GDP reading: GDP growth moderated to 2.5% in seasonally adjusted annualized rate terms (SAAR) in the final quarter of 2024...
Economic Growth in United States
The United States saw robust GDP growth from 2013 to 2019, driven by strong consumer spending and technological innovation. However, growth was disrupted by the COVID-19 pandemic in 2020, leading to a sharp but brief recession. The subsequent recovery in 2021-2022 was rapid, fueled by significant fiscal stimulus and monetary support.
The United States recorded an average real GDP growth rate of 2.3% in the decade to 2022, above the 1.8% average for Major Economies. In 2022, the real GDP growth rate was 1.9%. For more GDP information, visit our dedicated page.
United States GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for United States from 2014 to 2024.
Source: Macrobond.
United States GDP Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | -2.2 | 6.1 | 2.5 | 2.9 | 2.8 |
| GDP (USD bn) | 21,354 | 23,681 | 26,007 | 27,721 | 29,184 |
| Economic Growth (Nominal GDP, ann. var. %) | -0.9 | 10.9 | 9.8 | 6.6 | 5.3 |
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects American GDP projections for the next ten years from a panel of 73 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for American GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our American GDP projections.
Want to get access to the full dataset of American GDP forecasts? Send an email to info@focus-economics.com.
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