On October 29, 1929, the U.S. experienced the most devastating stock market crash in it's history. The Wall Street Crash of 1929 set in motion the Great Depression, which lasted for twelve years and affected virtually all industrialized countries. In the United States, GDP fell to it's lowest recorded level of just 57 billion U.S dollars in 1933, before rising again shortly before the Second World War. After the war, GDP fluctuated, but it increased gradually until the Great Recession in 2008.
Real GDP
Real GDP allows us to compare GDP over time, by adjusting all figures for inflation. In this case, all numbers have been adjusted to the value of the US dollar in FY2012. While GDP rose every year between 1946 and 2008, when this is adjusted for inflation it can see that the real GDP dropped at least once in every decade except the 1960s and 2010s.
The Great Recession
Apart from the Great Depression, and immediately after WWII, there have been two times where both GDP and real GDP dropped together. The first was during the Great Recession, which lasted from December 2007 until June 2009 in the US, although its impact was felt for years after this. After the collapse of the financial sector in the US, the government famously bailed out some of the country's largest banking and lending institutions. Since recovery began in late 2009, US GDP has grown year-on-year, and reached 21.4 trillion dollars in 2019. The coronavirus pandemic and the associated lockdowns then saw GDP fall again, for the first time in a decade. As economic recovery from the pandemic has been compounded by supply chain issues, inflation, and rising global geopolitical instability, it remains to be seen what the future holds for the U.S. economy.
Annual Gross Domestic Product and real GDP in the United States from 1929 to 2022
(in billion U.S dollars)
Characteristic
GDP
Real GDP*
2022
25,744.1
21,822
2021
23,594
21,407.7
2020
21,323
20,234.1
2019
21,521.4
20,692.1
2018
20,656.5
20,193.9
2017
19,612.1
19,612.1
2016
18,804.9
19,141.7
2015
18,295
18,799.6
2014
17,608.1
18,261.7
2013
16,880.7
17,812.2
2012
16,254
17,442.8
2011
15,599.7
17,052.4
2010
15,049
16,789.8
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Created with Highcharts 7.2.2Billions of U.S. DollarsGDPReal GDP*19291931193319351937193919411943194519471949195119531955195719591961196319651967196919711973197519771979198119831985198719891991199319951997199920012003200520072009201120132015201720192021
05,00010,00015,00020,00025,00030,000
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BEA. (December 21, 2023). Annual Gross Domestic Product and real GDP in the United States from 1929 to 2022 (in billion U.S dollars) [Graph]. In Statista. Retrieved February 23, 2025, from https://www.statista.com/statistics/1031678/gdp-and-real-gdp-united-states-1930-2019/
BEA. "Annual Gross Domestic Product and real GDP in the United States from 1929 to 2022 (in billion U.S dollars)." Chart. December 21, 2023. Statista. Accessed February 23, 2025. https://www.statista.com/statistics/1031678/gdp-and-real-gdp-united-states-1930-2019/
BEA. (2023). Annual Gross Domestic Product and real GDP in the United States from 1929 to 2022 (in billion U.S dollars). Statista. Statista Inc.. Accessed: February 23, 2025. https://www.statista.com/statistics/1031678/gdp-and-real-gdp-united-states-1930-2019/
BEA. "Annual Gross Domestic Product and Real Gdp in The United States from 1929 to 2022 (in Billion U.S Dollars)." Statista, Statista Inc., 21 Dec 2023, https://www.statista.com/statistics/1031678/gdp-and-real-gdp-united-states-1930-2019/
BEA, Annual Gross Domestic Product and real GDP in the United States from 1929 to 2022 (in billion U.S dollars) Statista, https://www.statista.com/statistics/1031678/gdp-and-real-gdp-united-states-1930-2019/ (last visited February 23, 2025)
Annual Gross Domestic Product and real GDP in the United States from 1929 to 2022 (in billion U.S dollars) [Graph], BEA, December 21, 2023. [Online]. Available: https://www.statista.com/statistics/1031678/gdp-and-real-gdp-united-states-1930-2019/
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