The US economy shrank by an annualized 5 percent in the first quarter of 2020, in line with the previous estimate and ending the longest period of expansion in the country's history, final figures showed. It is the biggest drop in GDP since the last quarter of 2008 as the Covid-19 pandemic forced several states to impose lockdown measures in mid-March, throwing millions of people out of work. With the third estimate, an upward revision to nonresidential fixed investment was offset by downward revisions to private inventory investment, personal consumption expenditures (PCE), and exports.
GDP Growth Rate in the United States averaged 3.18 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 -10 percent in the first quarter of 1958. 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 2020. source: U.S. Bureau of Economic Analysis
GDP Growth Rate in the United States is expected to be 15.00 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 1.50 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.