United States GDP Growth Rate

Last Release

Jun 30, 2024

Actual

Units In

1.3

Frequency

Quarterly

Next Release

Sep 26, 2024

Time to Release

27 Days 10 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

Real gross domestic product (GDP) in the US grew at an annual rate of 3.0% in the second quarter of 2024, up from 2.8% in the initial estimate and 1.4% in the first quarter. The upward revision was mainly due to increased consumer spending (2.9% vs 2.3% earlier reported). The overall GDP growth was driven by gains in consumer spending (2.9% in Q2 vs 1.5% in Q1), private inventory investment (7.5% vs 4.4%), and nonresidential fixed investment (4.6% vs 4.4%), despite a rise in imports (7% vs 6.1%), which subtract from GDP. However, the second estimate included downward revisions to nonresidential fixed investment (4.6% vs 5.2% earlier reported), exports (1.6% vs 2%), private inventory investment (7.5% vs 8.4%), government spending at both federal (3.3% vs 3.9%) and local (2.3% vs 2.6%) levels, and residential fixed investment (-2% vs-1.4%), while imports were adjusted higher (7% vs 6.9%).