The US economy expanded an annualized 3.2% in Q4 2023, slightly below 3.3% in the advance estimate, following a 4.9% rate in Q3. The downward revision is due to private inventories which subtracted 0.27 pp from the growth, compared to an addition of 0.07 pp seen in the advance estimate. On the other hand, consumer spending was revised higher (3% vs 2.8% in the advance estimate), led by services (2.8% vs 2.4%) while goods rose less (3.2% vs 3.8%). Also, government spending rose way more (4.2% vs 3.3%) and both exports (6.4% vs 6.3%) and imports (2.7% vs 1.9%) increased more than anticipated. Looking further, non-residential investment was also revised higher (2.4% vs 1.9%), due to intellectual property products (3.3% vs 2.1%) and investment in structures (7.5% vs 3.2%) while investment in equipment was revised lower (-1.7% vs 1%). Residential investment continued to grow and more than expected (2.9% vs 1.1%). Considering full 2023, the US economy grew 2.5%, compared to 1.9% in 2022. source: U.S. Bureau of Economic Analysis

The Gross Domestic Product (GDP) in the United States expanded 3.20 percent in the fourth 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 March of 2024.

The Gross Domestic Product (GDP) in the United States expanded 3.20 percent in the fourth quarter of 2023 over the previous quarter. GDP Growth Rate in the United States is expected to be 2.00 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.

Ok
Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.

API Features Documentation Interested? Click here to contact us
Please Paste this Code in your Website
Width
Height
 Preview

United States GDP Growth Rate


Calendar GMT Reference Actual Previous Consensus TEForecast
2024-01-25 01:30 PM QoQ Adv Q4 3.3% 4.9% 2% 2.3%
2024-02-28 01:30 PM QoQ 2nd Est Q4 3.2% 4.9% 3.3% 3.3%
2024-03-28 12:30 PM QoQ Final Q4 4.9% 3.2% 3.2%


Related Last Unit Reference
Changes in Inventories 66.33 USD Billion Dec 2023
Full Year GDP Growth 2.50 percent Dec 2023
GDP Annual Growth Rate 3.10 percent Dec 2023
GDP Constant Prices 22668.99 USD Billion Dec 2023
GDP from Agriculture 179.30 USD Billion Sep 2023
GDP from Construction 850.90 USD Billion Sep 2023
GDP from Manufacturing 2312.90 USD Billion Sep 2023
GDP from Mining 301.30 USD Billion Sep 2023
GDP from Public Administration 2563.40 USD Billion Sep 2023
GDP from Services 16258.90 USD Billion Sep 2023
GDP from Transport 736.10 USD Billion Sep 2023
GDP from Utilities 336.30 USD Billion Sep 2023
GDP Growth Rate 3.20 percent Dec 2023
GDP Sales 3.50 percent Dec 2023
Government Spending 3883.34 USD Billion Dec 2023
Gross Fixed Capital Formation 4005.80 USD Billion Dec 2023
Gross National Product 22641.82 USD Billion Sep 2023
Real Consumer Spending 3.00 percent Dec 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
3.20 4.90 34.80 -28.00 1947 - 2023 percent Quarterly
SA

News Stream
US GDP Growth Revised Slightly Lower to 3.2%
The US economy expanded an annualized 3.2% in Q4 2023, slightly below 3.3% in the advance estimate, following a 4.9% rate in Q3. The downward revision is due to private inventories which subtracted 0.27 pp from the growth, compared to an addition of 0.07 pp seen in the advance estimate. On the other hand, consumer spending was revised higher (3% vs 2.8% in the advance estimate), led by services (2.8% vs 2.4%) while goods rose less (3.2% vs 3.8%). Also, government spending rose way more (4.2% vs 3.3%) and both exports (6.4% vs 6.3%) and imports (2.7% vs 1.9%) increased more than anticipated. Looking further, non-residential investment was also revised higher (2.4% vs 1.9%), due to intellectual property products (3.3% vs 2.1%) and investment in structures (7.5% vs 3.2%) while investment in equipment was revised lower (-1.7% vs 1%). Residential investment continued to grow and more than expected (2.9% vs 1.1%). Considering full 2023, the US economy grew 2.5%, compared to 1.9% in 2022.
2024-02-28
US GDP Growth Beats Forecasts at 3.3%
The US economy expanded an annualized 3.3% in Q4 2023, much better than forecasts of a 2% rise, and following a 4.9% rate in Q3, according to the advance estimate. Consumer spending slowed (2.8% vs 3.1% in Q3), led by goods (3.8% vs 4.9%) while consumption of services rose faster (2.4% vs 2.2%), led by food services, accommodations, and health care. Also, private inventories added only 0.07 pp to growth, below 1.27 pp in Q3, and government spending rose at a slower pace (3.3% vs 5.8%). On the other hand, exports accelerated (6.3% vs 5.4%) and imports grew less (1.9% vs 4.2%). Looking further, non-residential investment increased more (1.9% vs 1.4%), led by a rebound in equipment (1% vs -4.4%) and a rise in intellectual property products (2.1% vs 1.8%) while investment in structures eased (3.2% vs 11.2%). Finally, residential investment continued to grow although at a slower pace. Considering full 2023, the US economy grew 2.5%, compared to 1.9% in 2022 and the Fed's estimates of 2.6%.
2024-01-25
US GDP Growth Seen Slowing to 2%
The US economy likely expanded an annualized 2% in the last three months of 2023, which would mark the lowest growth in six quarters, and less than half the 4.9% rate in Q3. The figures are likely to show the Fed's tightening campaign took a hit on the economy, but the toll was less severe than initially anticipated as a tight labour market continues to support consumer spending. Household consumption and investment in intellectual property products, equipment and structures are seen rising at a slower pace while residential investment, inventory accumulation and net trade probably weighed down on the growth. At the same time, a solid pace of government spending is expected. For the full 2023 year, GDP growth is seen at around 2.5%, compared to 2.1% in 2022 and Fed's estimates of 2.6%.
2024-01-25