What the US real GDP measures
Real GDP measures the quantity of goods and services the US produces, valued at the prices of a single base year (chained 2017 dollars), so price changes drop out and only changes in output remain. The figures are seasonally adjusted annual rates from the Bureau of Economic Analysis, quarterly since 1947.
How to read this chart
The long upward slope is the economy’s trend growth, about 3% a year on average since 1947 and closer to 2% in recent decades. Recessions (grey bands) show up as flat or falling stretches. The depth of a dip and the time it takes to regain the previous peak show how severe a downturn was: about three years after 2008, but roughly a year after the 2020 shock.
The latest reading in context
- At $24.61T, the latest reading is above its 5-year average of $23.19T and above its 10-year average of $21.77T.
- That is higher than 100% of all quarterly readings since Q1 1947 – near the top of its historical range.
- Direction: up 0.8% over the past quarter; up 1.4% over the past six months; up 2.1% over the past year.
- The highest value on record is $24.61T (Q3 2026, this year); the lowest is $2.17T (Q3 1947, 79 years ago).
- The full history spans 12 US recessions, shaded grey on the chart.
Why it matters
Real GDP is the broadest gauge of whether the economy is growing. Two consecutive quarterly declines are a popular rule of thumb for a recession, although official US recession dates, set by the National Bureau of Economic Research, also weigh jobs, income and spending. Growth in real GDP per person is what raises living standards over time.
What moves the US real GDP
- Growth of the labor force
- Productivity: output per hour worked
- Investment in equipment, technology and infrastructure
- Shocks such as financial crises and pandemics
- Interest rates and fiscal policy
Key moments in its history
- 1973–1975The oil-shock recession cut output by about 3%.
- 1981–1982The second leg of a double-dip recession as the Fed fought inflation.
- 2008–2009Fell about 4%, the deepest decline since the 1940s at the time; the previous peak was not regained until 2011.
- Q2 2020The sharpest drop on record, recovered within about a year.
US Real GDP data tables
Average by decade
| Decade | Average | High | Low |
|---|---|---|---|
| 2020s (so far) | $22.56T | $24.61T | $19.08T |
| 2010s | $18.58T | $20.99T | $16.58T |
| 2000s | $15.54T | $16.94T | $13.88T |
| 1990s | $11.44T | $13.83T | $9.95T |
| 1980s | $8.37T | $9.94T | $7.18T |
| 1970s | $6.22T | $7.32T | $5.30T |
| 1960s | $4.37T | $5.33T | $3.47T |
| 1950s | $2.97T | $3.44T | $2.35T |
| 1940s | $2.24T | $2.29T | $2.17T |
Last 12 quarters
| Period | Value | Change |
|---|---|---|
| Q3 2026 | $24.61T | +0.8% |
| Q2 2026 | $24.41T | +0.6% |
| Q1 2026 | $24.27T | +0.6% |
| Q4 2025 | $24.13T | +0.1% |
| Q3 2025 | $24.11T | +1.0% |
| Q2 2025 | $23.88T | +1.0% |
| Q1 2025 | $23.65T | +0.0% |
| Q4 2024 | $23.64T | +0.6% |
| Q3 2024 | $23.50T | +0.8% |
| Q2 2024 | $23.32T | +0.9% |
| Q1 2024 | $23.12T | +0.4% |
| Q4 2023 | $23.03T | +0.9% |
Quarterly values. Decade figures are averages of the quarterly values in each decade. The complete history is available as a CSV file.
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US Real GDP: questions and answers
What does “chained 2017 dollars” mean?
BEA values output at 2017 prices and links each year to the next with chain-weighted price indexes, so the series reflects changes in quantity rather than price.
Is two quarters of falling GDP a recession?
It is a common rule of thumb, not the official definition. In the US, recessions are dated by the National Bureau of Economic Research, which looks at a broad set of indicators including employment, income and spending.
How fast does real GDP usually grow?
Since 1947 it has averaged about 3% a year; since 2000 the average has been closer to 2%.
Where does the data on this chart come from?
From the U.S. Bureau of Economic Analysis. ChartWidgets downloads the series (GDPC1) from FRED, the Federal Reserve Bank of St. Louis database, and checks for new releases every day. The last update was on November 4, 2026.