In 2023 the real gross domestic product (GDP) of the United States increased by 2.5 percent compared to 2022. This rate of annual growth indicates a return to economy normalcy after 2020 saw a dramatic decline in the GDP growth rate due to the the coronavirus (COVID-19) pandemic, and high growth in 2021.
What does GDP growth mean?
Essentially, the annual GDP of the U.S. is the monetary value of all goods and services produced within the country over a given year. On the surface, an increase in GDP therefore means that more goods and services have been produced between one period than another. In the case of annualized GDP, it is compared to the previous year. In 2023, for example, the U.S. GDP grew 2.5 percent compared to 2022.
Countries with highest GDP growth rate
Although the United States has by far the largest GDP of any country, it does not have the highest GDP growth, nor the highest GDP at purchasing power parity. In 2021, Libya had the highest growth in GDP, growing more than 177 percent compared to 2020. Furthermore, Luxembourg had the highest GDP per capita at purchasing power parity, a better measure of living standards than nominal or real GDP.
Annual growth of the real gross domestic product of the United States from 1990 to 2023
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BEA. (January 25, 2024). Annual growth of the real gross domestic product of the United States from 1990 to 2023 [Graph]. In Statista. Retrieved November 12, 2024, from https://www.statista.com/statistics/188165/annual-gdp-growth-of-the-united-states-since-1990/
BEA. "Annual growth of the real gross domestic product of the United States from 1990 to 2023." Chart. January 25, 2024. Statista. Accessed November 12, 2024. https://www.statista.com/statistics/188165/annual-gdp-growth-of-the-united-states-since-1990/
BEA. (2024). Annual growth of the real gross domestic product of the United States from 1990 to 2023. Statista. Statista Inc.. Accessed: November 12, 2024. https://www.statista.com/statistics/188165/annual-gdp-growth-of-the-united-states-since-1990/
BEA. "Annual Growth of The Real Gross Domestic Product of The United States from 1990 to 2023." Statista, Statista Inc., 25 Jan 2024, https://www.statista.com/statistics/188165/annual-gdp-growth-of-the-united-states-since-1990/
BEA, Annual growth of the real gross domestic product of the United States from 1990 to 2023 Statista, https://www.statista.com/statistics/188165/annual-gdp-growth-of-the-united-states-since-1990/ (last visited November 12, 2024)
Annual growth of the real gross domestic product of the United States from 1990 to 2023 [Graph], BEA, January 25, 2024. [Online]. Available: https://www.statista.com/statistics/188165/annual-gdp-growth-of-the-united-states-since-1990/