The US economy expanded an annualized 4.1% in Q4 2020, slightly higher than the advance estimate of a 4% growth, the second estimate showed. Upward revisions to residential fixed investment, private inventory investment, and state and local government spending were partly offset by a downward revision to personal consumption expenditures. Figures compare with market forecasts of 4.2%. Still, the economy slowed from a record 33.4% expansion in Q3 as the continued rise in COVID-19 cases and restrictions on activity moderated consumer spending. Considering full 2020, the American GDP contracted 3.5%, the same as in the advance estimate and the worst performance since 1946. The outlook for 2021 seems brighter than it was some months ago as vaccination rollout began although at a slower than expected pace and as the new Biden administration unveiled a $1.9 trillion stimulus plan. However, the package hasn't been approved yet and current unemployment insurance benefits expire on March 14th. source: U.S. Bureau of Economic Analysis

GDP Growth Rate in the United States averaged 3.17 percent from 1947 until 2020, reaching an all time high of 33.40 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 March of 2021.

GDP Growth Rate in the United States is expected to be 1.50 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 1.70 in 12 months time. In the long-term, the United States GDP Growth Rate is projected to trend around 1.70 percent in 2022 and 1.90 percent in 2023, according to our econometric models.

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United States GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
4.10 33.40 33.40 -31.40 1947 - 2020 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
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 33.4% -31.4% 33.1% 33.1%
2021-01-28 01:30 PM QoQ Adv Q4 4% 33.4% 4% 4.2%
2021-02-25 01:30 PM QoQ 2nd Est Q4 4.1% 33.4% 4.2% 4.1%
2021-03-25 12:30 PM QoQ Final Q4 33.4%
2021-04-29 12:30 PM QoQ Adv Q1 1.5%
2021-05-27 12:30 PM QoQ 2nd Est Q1
2021-06-24 12:30 PM QoQ Final Q1


News Stream
US GDP Growth Revised Slightly Higher to 4.1%
The US economy expanded an annualized 4.1% in Q4 2020, slightly higher than the advance estimate of a 4% growth, the second estimate showed. Upward revisions to residential fixed investment, private inventory investment, and state and local government spending were partly offset by a downward revision to personal consumption expenditures. Figures compare with market forecasts of 4.2%. Still, the economy slowed from a record 33.4% expansion in Q3 as the continued rise in COVID-19 cases and restrictions on activity moderated consumer spending. Considering full 2020, the American GDP contracted 3.5%, the same as in the advance estimate and the worst performance since 1946. The outlook for 2021 seems brighter than it was some months ago as vaccination rollout began although at a slower than expected pace and as the new Biden administration unveiled a $1.9 trillion stimulus plan. However, the package hasn't been approved yet and current unemployment insurance benefits expire on March 14th.
2021-02-25
US GDP Growth Slows to 4% in Q4
The US economy expanded an annualized 4% in Q4 2020, slowing from a record 33.4% expansion in Q3 as the continued rise in COVID-19 cases and restrictions on activity moderated consumer spending. Figures came in line with market forecasts, the advance release showed. Both business and housing investment remained robust and exports grew at a double-digit pace while personal consumption slowed and public expenditure edged down. Considering full 2020, the GDP contracted 3.5%, the worst performance since 1946 but slightly less than forecasts of a 3.6% drop. It follows a 2.2% growth in 2019. The outlook for 2021 seems brighter than it was some months ago as vaccination rollout began although at a slower than expected pace and as the new Biden administration unveiled a $1.9 trillion stimulus plan. However, doubts remain whether Congress will pass the bill and how long it will take for Americans to start receiving checks.
2021-01-28
US GDP Growth to Slow to 4% in Q4
The US GDP likely grew an annualized 4% on quarter in Q4 2020, slowing from a record 33.4% expansion in Q3 when the economy started to recover from the coronavirus hit, lockdowns and business closures. Considering full 2020, the economy likely contracted 3.6%, the worst performance since 1946, and following 2.2% growth in 2019. The outlook for 2021 seems brighter than it was some months ago as vaccination rollout began although at a slower than expected pace and as the new Biden administration unveiled a $1.9 trillion stimulus plan. However, doubts remain whether Congress will pass the bill and how long it will take for Americans to start receiving checks. Also, unemployment figures remain high. 140K jobs were unexpectedly cut in December and initial claims remain stubbornly high above 700K per week. On the other hand, a resilient manufacturing sector and buoyant housing market have been the main drivers of growth.
2021-01-28
US GDP Growth Revised Slightly Higher to 33.4%
The US economy expanded by an annualized 33.4% in Q3 2020, slightly higher than 33.1% in the second estimate. It is the biggest expansion ever, following a record 31.4% plunge in Q2, as the economy rebounds from the coronavirus pandemic. The upward revision primarily reflected larger increases in personal consumption expenditures and nonresidential fixed investment. However, GDP is still 3.5% below its pre-pandemic level and although coronavirus vaccination already started, the pandemic is far from controlled. The country is recording an average of around 200K new cases every day and states are tightening restrictions. Also, Congress only approved a new $892 billion aid package late in December. It includes $600 payments to most Americans, a $300-per-week unemployment benefit and $284 billion for the Paycheck Protection Program but excludes aid for states and local governments.
2020-12-22

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.