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. 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 May 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.