The US economy contracted an annualized 0.6% on quarter in Q2 2022, less than a 0.9% fall in the advance estimate, due to upward revisions to consumer spending and inventories. Still, the economy technically entered a recession, following a 1.6% drop in Q1. PCE grew 1.5%, higher than 1% in the advance estimate, led by food services and accommodations while spending on goods went down 2.4% (vs -4.4% in the advance estimate), namely food and beverages. Also, private inventory investment was revised higher though remained a drag mainly due to retail trade. Also, net trade made a positive contribution for the first time in 2 years, as exports jumped 17.6% (vs 18%), led by industrial supplies, materials and travel while imports were up 2.8% (vs 3.1%). Meanwhile, residential investment sank 16.2% (vs -14% in the advance estimate), mainly due to real estate brokers' commissions. Investment also fell for structures (-13.2% vs -11.7%) and equipment (-2.7%, the same as in the advance estimate). source: U.S. Bureau of Economic Analysis

GDP Growth Rate in the United States averaged 3.17 percent from 1947 until 2022, reaching an all time high of 33.80 percent in the third quarter of 2020 and a record low of -31.20 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 September of 2022.

GDP Growth Rate in the United States is expected to be 2.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United States GDP Growth Rate is projected to trend around 2.50 percent in 2023 and 1.90 percent in 2024, according to our econometric models.

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United States GDP Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-07-28 12:30 PM QoQ Adv Q2 -0.9% -1.6% 0.5% 0.6%
2022-08-25 12:30 PM QoQ 2nd Est Q2 -0.6% -1.6% -0.8% -0.9%
2022-09-29 12:30 PM QoQ Final Q2 -1.6% -0.6%


Related Last Previous Unit Reference
GDP Growth Rate -0.60 -1.60 percent Jun 2022
GDP Annual Growth Rate 1.70 3.50 percent Jun 2022
Government Spending 3318.98 3334.31 USD Billion Jun 2022
GDP Constant Prices 19699.50 19727.90 USD Billion Jun 2022
Gross National Product 19927.51 19944.20 USD Billion Jun 2022
Gross Fixed Capital Formation 3631.81 3673.89 USD Billion Jun 2022
Changes in Inventories 83.90 188.50 USD Billion Jun 2022
Real Consumer Spending 1.50 1.80 percent Jun 2022
GDP Sales QoQ 1.30 -1.20 percent Jun 2022
Full Year GDP Growth 5.70 -3.40 percent Dec 2021
GDP from Utilities 281.90 271.60 USD Billion Mar 2022
GDP from Transport 504.10 515.80 USD Billion Mar 2022
GDP from Services 13758.40 13785.50 USD Billion Mar 2022
GDP from Public Administration 2257.30 2246.40 USD Billion Mar 2022
GDP from Mining 392.00 419.80 USD Billion Mar 2022
GDP from Manufacturing 2333.30 2380.90 USD Billion Mar 2022
GDP from Construction 650.20 649.10 USD Billion Mar 2022
GDP from Agriculture 238.00 238.80 USD Billion Mar 2022

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.
Actual Previous Highest Lowest Dates Unit Frequency
-0.60 -1.60 33.80 -31.20 1947 - 2022 percent Quarterly
SA

News Stream
US Economy Shrinks Less than Expected
The US economy contracted an annualized 0.6% on quarter in Q2 2022, less than a 0.9% fall in the advance estimate, due to upward revisions to consumer spending and inventories. Still, the economy technically entered a recession, following a 1.6% drop in Q1. PCE grew 1.5%, higher than 1% in the advance estimate, led by food services and accommodations while spending on goods went down 2.4% (vs -4.4% in the advance estimate), namely food and beverages. Also, private inventory investment was revised higher though remained a drag mainly due to retail trade. Also, net trade made a positive contribution for the first time in 2 years, as exports jumped 17.6% (vs 18%), led by industrial supplies, materials and travel while imports were up 2.8% (vs 3.1%). Meanwhile, residential investment sank 16.2% (vs -14% in the advance estimate), mainly due to real estate brokers' commissions. Investment also fell for structures (-13.2% vs -11.7%) and equipment (-2.7%, the same as in the advance estimate).
2022-08-25
US Economy Unexpectedly Contracts in Q2
The American economy shrank an annualized 0.9% on quarter in Q2 2022, following a 1.6% drop in Q1 and technically entering a recession, the advance estimate showed. Most investors were expecting a 0.5% growth although some were betting on a negative reading. Inventories and business investment were the main drags. Inventories declined mostly at general merchandise stores as well as motor vehicle dealers. Residential investment sank 14%, structures 11.7% and equipment 2.7%. At the same time, PCE slowed and grew 1%, with spending on goods falling 4.4% and government consumption went down 1.9%, partially reflecting the sale of crude oil from the Strategic Petroleum Reserve. On the other hand, net trade made a positive contribution for the first time in two years, as exports jumped 18%, led by industrial supplies, materials and travel and imports were up 3.1%. Fed Chair Powell recently said he did not believe the US was in a recession and pointed to strength in the labour market.
2022-07-28
US Economy Seen Growing a Meagre 0.5% in Q2
The American economy is expected to have grown an annualized 0.5% on quarter in Q2 2022, following a 1.6% contraction in Q1, and barely averting a technical recession. Still, some forecasts are even pointing to a decline in economic activity including the Atlanta Fed’s GDP Now tracker, which sees a 1.2% contraction. External trade should weight positively amid a rise in exports and spending on equipment is seen higher while private spending likely slowed as high inflation and interest rates weigh on consumers' affordability. At the same time, business inventory is expected to have slowed sharply after big jumps in the previous year. Fed Chair Powell recently said he did not believe the US was in a recession and pointed to strength in the economy, including in the labour market. The American economy shrank an annualized 1.6% on quarter in Q1 2022, the first contraction since the pandemic-induced recession in 2020.
2022-07-28