GDP reading: China’s GDP grew 4.5% on a year-on-year basis in Q4, following a 4.8% expansion in the previous quarter....
Economic Growth in United States
The United States saw robust GDP growth from 2013 to 2019, driven by strong consumer spending and technological innovation. Growth was disrupted by the COVID-19 pandemic in 2020, leading to a sharp but brief recession. The subsequent recovery in 2021-2024 was rapid, fueled by strong growth in consumption and exports plus a booming tech industry. The economy grew above 2% in the last four years, easily outpacing the G7 average.
In the year 2024, the economic growth in United States was 2.80%, compared to 2.52% in 2014 and 2.89% in 2023. It averaged 2.49% over the last decade. For more GDP information, visit our dedicated page.
United States GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for United States from 2014 to 2025.
Source: Macrobond.
United States GDP Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | -2.1 | 6.2 | 2.5 | 2.9 | 2.8 |
| GDP (USD bn) | 21,375 | 23,726 | 26,055 | 27,812 | 29,298 |
| Economic Growth (Nominal GDP, ann. var. %) | -0.8 | 11.0 | 9.8 | 6.7 | 5.3 |
Economic growth accelerates in the third quarter of 2025
GDP reading: The United States' GDP expanded 4.4% in seasonally adjusted quarter-on-quarter annualized (SAAR) terms in Q3, following 3.8% growth in the prior quarter. Q3's reading was the strongest since Q3 2023 and the highest in the G7. On a year-on-year basis, economic output expanded 2.3% in Q3, following a 2.1% expansion in the previous quarter.
Broad-based expansion: Compared with the prior quarter's data, figures in Q3 improved for private consumption (+3.5% in seasonally adjusted quarter-on-quarter annualized (SAAR) terms vs +2.5% in Q2), government consumption (+2.2% vs -0.1% in Q2), exports of goods and services (+9.6% vs -1.8% in Q2) and imports of goods and services (-4.4% vs -29.3% in Q2). In contrast, the reading for fixed investment worsened in Q3 (+0.8% vs +4.4% in Q2).
Panelist insight: On the latest reading and the outlook, TD Economics’ Thomas Feltmate said: “The U.S. economy maintained considerable momentum in the third quarter, despite headwinds. Consumer spending recorded another solid quarter, while capital expenditures continued to expand at healthy clip, aided by further investments in AI but also some broadening to more traditional forms of equipment spending. As we round the corner to close out 2025, today's Q3 GDP data feels somewhat stale. We know Q4 got off to a very rocky start, as a record long six-week government shutdown resulted in over 650,000 federal employees being temporarily furloughed without pay. This will exert a meaningful drag on near-term activity.”
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects American GDP projections for the next ten years from a panel of 81 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for American GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our American GDP projections.
Want to get access to the full dataset of American GDP forecasts? Send an email to info@focus-economics.com.
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