The American economy contracted an annualized 1.6% on quarter in Q1 2022, slightly worse than a 1.5% drop in the second estimate. It is the first contraction since the pandemic-induced recession in 2020 as record trade deficits, supply constraints, worker shortages and high inflation weigh. Imports surged more than anticipated (18.9% vs 18.3% in the second estimate), led by nonfood and nonautomotive consumer goods and exports dropped less (-4.8% vs -5.4%). Also, consumer spending growth was revised lower (1.8% vs 3.1%), as an increase in spending on services, led by housing and utilities was partly offset by a decrease in spending on goods, namely groceries and gasoline. Meanwhile, private inventories subtracted 0.35 percentage points from growth, much less than a 1.09 percentage points drag in the second estimate. Fixed investment growth remained robust (7.4%) but housing investment was subdued (0.4%, the same as in the second estimate). source: U.S. Bureau of Economic Analysis

GDP Growth Rate in the United States averaged 3.18 percent from 1947 until 2022, reaching an all time high of 33.80 percent in the third quarter of 2020 and a record low of -31.20 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 July of 2022.

GDP Growth Rate in the United States is expected to be 2.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United States GDP Growth Rate is projected to trend around 2.50 percent in 2023 and 1.90 percent in 2024, according to our econometric models.

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United States GDP Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-05-26 12:30 PM QoQ 2nd Est Q1 -1.5% 6.9% -1.3% -1.4%
2022-06-29 12:30 PM QoQ Final Q1 -1.6% 6.9% -1.5% -1.5%
2022-07-28 12:30 PM QoQ Adv Q2 -1.6%


Related Last Previous Unit Reference
GDP Growth Rate -1.60 6.90 percent Mar 2022
GDP Annual Growth Rate 3.50 5.50 percent Mar 2022
Government Spending 3334.30 3359.01 USD Billion Mar 2022
GDP Constant Prices 19727.90 19806.29 USD Billion Mar 2022
Gross National Product 19944.20 20038.63 USD Billion Mar 2022
Gross Fixed Capital Formation 3673.90 3609.13 USD Billion Mar 2022
Changes in Inventories 188.50 193.18 USD Billion Mar 2022
GDP Sales QoQ -1.20 1.50 percent Mar 2022
Real Consumer Spending 1.80 2.50 percent Mar 2022
Full Year GDP Growth 5.70 -3.40 percent Dec 2021
GDP From Utilities 271.60 277.70 USD Billion Dec 2021
GDP From Transport 515.80 505.00 USD Billion Dec 2021
GDP From Services 13785.50 13507.00 USD Billion Dec 2021
GDP From Public Administration 2246.40 2245.90 USD Billion Dec 2021
GDP From Mining 419.80 408.00 USD Billion Dec 2021
GDP From Manufacturing 2380.90 2320.20 USD Billion Dec 2021
GDP From Construction 649.10 665.30 USD Billion Dec 2021
GDP From Agriculture 238.80 237.40 USD Billion Dec 2021

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.
Actual Previous Highest Lowest Dates Unit Frequency
-1.60 6.90 33.80 -31.20 1947 - 2022 percent Quarterly
SA

News Stream
US Economic Contraction Revised Higher
The American economy contracted an annualized 1.6% on quarter in Q1 2022, slightly worse than a 1.5% drop in the second estimate. It is the first contraction since the pandemic-induced recession in 2020 as record trade deficits, supply constraints, worker shortages and high inflation weigh. Imports surged more than anticipated (18.9% vs 18.3% in the second estimate), led by nonfood and nonautomotive consumer goods and exports dropped less (-4.8% vs -5.4%). Also, consumer spending growth was revised lower (1.8% vs 3.1%), as an increase in spending on services, led by housing and utilities was partly offset by a decrease in spending on goods, namely groceries and gasoline. Meanwhile, private inventories subtracted 0.35 percentage points from growth, much less than a 1.09 percentage points drag in the second estimate. Fixed investment growth remained robust (7.4%) but housing investment was subdued (0.4%, the same as in the second estimate).
2022-06-29
US Economy Contracts More than Anticipated
The US economy contracted an annualized 1.5% on quarter in the first three months of 2022, slightly worse than initial estimates of a 1.4% decline, with the biggest drag coming from trade. Imports surged more than initially anticipated (18.3% vs 17.7% in the advance estimate), led by nonfood and nonautomotive consumer goods and exports dropped slightly less (-5.4% vs -5.9%), mainly due to nondurable goods. Also, private inventories subtracted 1.09 percentage points from the growth, the most in three quarters, led by decreases in wholesale trade (mainly motor vehicles) as well as mining, utilities, and construction (notably, utilities). Meanwhile, fixed investment growth was revised lower but remained robust while housing investment grew much less than initially forecasted (0.4% vs 2.1%). On the other hand, consumer spending rose more (3.1% vs 2.7%), led by housing and utilities and motor vehicles and parts while spending on gasoline and other energy goods decreased.
2022-05-26
US Economy Unexpectedly Contracts in Q1
The American economy contracted an annualized 1.4% on quarter in the first three months of 2022, well below market forecasts of a 1.1% expansion and following a 6.9% growth in Q4 2021, primarily due to a record trade deficit and a decline in inventory investment. Exports dropped 5.9% (from 22.4% in Q4), while imports surged 17.7% (from 17.9% in Q4). Meantime, gross private domestic investment growth slowed sharply (2.3% vs 36.7%). On top of that, government spending declined further (-2.7% vs -2.6%). On the flip side, consumer spending (2.7% vs 2.5%) and fixed investment (7.3% vs 2.7%), particularly nonresidential, contributed positively to GDP.
2022-04-28