The American economy expanded an annualized 4.9% in the third quarter of 2023, slightly below 5.2% in the second estimate, but matching the 4.9% initially reported in the advance estimate. It still marks the strongest growth since Q4 2021. Consumer spending rose less than initially anticipated (3.1% vs 3.6% in the second estimate), but remained the biggest gain since Q4 2021. The slowdown was mainly due to services spending. Also, private inventories added 1.27 pp to growth, below 1.4 pp in the second estimate and both exports (5.4% vs 6%) and imports (4.2% vs 5.2%) increased less than initially anticipated. On the other hand, nonresidential investment was revised higher to show a 1.4% rise (vs 1.3% in the second estimate) as investment in structures surged way more than expected (11.2% vs 6.9%). Both residential investment (6.7% vs 6.2%, the first rise in nearly two years) and government spending (5.8% vs 5.5%) were also revised higher. source: U.S. Bureau of Economic Analysis

The Gross Domestic Product (GDP) in the United States expanded 4.90 percent in the third quarter of 2023 over the previous quarter. GDP Growth Rate in the United States averaged 3.20 percent from 1947 until 2023, reaching an all time high of 34.80 percent in the third quarter of 2020 and a record low of -28.00 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 January of 2024.

The Gross Domestic Product (GDP) in the United States expanded 4.90 percent in the third quarter of 2023 over the previous quarter. GDP Growth Rate in the United States is expected to be 0.50 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 1.80 percent in 2025, according to our econometric models.

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United States GDP Growth Rate


Calendar GMT Reference Actual Previous Consensus TEForecast
2023-11-29 01:30 PM QoQ 2nd Est Q3 5.2% 2.1% 5% 4.9%
2023-12-21 01:30 PM QoQ Final Q3 4.9% 2.1% 5.2% 5.2%
2024-01-25 01:30 PM QoQ Adv Q4 4.9% 1.8% 2.3%


Related Last Unit Reference
GDP Growth Rate 4.90 percent Sep 2023
GDP Annual Growth Rate 2.90 percent Sep 2023
Government Spending 3843.36 USD Billion Sep 2023
GDP Constant Prices 22490.69 USD Billion Sep 2023
Gross National Product 22641.82 USD Billion Sep 2023
Gross Fixed Capital Formation 3981.30 USD Billion Sep 2023
Changes in Inventories 77.76 USD Billion Sep 2023
Real Consumer Spending 3.10 percent Sep 2023
GDP Sales QoQ 3.60 percent Sep 2023
Full Year GDP Growth 1.90 percent Dec 2022
GDP from Utilities 336.30 USD Billion Sep 2023
GDP from Transport 736.10 USD Billion Sep 2023
GDP from Services 16258.90 USD Billion Sep 2023
GDP from Public Administration 2563.40 USD Billion Sep 2023
GDP from Mining 301.30 USD Billion Sep 2023
GDP from Manufacturing 2312.90 USD Billion Sep 2023
GDP from Construction 850.90 USD Billion Sep 2023
GDP from Agriculture 179.30 USD Billion Sep 2023

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
4.90 2.10 34.80 -28.00 1947 - 2023 percent Quarterly
SA

News Stream
US Economy Grows 4.9% in Q3
The American economy expanded an annualized 4.9% in the third quarter of 2023, slightly below 5.2% in the second estimate, but matching the 4.9% initially reported in the advance estimate. It still marks the strongest growth since Q4 2021. Consumer spending rose less than initially anticipated (3.1% vs 3.6% in the second estimate), but remained the biggest gain since Q4 2021. The slowdown was mainly due to services spending. Also, private inventories added 1.27 pp to growth, below 1.4 pp in the second estimate and both exports (5.4% vs 6%) and imports (4.2% vs 5.2%) increased less than initially anticipated. On the other hand, nonresidential investment was revised higher to show a 1.4% rise (vs 1.3% in the second estimate) as investment in structures surged way more than expected (11.2% vs 6.9%). Both residential investment (6.7% vs 6.2%, the first rise in nearly two years) and government spending (5.8% vs 5.5%) were also revised higher.
2023-12-21
US Economy Grows More than Expected
The US economy expanded an annualized 5.2% in Q3 2023, higher than 4.9% in the preliminary estimate, and forecasts of 5%. It marks the strongest growth since Q4 2021. Nonresidential investment was revised higher to show a 1.3% rise instead of a 0.1% fall initially estimated, as the drop in equipment was shorter (-3.5% vs -3.8% in the advance estimate) and structures surged 6.9% (vs 1.6%). Also, residential investment rose for the first time in nearly two years and at a much faster pace than initially expected (6.2% vs 3.9% in the advance estimate). Meanwhile, private inventories added 1.4 pp to growth, above 1.32 pp in the previous estimate and government spending increased faster (5.5% vs 4.6%). On the other hand, consumer spending went up 3.6%, slightly less than 4% in the advance estimate, but remaining the biggest gain since Q4 2021. The slowdown was mainly due to services spending. Exports soared 6% (vs 6.2%) and imports increased less (5.2% vs 5.7%).
2023-11-29
US GDP Grows More than Expected in Q3
The US economy expanded an annualized 4.9% in the third quarter of 2023, the most since the last quarter of 2021, above market forecasts of 4.3% and a 2.1% expansion in Q2, the advance estimate showed. Consumer spending rose 4%, the most since Q4 2021 (vs 0.8% in Q2 2023), led by consumption of housing and utilities, health care, financial services and insurance, food services and accommodations and nondurable goods (led by prescription drugs), recreational goods and vehicles. Exports soared 6.2%, rebounding from a 9.3% fall in Q2 and imports also increased (5.7% vs -7.6%). Private inventories added 1.32 pp to growth, the first gain in three quarters. Also, residential investment rose for the first time in nearly two years (3.9% vs -2.2%) and government spending increased faster (4.6% vs 3.3%). On the other hand, nonresidential investment contracted for the first time in two years (-0.1% vs 7.4%), due to a 3.8% fall in equipment (vs 7.7%) and a slowdown in structures (1.6% 16.1%).
2023-10-26