourth quarter, the price index for gross domestic purchases grew 2.5 percent, compared to 1.7 percent in the third quarter (table 4). The PCE price index climbed by 2.7 percent, compared to a 1.5 percent gain in the previous quarter. The PCE price index grew 1.9 percent excluding food and energy expenses, compared to 1.3 percent overall (appendix table A).