United States GDP Growth Rate

Last Release

Dec 31, 2023

Actual

3.2

Units In

5.2

Frequency

Quarterly

Next Release

Jun 27, 2024

Time to Release

2 Months 2 Days 2 Hours

Highest	Lowest	Average	Date Range	Source
33.8 Sep 2020	-31.2 Jun 2020	3.16 %	1947-2023	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 likely expanded at an annualized rate of 2.5% in the first quarter of 2024, marking a slowdown for the second consecutive quarter from the 3.4% growth seen in the previous three months. Despite this moderation, the initial estimate from the Bureau of Economic Analysis is expected to highlight the resilience of the US economy, amid strong productivity levels, robust employment, and buoyant domestic demand, even as borrowing costs remain high and inflationary pressures persist. Growth in consumer spending and private domestic investment is seen around 3% while residential investment likely expanded at a double digit pace, according to the Atlanta Fed GDPNow Estimate. However, net trade probably have made a negative contribution to the overall growth figures.