The US economy shrank by an annualized 31.4 percent in the second quarter of 2020, slightly lower than a 31.7 percent plunge in the second estimate and a 32.9 percent fall in the advance one. It reflects mainly an upward revision to personal consumption expenditures (PCE) that was partly offset by downward revisions to exports and to nonresidential fixed investment. Still, it remains the biggest contraction ever, pushing the economy into a recession as the coronavirus pandemic forced many businesses including restaurants, cafes, stores and factories to close and people to stay at home, hurting consumer and business spending. The Federal Reserve sees the US economy shrinking by 3.7 percent in 2020, lower than an initial estimate of a 6.5 percent drop. Still, the outlook for 2021 remains uncertain as the coronavirus pandemic is far from controlled and a vaccine is not ready yet.

GDP Growth Rate in the United States averaged 3.06 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 -31.40 percent in the second quarter of 2020. 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 October of 2020. source: U.S. Bureau of Economic Analysis

GDP Growth Rate in the United States is expected to be 20.00 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 2.50 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
-31.40 -5.00 16.70 -31.40 1947 - 2020 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2020-06-25 12:30 PM QoQ Final Q1 -5% 2.1% -5% -5%
2020-07-30 12:30 PM QoQ Adv Q2 -32.9% -5% -34.1% -33%
2020-08-27 12:30 PM QoQ 2nd Est Q2 -31.7% -5% -32.5% -32.9%
2020-09-30 12:30 PM QoQ Final Q2 -31.4% -5% -31.7% -33%
2020-10-29 12:30 PM QoQ Adv Q3 -31.4% 20%
2020-11-25 01:30 PM QoQ 2nd Est Q3 -31.4% 20%
2020-12-22 01:30 PM QoQ Final Q3 -31.4% 20%


News Stream
US GDP Contraction Revised Lower for 2nd Time
The US economy shrank by an annualized 31.4 percent in the second quarter of 2020, slightly lower than a 31.7 percent plunge in the second estimate and a 32.9 percent fall in the advance one. It reflects mainly an upward revision to personal consumption expenditures (PCE) that was partly offset by downward revisions to exports and to nonresidential fixed investment. Still, it remains the biggest contraction ever, pushing the economy into a recession as the coronavirus pandemic forced many businesses including restaurants, cafes, stores and factories to close and people to stay at home, hurting consumer and business spending.
2020-09-30
US GDP Contraction Revised Lower
The US economy shrank by an annualized 31.7 percent in the second quarter of 2020, lower than a 32.9 percent plunge in the advance estimate and compared to market forecasts of a 32.5 percent fall. Still, it is the biggest contraction ever, pushing the economy into a recession as the coronavirus pandemic forced many businesses including restaurants, cafes, stores and factories to close and people to stay at home, hurting consumer and business spending. Private inventory investment and personal consumption expenditures (PCE) decreased less than previously estimated. In contrast, business investment fell more, mainly due to structures and intellectual property products. The recovery will depend on the capacity of the country to control the pandemic and avoid more waves of infections. Fed officials see the US economy shrinking 6.5 percent in 2020.
2020-08-27
US Economy Shrinks at Record 32.9%
The US economy shrank by an annualized 32.9 percent in the second quarter of 2020, compared to forecasts of a 34.1 percent plunge, the advance estimate showed. It is the biggest contraction ever, pushing the economy into a recession as the coronavirus pandemic forced many businesses including restaurants, cafes, stores and factories to close and people to stay at home, hurting consumer and business spending. Decreases were seen in personal consumption, exports, private inventory investment, nonresidential fixed investment, residential fixed investment, and state and local government spending while federal government spending jumped. The recovery will depend on the capacity of the country to control the pandemic and avoid more waves of infections. Still, the number of new cases continues to increase, making several states to scale back or pause the reopening of their economies. Fed officials see the US economy shrinking 6.5 percent in 2020.
2020-07-30
US Economy Likely to Post Record Contraction
The US economy is expected to have shrank by an annualized 34.1 percent on quarter in the second quarter of 2020. It would be the sharpest contraction ever as the coronavirus pandemic forced many businesses including restaurants, cafes, stores and factories to close and people to stay at home, hurting consumer and business spending. Q2 contraction would also be more than four times worse than the decline seen during the 2007-09 financial crisis and would put the American economy in recession, following a 5 percent decrease in the first quarter. The recovery will depend on the capacity of the country to control the pandemic and avoid more waves of infections. Still, the number of new cases continues to increase, making several states to scale back or pause the reopening of their economies. Fed officials see the US economy shrinking 6.5 percent in 2020.
2020-07-30

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.