The US economy shrank by an annualized 31.4 percent in the second quarter of 2020, slightly lower than a 31.7 percent plunge in the second estimate and a 32.9 percent fall in the advance one. It reflects mainly an upward revision to personal consumption expenditures (PCE) that was partly offset by downward revisions to exports and to nonresidential fixed investment. Still, it remains the biggest contraction ever, pushing the economy into a recession as the coronavirus pandemic forced many businesses including restaurants, cafes, stores and factories to close and people to stay at home, hurting consumer and business spending. The Federal Reserve sees the US economy shrinking by 3.7 percent in 2020, lower than an initial estimate of a 6.5 percent drop. Still, the outlook for 2021 remains uncertain as the coronavirus pandemic is far from controlled and a vaccine is not ready yet.
GDP Growth Rate in the United States averaged 3.06 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 -31.40 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 October of 2020. source: U.S. Bureau of Economic Analysis
GDP Growth Rate in the United States is expected to be 20.00 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 2.50 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.