The US economy expanded by an annualized 33.1% in Q3 2020, in line with the advance estimate. It is the biggest expansion ever, following a record 31.4% plunge in Q2, as the economy rebounds from the coronavirus pandemic. Upward revisions to business and housing investment, and exports were offset by downward revisions to personal and public consumption and private inventory investment. Still, personal spending was the main driver of growth, helped by checks and weekly unemployment benefits from the federal CARES Act. However, GDP is still 3.5% below its pre-pandemic level and although a coronavirus vaccine is expected to be ready soon, the pandemic is far from controlled. Also, only around half of the 22 million jobs lost were recovered so far and a new stimulus bill hasn't been approved yet. source: U.S. Bureau of Economic Analysis

GDP Growth Rate in the United States averaged 3.16 percent from 1947 until 2020, reaching an all time high of 33.10 percent in the third quarter of 2020 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 December of 2020.

GDP Growth Rate in the United States is expected to be 3.00 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 2.90 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.

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United States GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
33.10 -31.40 33.10 -31.40 1947 - 2020 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2020-08-27 12:30 PM QoQ 2nd Est Q2 -31.7% -5% -32.5% -32.9%
2020-09-30 12:30 PM QoQ Final Q2 -31.4% -5% -31.7% -33%
2020-10-29 12:30 PM QoQ Adv Q3 33.1% -31.4% 31% 30%
2020-11-25 01:30 PM QoQ 2nd Est Q3 33.1% -31.4% 33.2% 33.1%
2020-12-22 01:30 PM QoQ Final Q3 -31.4% 33.1%
2021-01-28 01:30 PM QoQ Adv Q4
2021-02-25 01:30 PM QoQ 2nd Est Q4
2021-03-25 12:30 PM QoQ Final Q4


News Stream
US GDP Growth Confirmed at Record 33.1%
The US economy expanded by an annualized 33.1% in Q3 2020, in line with the advance estimate. It is the biggest expansion ever, following a record 31.4% plunge in Q2, as the economy rebounds from the coronavirus pandemic. Upward revisions to business and housing investment, and exports were offset by downward revisions to personal and public consumption and private inventory investment. Still, personal spending was the main driver of growth, helped by checks and weekly unemployment benefits from the federal CARES Act. However, GDP is still 3.5% below its pre-pandemic level and although a coronavirus vaccine is expected to be ready soon, the pandemic is far from controlled. Also, only around half of the 22 million jobs lost were recovered so far and a new stimulus bill hasn't been approved yet.
2020-11-25
US GDP Grows at Record 33.1% in Q3
The US economy expanded by an annualized 33.1% in Q3 2020, beating forecasts of a 31% surge. It is the biggest expansion ever, following a record 31.4% plunge in Q2, as the economy rebounds from the coronavirus pandemic. Personal spending surged and was the main driver of growth, helped by checks and weekly unemployment benefits from the federal CARES Act. Growth also reflects increases in private inventory investment, exports, nonresidential fixed investment, and residential fixed investment that were partly offset by decreases in federal government spending (reflecting fewer fees paid to administer the Paycheck Protection Program loans). However, GDP is still 3.5% below its pre-pandemic level and the outlook for Q4 and 2021 remains uncertain as the pandemic is far from controlled and a vaccine is not ready yet. Also, out of more than 22 million jobs lost in March and April only around 11.3 million were recovered so far while a new stimulus bill hasn't been approved yet.
2020-10-29
US Economy to Book Record 31% Growth in Q3
The American economy likely grew an annualized 31% in Q3, which would be the biggest expansion ever, following a record 31.4% plunge in Q2 when the coronavirus hit the economy hard and many businesses were forced to close and people to stay at home. The economy shows signs of recovery and resilience: a monthly average of 2.2K nonfarm payrolls were added from May to September; both exports and imports are rising; the housing market is buoyant; ISM PMIs returned to pre-pandemic levels; many companies reported better-than-expected quarterly results; and a federal pandemic relief stimulus of $3 trillion supported consumer spending through checks and weekly unemployment benefits. However, out of more than 22 million jobs lost in March and April only around 11.3 million were recovered so far while a new stimulus bill hasn't been approved yet. The outlook for Q4 and 2021 remains uncertain as the pandemic is far from controlled and a vaccine is not ready yet.
2020-10-29
US GDP Contraction Revised Lower for 2nd Time
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.
2020-09-30

United States GDP Growth Rate
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.