United States GDP Growth Rate

Last Release

Jun 30, 2024

Actual

2.8

Units In

1.3

Frequency

Quarterly

Next Release

Sep 26, 2024

Time to Release

2 Months 1 Days 11 Hours

Highest	Lowest	Average	Date Range	Source
33.8 Sep 2020	-31.2 Jun 2020	3.16 %	1947-2024	U.S. Bureau of Economic Analysis

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.

Latest Updates

The US economy expanded an annualized 2.8% in Q2, up from 1.4% in Q1, and above forecasts of 2%, the advance estimate showed. Consumer spending rose faster (2.3% vs 1.5%), led by a rebound in consumption of goods (2.5% vs -2.3%), mostly motor vehicles, recreational goods and vehicles, and gasoline while services slowed (2.2% vs 3.3%). Also, private inventories added 0.82 pp to the growth, after being a drag in the past 2 periods, led by wholesale trade and retail trade industries. Meanwhile, nonresidential investment accelerated (5.2% vs 4.4%), namely equipment (11.6% vs 1.6%) while intellectual property products (4.5% vs 7.7%) eased and investment in structures sank (-3.3% vs 3.4%). Also, government spending increased more (3.1% vs 1.8%) led by defense. On the other hand, residential investment contracted for the 1st time in a year (-1.4% vs 16%) and net trade dragged down on the growth for a 2nd consecutive quarter as imports rose faster (6.9% vs 6.1%) than exports (2% vs 1.6%).