The US economy expanded by an annualized 33.4% in Q3 2020, slightly higher than 33.1% in the second estimate. It is the biggest expansion ever, following a record 31.4% plunge in Q2, as the economy rebounds from the coronavirus pandemic. The upward revision primarily reflected larger increases in personal consumption expenditures and nonresidential fixed investment. However, GDP is still 3.5% below its pre-pandemic level and although coronavirus vaccination already started, the pandemic is far from controlled. The country is recording an average of around 200K new cases every day and states are tightening restrictions. Also, Congress only approved a new $892 billion aid package late in December. It includes $600 payments to most Americans, a $300-per-week unemployment benefit and $284 billion for the Paycheck Protection Program but excludes aid for states and local governments. 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 33.40 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 3.40 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.