United States GDP Growth Rate

The Gross Domestic Product (GDP) in the United States contracted by a seasonally adjusted annual rate of 2.9 percent in the first quarter of 2014 over the previous quarter. GDP Growth Rate in the United States averaged 3.22 Percent from 1947 until 2014, reaching an all time high of 17.20 Percent in the first quarter of 1950 and a record low of -10.40 Percent in the first quarter of 1958. GDP Growth Rate in the United States is reported by the U.S. Bureau of Economic Analysis.

   
 
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United States GDP Growth Rate


Actual Previous Highest Lowest Dates Unit Frequency
-2.90 2.60 17.20 -10.40 1947 - 2014 Percent Quarterly
The United States has one of the most diversified and most technologically advanced economies in the world. Finance, insurance, real estate, rental, leasing, health care, social assistance, professional, business and educational services account for more than 40 percent of GDP. Retail and wholesale trade creates another 12 percent of the wealth. The government related services fuel 13 percent of GDP. Utilities, transportation and warehousing and information account for 10 percent of the GDP. Manufacturing, mining, and construction constitute 17 percent of the output. Agriculture accounts for only 1.5 percent of the GDP, yet due to use of advance technologies, the United States is a net exporter of food. This page provides - United States Economy Expands 3.2% in Q4 - actual values, historical data, forecast, chart, statistics, economic calendar and news.


US GDP Contracts More Than Expected


The United States GDP shrank at an annual rate of 2.9 percent in the first quarter of 2014, according to the third and final estimate from the Commerce Department. The figure comes much worse than a 1 percent contraction previously announced, as the increase in personal consumption was smaller than estimated, and the decline in exports was larger than anticipated.

The decrease in real GDP in the first quarter primarily reflected negative contributions from private inventory investment, exports, state and local government spending, nonresidential fixed investment, and residential fixed investment that were partly offset by a positive contribution from PCE. Imports, which are a subtraction in the calculation of GDP, increased.

The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 1.3 percent in the first quarter, the same increase as in the second estimate; this index increased 1.5 percent in the fourth quarter. Excluding food and energy prices, the price index for gross domestic purchases increased 1.3 percent in the first quarter, compared with an increase of 1.8 percent in the fourth.

Real personal consumption expenditures increased 1.0 percent in the first quarter, compared with an increase of 3.3 percent in the fourth. Durable goods increased 1.2 percent, compared with an increase of 2.8 percent. Nondurable goods decreased 0.3 percent, in contrast to an increase of 2.9 percent. Services increased 1.5 percent, compared with an increase of 3.5 percent.

Real nonresidential fixed investment decreased 1.2 percent in the first quarter, in contrast to an increase of 5.7 percent in the fourth. Nonresidential structures decreased 7.7 percent, compared with a decrease of 1.8 percent. Equipment decreased 2.8 percent, in contrast to an increase of 10.9 percent. Intellectual property products increased 6.3 percent, compared with an increase of 4.0 percent. Real residential fixed investment decreased 4.2 percent, compared with a decrease of 7.9 percent.

Real exports of goods and services decreased 8.9 percent in the first quarter, in contrast to an increase of 9.5 percent in the fourth. Real imports of goods and services increased 1.8 percent, compared with an increase of 1.5 percent.

Real federal government consumption expenditures and gross investment increased 0.6 percent in the first quarter, in contrast to a decrease of 12.8 percent in the fourth. National defense decreased 2.5 percent, compared with a decrease of 14.4 percent. Nondefense increased 5.9 percent, in contrast to a decrease of 10.0 percent. Real state and local government consumption expenditures and gross investment decreased 1.7 percent; it was unchanged in the fourth quarter.

The change in real private inventories subtracted 1.70 percentage points from the first-quarter change in real GDP, after subtracting 0.02 percentage point from the fourth-quarter change. Private businesses increased inventories $45.9 billion in the first quarter, following increases of $111.7 billion in the fourth quarter and $115.7 billion in the third.

U.S. Commerce Department | Joana Taborda | joana.taborda@tradingeconomics.com
6/25/2014 1:50:10 PM


Recent Releases

US Economy Contracts 1% in Q1
United States GDP shrank at an annual rate of 1.0 percent in the first quarter of 2014, according to the second estimate released by the Commerce Department. It is the worst performance in three years and comes lower than a preliminary estimated 0.1 percent expansion, due to a sharper fall in private inventory investment and a bigger trade deficit. Published on 2014-05-30

US Economy Stalls in Q1
United States GDP increased at an annual rate of 0.1 percent in the first quarter as exports dropped and inventories climbed at a slower pace. Published on 2014-04-30


Calendar GMT Country Event Reference Actual Previous Consensus Forecast
2014-03-27 12:30 PM United States
GDP Growth Rate QoQ Final
Q4 2013 2.6% 4.1% 2.4% 2.4%
2014-04-30 01:30 PM United States
GDP Growth Rate QoQ Adv
Q1 2014 0.1% 2.6% 1.2% 1.6%
2014-05-29 01:30 PM United States
GDP Growth Rate QoQ - 2 Est.
Q1 2014 -1.0% 2.6% -0.5% -0.2%
2014-06-25 01:30 PM United States
GDP Growth Rate QoQ Final
Q1 2014 -2.9% 2.6% -1.0% -1.0%
2014-07-30 01:30 PM United States
GDP Growth Rate QoQ Adv
Q2 2014 -2.9% 2.9% 3%


GDP Last Previous Highest Lowest Unit
GDP 16800.00 16244.60 16800.00 520.53 USD Billion [+]
GDP Growth Rate -2.90 2.60 17.20 -10.40 Percent [+]
GDP Annual Growth Rate 1.50 2.60 13.40 -4.10 Percent [+]
GDP Constant Prices 15824.20 15942.30 15942.30 2082.50 USD Billion [+]
Gross National Product 16040.80 16188.90 16188.90 2096.40 USD Billion [+]
GDP per capita 45863.02 45341.73 45863.02 15469.07 USD [+]
Gross Fixed Capital Formation 2499.90 2511.20 2700.70 1215.60 USD Billion [+]
GDP per capita PPP 45336.00 44439.00 45431.00 25748.00 USD [+]





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