The US economy expanded by an annualized 33.1% in Q3 2020, in line with the advance estimate. It is the biggest expansion ever, following a record 31.4% plunge in Q2, as the economy rebounds from the coronavirus pandemic. Upward revisions to business and housing investment, and exports were offset by downward revisions to personal and public consumption and private inventory investment. Still, personal spending was the main driver of growth, helped by checks and weekly unemployment benefits from the federal CARES Act. However, GDP is still 3.5% below its pre-pandemic level and although a coronavirus vaccine is expected to be ready soon, the pandemic is far from controlled. Also, only around half of the 22 million jobs lost were recovered so far and a new stimulus bill hasn't been approved yet. source: U.S. Bureau of Economic Analysis
GDP Growth Rate in the United States averaged 3.16 percent from 1947 until 2020, reaching an all time high of 33.10 percent in the third quarter of 2020 and a record low of -31.40 percent in the second quarter of 2020. This page provides the latest reported value for - United States GDP Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United States GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on December of 2020.
GDP Growth Rate in the United States is expected to be 3.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in the United States to stand at 2.90 in 12 months time. In the long-term, the United States GDP Growth Rate is projected to trend around 1.70 percent in 2021 and 1.90 percent in 2022, according to our econometric models.