The US economy shrank by an annualized 5 percent in the first quarter of 2020, in line with the previous estimate and ending the longest period of expansion in the country's history, final figures showed. It is the biggest drop in GDP since the last quarter of 2008 as the Covid-19 pandemic forced several states to impose lockdown measures in mid-March, throwing millions of people out of work. With the third estimate, an upward revision to nonresidential fixed investment was offset by downward revisions to private inventory investment, personal consumption expenditures (PCE), and exports.

GDP Growth Rate in the United States averaged 3.18 percent from 1947 until 2020, reaching an all time high of 16.70 percent in the first quarter of 1950 and a record low of -10 percent in the first quarter of 1958. 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 July of 2020. source: U.S. Bureau of Economic Analysis

GDP Growth Rate in the United States is expected to be 15.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in the United States to stand at 1.50 in 12 months time. In the long-term, the United States GDP Growth Rate is projected to trend around 1.70 percent in 2021 and 1.90 percent in 2022, according to our econometric models.

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United States GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-5.00 2.10 16.70 -10.00 1947 - 2020 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2020-03-26 12:30 PM QoQ Final Q4 2.1% 2.1% 2.1% 2.1%
2020-04-29 12:30 PM QoQ Adv Q1 -4.8% 2.1% -4% -4.6%
2020-05-28 12:30 PM QoQ 2nd Est Q1 -5% 2.1% -4.8% -4.8%
2020-06-25 12:30 PM QoQ Final Q1 -5% 2.1% -5% -5%
2020-07-30 12:30 PM QoQ Adv Q2 -5% -27%
2020-08-27 12:30 PM QoQ 2nd Est Q2 -5% -27%
2020-09-30 12:30 PM QoQ Final Q2 -5% -27%
2020-10-29 12:30 PM QoQ Adv Q3 15%


News Stream
US Economy Shrinks 5% in Q1
The US economy shrank by an annualized 5 percent in the first quarter of 2020, in line with the previous estimate and ending the longest period of expansion in the country's history. It is the biggest drop in GDP since the last quarter of 2008 as the Covid-19 pandemic forced several states to impose lockdown measures in mid-March, throwing millions of people out of work. With the third estimate, an upward revision to nonresidential fixed investment was offset by downward revisions to private inventory investment, personal consumption expenditures (PCE), and exports.
2020-06-25
US GDP Contracts More than Expected
The US economy shrank by an annualized 5 percent in the first quarter of 2020, more than an advance estimate of a 4.8 percent contraction and ending the longest period of expansion in the country's history, the second estimate showed. It is the biggest drop in GDP since the last quarter of 2008 as the Covid-19 pandemic forced several states to impose lockdown measures in mid-March, throwing millions of people out of work. Private inventory investment was revised downwards while personal consumption and business investment shrank less than anticipated. In the second quarter of the year, the economy is seen contracting as much as 40%, which would be the biggest plunge ever as the "stay-at-home" orders issued in March extended through the quarter, with businesses and schools switching to remote work or canceling operations, and consumers canceling, restricting, or redirecting their spending.
2020-05-28
US GDP Contracts Most Since Great Recession
The US economy shrank by an annualized 4.8 percent in the first quarter of 2020, ending the longest period of expansion in the country's history, an advance estimate showed. It was the steepest pace of contraction in GDP since the last quarter of 2008, much worse than market consensus of a 4.0 percent slump, as the Covid-19 pandemic forced several states to impose lockdown measures in mid-March, throwing millions of people out of work. Household consumption fell the most since the fourth quarter of 1980 and business investment contracted for a fourth consecutive period. In addition, exports and imports were down sharply, while residential fixed investment rose as well as government spending.
2020-04-29
US GDP Seen Contracting Most Since Great Recession
The US economy probably shrank at a 4 percent annualized rate in the first quarter of 2020, ending the longest period of expansion in the country's history. That would the steepest pace of contraction in GDP since the first quarter of 2009, led by sharp declines in consumer spending and a drawdown of inventory at businesses, as measures to curb the rapid spread of Covid-19 almost shut down the country, throwing millions of people out of work.
2020-04-29

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.