National Accounts: GDP by Expenditure: Current Prices: Gross Domestic Product: Total for United States
USAGDPNQDSMEI • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6,902,532,000,000.00
Year-over-Year Change
27.54%
Date Range
1/1/1960 - 7/1/2023
Summary
This economic indicator measures the total value of all goods and services produced in the United States. GDP is a comprehensive metric used to assess the overall health and growth of the U.S. economy.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
Gross Domestic Product (GDP) represents the market value of all final goods and services produced within the United States during a specific time period. It is a widely-used measure of economic activity and a key indicator for policymakers and analysts in understanding economic trends and performance.
Methodology
GDP data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys, administrative data, and modeling.
Historical Context
GDP is a crucial metric for monitoring the state of the economy and informing economic and fiscal policy decisions.
Key Facts
- GDP reached a record high of $23.94 trillion in 2021.
- The U.S. economy contracted by 3.4% in 2020 due to the COVID-19 pandemic.
- Consumer spending accounts for over two-thirds of U.S. GDP.
FAQs
Q: What does this economic trend measure?
A: This indicator measures the total market value of all final goods and services produced within the United States over a specific time period.
Q: Why is this trend relevant for users or analysts?
A: GDP is a comprehensive metric used to assess the overall health and growth of the U.S. economy, making it a crucial indicator for policymakers, businesses, and investors.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Economic Analysis collects and calculates GDP data based on surveys, administrative data, and economic modeling.
Q: How is this trend used in economic policy?
A: GDP is a key indicator for monitoring the state of the economy and informing economic and fiscal policy decisions by the government and central bank.
Q: Are there update delays or limitations?
A: GDP data is released quarterly by the Bureau of Economic Analysis, with an initial estimate followed by two revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, National Accounts: GDP by Expenditure: Current Prices: Gross Domestic Product: Total for United States (USAGDPNQDSMEI), retrieved from FRED.