What the US GDP measures
Gross domestic product is the market value of all final goods and services produced in the United States. This chart shows nominal GDP: valued at the prices of each quarter, not adjusted for inflation, and expressed as a seasonally adjusted annual rate – what the economy would produce over a full year at that quarter’s pace. The Bureau of Economic Analysis publishes an advance estimate about a month after each quarter ends and revises it in each of the next two months, with further revisions in later years.
How to read this chart
Because it includes inflation, nominal GDP almost always rises; periods of fast price growth such as the 1970s and 2021–2022 make the line climb steeply even when real output grows slowly. Declines are rare and mark serious downturns, such as 2009 and the second quarter of 2020. To separate growth from inflation, compare it with the real GDP chart; for the quarterly growth rate, see the GDP growth chart.
The latest reading in context
- At $33.01T, the latest reading is above its 5-year average of $28.94T and above its 10-year average of $25.02T.
- That is higher than 100% of all quarterly readings since Q1 1947 – near the top of its historical range.
- Direction: up 1.4% over the past quarter; up 3.5% over the past six months; up 5.9% over the past year.
- The highest value on record is $33.01T (Q3 2026, this year); the lowest is $0.24T (Q1 1947, 79 years ago).
- The full history spans 12 US recessions, shaded grey on the chart.
Why it matters
Nominal GDP is the yardstick for almost every other national figure: debt, deficits, tax revenue and government spending are usually quoted as a share of it. It also measures the size of the US economy next to other countries, and its growth sets the pace for business revenue and household incomes in dollar terms.
What moves the US GDP
- Consumer spending, about two thirds of GDP
- Business investment in equipment, software and buildings
- Government purchases
- Exports minus imports
- Inflation, which raises the dollar value of the same output
Key moments in its history
- 2009Fell for the year in the Great Recession, the first annual decline since 1949.
- Q2 2020The pandemic shutdown caused the largest quarterly drop on record.
- 2021–2022Grew at the fastest pace since the early 1980s as output recovered and inflation surged.
US GDP data tables
Average by decade
| Decade | Average | High | Low |
|---|---|---|---|
| 2020s (so far) | $27.20T | $33.01T | $19.96T |
| 2010s | $18.03T | $21.93T | $14.76T |
| 2000s | $12.60T | $14.90T | $10.00T |
| 1990s | $7.58T | $9.90T | $5.87T |
| 1980s | $4.17T | $5.75T | $2.79T |
| 1970s | $1.71T | $2.72T | $1.05T |
| 1960s | $0.74T | $1.04T | $0.54T |
| 1950s | $0.41T | $0.53T | $0.28T |
| 1940s | $0.27T | $0.28T | $0.24T |
Last 12 quarters
| Period | Value | Change |
|---|---|---|
| Q3 2026 | $33.01T | +1.4% |
| Q2 2026 | $32.56T | +2.1% |
| Q1 2026 | $31.91T | +1.4% |
| Q4 2025 | $31.46T | +0.9% |
| Q3 2025 | $31.18T | +1.8% |
| Q2 2025 | $30.63T | +1.5% |
| Q1 2025 | $30.17T | +0.8% |
| Q4 2024 | $29.93T | +1.2% |
| Q3 2024 | $29.57T | +1.1% |
| Q2 2024 | $29.23T | +1.5% |
| Q1 2024 | $28.79T | +1.2% |
| Q4 2023 | $28.46T | +1.4% |
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 GDP: questions and answers
What is the difference between nominal and real GDP?
Nominal GDP values output at the prices of the time, so it rises with inflation. Real GDP values every year’s output at the prices of one base year (currently 2017), so it changes only when the quantity of goods and services changes.
Why is GDP shown as an annual rate?
Each quarter’s seasonally adjusted output is scaled up to a full year so that quarters can be compared with annual figures. A calendar year’s GDP is the average of its four quarterly annual rates.
When is GDP released?
The Bureau of Economic Analysis publishes an advance estimate about four weeks after a quarter ends, followed by second and third estimates one and two months later.
Where does the data on this chart come from?
From the U.S. Bureau of Economic Analysis. ChartWidgets downloads the series (GDP) 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.