US Real GDP Growth & Economic Output
Real GDP growth tells us how much the economy expanded in inflation-adjusted terms. It is the single most important aggregate measure of macroeconomic performance.
Latest GDP Readings
| Indicator | Value | Note |
|---|---|---|
| Real GDP (QoQ annualised) | 2.1 % | Above trend |
| Real GDP (YoY) | 2.3 % | Stable |
| Consumption contribution | +1.6 pp | Solid |
| Net exports contribution | −0.3 pp | Drag |
Understanding GDP Growth
Real vs. Nominal GDP
Nominal GDP is the dollar value of output. Real GDP strips out inflation — see our inflation rate page for the deflator concept.
Components of GDP
GDP = Consumption + Investment + Government + Net Exports. Consumption drives roughly two thirds of US output, so the labour market is a critical input.
GDP and Recession
Two consecutive quarters of negative real GDP growth is a common rule of thumb for recession, though the NBER uses a broader definition. See the yield curve inversion page for leading indicators or browse the chart gallery. The project methodology is summarised on About MacroStats.