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).
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.
What was the GDP of the United States in 2020?
In addition to updated fourth-quarter estimates, today’s announcement includes revised third-quarter 2020 wages and salaries, personal taxes, and government social insurance payments, all based on new data from the Bureau of Labor Statistics Quarterly Census of Employment and Wages program. Wages and salaries are now anticipated to have climbed by $434.5 billion in the third quarter, a $66.5 billion decrease from the previous projection. With the addition of this new statistics, real gross domestic income is now anticipated to have climbed 24.1 percent in the third quarter, a 1.7 percentage point decrease from the prior estimate.
In 2020, real GDP fell 3.5 percent (from the 2019 annual level to the 2020 annual level), compared to a 2.2 percent growth in 2019. (table 1).
PCE, exports, private inventory investment, nonresidential fixed investment, and state and local government decreased real GDP in 2020, partially offset by increases in federal government spending and residential fixed investment. Imports are down (table 2).
A drop in services more than compensated for the decrease in PCE in 2020. (led by food services and accommodations, health care, and recreation services). The drop in exports was due to a drop in both services (driven by travel) and goods (mainly non-automotive capital goods). Private inventory investment fell as a result of broad losses in retail trade (mostly auto dealers) and wholesale trade (mainly durable goods industries). Structures (dominated by mining exploration, shafts, and wells) and equipment (headed by transportation equipment) decreased in nonresidential fixed investment, which was partly offset by an increase in intellectual property products (more than accounted for by software). The drop in state and local government spending corresponded to a drop in consumer spending (led by compensation).
The increase in federal spending was due to an increase in non-defense consumer spending (led by an increase in purchases of intermediate services that supported the processing and administration of Paycheck Protection Program loan applications by banks on behalf of the federal government). Increases in upgrades, as well as brokers’ commissions and other ownership transfer costs, accounted for the majority of the increase in residential fixed investment.
In 2020, current-dollar GDP fell 2.3 percent, or $498.3 billion, to $20.93 trillion, compared to a 4.0 percent, or $821.3 billion, growth in 2019. (tables 1 and 3).
In 2020, the price index for gross domestic purchases climbed by 1.2 percent, compared to 1.6 percent in 2019. (table 4). In 2020, the PCE price index climbed 1.2 percent, compared to 1.5 percent in 2019. The PCE price index grew 1.4 percent excluding food and energy expenses, compared to 1.7 percent overall.
Real GDP fell by 2.4 percent from the fourth quarter of 2019 to the fourth quarter of 2020, according to data (table 6). In comparison, in 2019 there was a 2.3 percent gain.
The price index for gross domestic purchases grew 1.3 percent in 2020, as assessed from the fourth quarter of 2019 to the fourth quarter of 2020. In comparison, in 2019 there was a 1.4 percent gain. The PCE price index climbed by 1.2 percent, compared to a 1.5 percent increase in the previous quarter. The PCE price index grew 1.4 percent excluding food and energy, compared to 1.6 percent overall.
What was our 2016 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 was the gross domestic product in 2018?
According to the Bureau of Economic Analysis’ “third” estimate, real gross domestic product (GDP) increased at an annual rate of 2.2 percent in the fourth quarter of 2018 (table 1). Real GDP climbed by 3.4 percent in the third quarter.
The most recent GDP estimate is based on more extensive source data than the “initial” estimate given last month. The growth in real GDP was first estimated to be 2.6 percent. The overall picture of economic growth has not changed with this estimate for the fourth quarter; personal consumption expenditures (PCE), state and local government spending, and nonresidential fixed investment have all been revised lower; imports, which are a subtraction in the calculation of GDP, have also been revised lower (see “Updates to GDP” on page 2).
In the fourth quarter, real gross domestic income (GDI) climbed by 1.7 percent, compared to 4.6 percent in the third quarter. 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 4.0 percent gain in the third quarter (table 1).
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 4.1 percent, or $206.9 billion, to $20.87 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 1.7 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 1.8 percent excluding food and energy expenses, compared to 1.6 percent overall.
PCE, state and local government spending, and nonresidential fixed investment were all revised down 0.4 percentage point in the fourth quarter, partially offset by a downward revision to imports. See the Technical Note for further information. 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 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 $1.01 trillion, to $20.49 trillion in 2018, compared to 4.2 percent, or $778.2 billion, in 2017. (table 1 and table 3).
In 2018, real GDP increased by 2.4 percent, compared to 2.3 percent in 2017. (table 1).
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 climbed 3.0% from the fourth quarter of 2017 to the fourth quarter of 2018. This is compared to a 2.5 percent gain in 2017. In 2018, the price index for gross domestic purchases climbed by 2.1 percent, compared to 1.9 percent in 2017. In 2018, real GDP increased by 2.7 percent, compared to 2.3 percent in 2017. (table 6).
In the fourth quarter, profits from current production (business profits adjusted for inventory valuation and capital consumption) fell $9.7 billion, compared to a rise of $78.2 billion in the third quarter.
Domestic financial firm profits fell $25.2 billion in the fourth quarter, compared to a $6.1 billion drop in the third quarter. Domestic nonfinancial corporations’ profits climbed by $13.6 billion, compared to a gain of $83.0 billion for financial corporations. Profits in the rest of the world climbed by $1.9 billion, compared to a $1.3 billion increase in the United States. Receipts climbed by $8.8 billion in the fourth quarter, while payments increased by $6.9 billion.
What will the US GDP be in 2021?
In addition to updated fourth-quarter projections, today’s announcement includes revised third-quarter 2021 wages and salaries, personal taxes, and government social insurance contributions, all based on new data from the Bureau of Labor Statistics Quarterly Census of Employment and Wages program. Wages and wages climbed by $306.8 billion in the third quarter, up $27.7 billion from the previous estimate. With the addition of this new statistics, real gross domestic income is now anticipated to have climbed 6.4 percent in the third quarter, a 0.6 percentage point gain over the prior estimate.
GDP for 2021
In 2021, real GDP climbed by 5.7 percent, unchanged from the previous estimate (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 components 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 climbed by 10.1 percent (revised), or $2.10 trillion, to $23.00 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 3.9 percent, which was unchanged from the previous forecast, compared to 1.2 percent in 2020. (table 4). Similarly, the PCE price index grew 3.9 percent, which was unchanged from the previous estimate, compared to a 1.2 percent gain. With food and energy prices excluded, the PCE price index grew 3.3 percent, unchanged from the previous estimate, compared to 1.4 percent.
Real GDP grew 5.6 (revised) percent from the fourth quarter of 2020 to the fourth quarter of 2021 (table 6), compared to a fall of 2.3 percent 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 climbed 5.6 percent (revised), compared to 1.4 percent from the fourth quarter of 2019 to the fourth quarter of 2020. The PCE price index grew 5.5 percent, unchanged from the previous estimate, versus a 1.2 percent increase. The PCE price index grew 4.6 percent excluding food and energy, which was unchanged from the previous estimate, compared to 1.4 percent.
What is the GDP of the United States in 2022?
According to our econometric models, the US GDP will trend around 22790.00 USD Billion in 2022 and 23420.00 USD Billion in 2023 in the long run.
What was the 2015 GDP growth rate?
The Bureau of Economic Analysis, the government department in charge of compiling GDP estimates, reported that the economy increased 2.9 percent in 2015, up from 2.6 percent previously predicted. That was the most significant increase since 2005.
In 2018, which country is the wealthiest?
According to McKinsey & Co, the high rise in net worth over the last two decades has outpaced the rise in global gross domestic product, and has been fueled by surging housing values as a result of low borrowing rates.
According to the study, asset prices are about 50% higher than their long-run average when compared to income. This raises concerns about the wealth boom’s long-term viability.
According to Jan Mischke of Bloomberg, there are concerns about the trend of global net worth growth, citing rising real estate prices as a contributing factor. “, he explained “In many senses, increasing one’s net worth through price increases above and above inflation is dubious. It has a slew of negative side effects.”