US Gross Domestic Product (GDP): Difference between revisions

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The Bureau of Economic Analysis makes monthly updates to data which typically cause minor changes for the past several years.


=== What is GDP? ===
== Recent ==


[http://amerimetrics.com/index.php?title=Glossary_of_Common_Terms#:~:text=gross%20domestic%20product-,gross%20domestic%20product,-(GDP)%20%2D%2D%20The ''Gross domestic product''], or '''GDP''', is the most widely accepted measurement of the health of a nation's economy.
=== Five Year Quarterly Real GDP ===
It is comprised of four major components:
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# consumption (C) -- represents private-consumption expenditures by households and nonprofit organizations
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# investment (I) -- refers to business expenditures by businesses and home purchases by households
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# government spending (G) -- denotes expenditures on goods and services by the government
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# net exports (NX) -- represents a nation’s exports minus its imports
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Each of the major components have sub-components, which also have sub-components, etc.  In fact, the data used to create GDP are compiled at a very granular level.  Links to additional learnings are here: [http://amerimetrics.com/index.php?title=Glossary_of_Common_Terms#:~:text=gross%20domestic%20product-,gross%20domestic%20product,-(GDP)%20%2D%2D%20The ''Gross domestic product'']


=== How do we measure GDP and changes in GDP? ===
=== Contributions to Real GDP for Past Five Quarters ===
The four components (C, I, G, and NX) can be referred to in '''nominal''' or '''real terms.'''  ''Real'' terms are nominal measurements adjusted for inflation.  This is critical for comparing growth from one year to the next ([http://amerimetrics.com/index.php?title=Glossary_of_Common_Terms#:~:text=Britannica-,YOY,-%2D%2D%20means%20year%20over '''YOY''' or '''YOY Δ''']).  For example, if GDP increased from 100 in 2020 to 110 in 2021, at first glance it looks like GDP increased by 10% YOY.  If inflation was 5% YOY, however, then ''real GDP growth'' was actually only 5%.
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The below table show's a real example (in billions of US $):
=== Annual Real GDP Since 2021 ===
{| class="wikitable"
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|-
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! style="text-align:center;" | Year !! style="text-align:center;" | Nominal GDP !! % !! style="text-align:center;" | Real GDP!! %
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|-
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| style="text-align:center;" | 2020 || style="text-align:right;" | 21,323.0 || || style="text-align:right;" | 20,234.2
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|-
| style="text-align:center;" | 2021 || style="text-align:right;" | 23,594.0 || || style="text-align:right;" | 21,407.6
|-
| style="text-align:center;" | YOY Δ || style="text-align:right;" | 2,271.0 || +10.7 || style="text-align:right;" | 1,173.4|| +5.8
|}


=== How do we interpret GDP and GDP Δ measurements? ===
=== Annual Headline and Real GDP Since 2021 ===
First, it is important to acknowledge the ''relative'' size of each of the four components:
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# C = [http://amerimetrics.com/index.php?title=Glossary_of_Common_Terms#:~:text=notate%20change.-,~,-%2D%2D%20is%20a%20symbol '''~''']68%
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# I = ~18%
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# G = ~17%
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# NX = ~-3%
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The relative sizes of these major components have been consistent for most of the past century:
=== Contributions to Real GDP for Past Five Years+ ===
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=== Annual Rates of Change of GDP Components ===


at only ''three'' of the ''four'' components are significant.
==== Consumption and Investment ====
Consumption, which is 68% of total GDP and by far the largest component, and Investment, which is 18% and similarly sized to Government (next chart) which is 17%.


=== 90 Year US GDP Table ===
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Sources:
==== Government and Exports ====
* For years 1930-2023: https://apps.bea.gov/iTable/?reqid=19&step=2&isuri=1&categories=survey&_gl=1*2cz8zx*_ga*NTY2OTg1NDg2LjE3MjYyMzUyMDM.*_ga_J4698JNNFT*MTcyNzA5ODgxNy45LjEuMTcyNzA5OTgzMS40OS4wLjA.
Government spend is 17% of GDP, and Net Export, which is Exports minus Imports accounts for the last 3%.
** For [[YOY]] 1930-2023 Table 1.1.1
** Table 1.1.5
** Table 1.1.9
* https://www.bea.gov/news/2024/gross-domestic-product-second-estimate-corporate-profits-preliminary-estimate-second


{| class="wikitable sortable"
While small in dollars, it can contribute significantly to growth or contraction of total GDP. We're going to look only at Exports, not Imports.
|-
! Year !! President !! Political Party !! 1:Gross domestic product !! 1:GDP Rank !! 2:Consumption Rank !! 7:Private Investment Rank !! 22:Govt Rank
|-
| 1930 || Hoover || Republican || -8.5 || 93 || 94 || 91 || 86
|-
| 1931 || Hoover || Republican || -6.4 || 92 || 93 || 92 || 72
|-
| 1932 || Hoover || Republican || -12.9 || 95 || 95 || 95 || 6
|-
| 1933 || Roosevelt || Democratic || -1.2 || 87 || 90 || 6 || 9
|-
| 1934 || Roosevelt || Democratic || 10.8 || 5 || 5 || 3 || 89
|-
| 1935 || Roosevelt || Democratic || 8.9 || 6 || 10 || 2 || 59
|-
| 1936 || Roosevelt || Democratic || 12.9 || 4 || 2 || 9 || 90
|-
| 1937 || Roosevelt || Democratic || 5.1 || 24 || 39 || 12 || 5
|-
| 1938 || Roosevelt || Democratic || -3.3 || 91 || 89 || 90 || 82
|-
| 1939 || Roosevelt || Democratic || 8 || 9 || 18 || 11 || 85
|-
| 1940 || Roosevelt || Democratic || 8.8 || 7 || 22 || 5 || 67
|-
| 1941 || Roosevelt || Democratic || 17.7 || 2 || 6 || 14 || 94
|-
| 1942 || Roosevelt || Democratic || 18.9 || 1 || 91 || 94 || 95
|-
| 1943 || Roosevelt || Democratic || 17 || 3 || 54 || 93 || 93
|-
| 1944 || Roosevelt || Democratic || 7.9 || 11 || 53 || 15 || 88
|-
| 1945 || Roosevelt-Truman || Democratic || -1 || 85 || 9 || 7 || 3
|-
| 1946 || Truman || Democratic || -11.6 || 94 || 1 || 1 || 1
|-
| 1947 || Truman || Democratic || -1.1 || 86 || 75 || 74 || 2
|-
| 1948 || Truman || Democratic || 4.1 || 35 || 69 || 10 || 78
|-
| 1949 || Truman || Democratic || -0.6 || 83 || 55 || 89 || 87
|-
| 1950 || Truman || Democratic || 8.7 || 8 || 7 || 4 || 24
|-
| 1951 || Truman || Democratic || 8 || 10 || 79 || 65 || 92
|-
| 1952 || Truman || Democratic || 4.1 || 36 || 46 || 83 || 91
|-
| 1953 || Eisenhower || Republican || 4.7 || 27 || 27 || 50 || 81
|-
| 1954 || Eisenhower || Republican || -0.6 || 82 || 72 || 76 || 4
|-
| 1955 || Eisenhower || Republican || 7.1 || 13 || 4 || 13 || 8
|-
| 1956 || Eisenhower || Republican || 2.1 || 66 || 51 || 68 || 23
|-
| 1957 || Eisenhower || Republican || 2.1 || 68 || 60 || 75 || 75
|-
| 1958 || Eisenhower || Republican || -0.7 || 84 || 83 || 82 || 64
|-
| 1959 || Eisenhower || Republican || 6.9 || 14 || 16 || 16 || 54
|-
| 1960 || Eisenhower || Republican || 2.6 || 58 || 57 || 62 || 29
|-
| 1961 || Kennedy || Democratic || 2.6 || 59 || 71 || 63 || 76
|-
| 1962 || Kennedy || Democratic || 6.1 || 17 || 25 || 21 || 79
|-
| 1963 || Kennedy-Johnson || Democratic || 4.4 || 32 || 31 || 42 || 50
|-
| 1964 || Johnson || Democratic || 5.8 || 18 || 12 || 38 || 53
|-
| 1965 || Johnson || Democratic || 6.5 || 16 || 8 || 20 || 62
|-
| 1966 || Johnson || Democratic || 6.6 || 15 || 15 || 32 || 84
|-
| 1967 || Johnson || Democratic || 2.7 || 55 || 47 || 73 || 83
|-
| 1968 || Johnson || Democratic || 4.9 || 25 || 13 || 48 || 65
|-
| 1969 || Nixon || Republican || 3.1 || 48 || 38 || 51 || 22
|-
| 1970 || Nixon || Republican || 0.2 || 76 || 65 || 79 || 12
|-
| 1971 || Nixon || Republican || 3.3 || 46 || 35 || 28 || 13
|-
| 1972 || Nixon || Republican || 5.3 || 23 || 11 || 25 || 17
|-
| 1973 || Nixon || Republican || 5.6 || 20 || 26 || 27 || 19
|-
| 1974 || Nixon-Ford || Republican || -0.5 || 81 || 87 || 81 || 49
|-
| 1975 || Ford || Republican || -0.2 || 79 || 68 || 87 || 48
|-
| 1976 || Ford || Republican || 5.4 || 22 || 17 || 17 || 25
|-
| 1977 || Carter || Democratic || 4.6 || 29 || 29 || 18 || 34
|-
| 1978 || Carter || Democratic || 5.5 || 21 || 28 || 23 || 57
|-
| 1979 || Carter || Democratic || 3.2 || 47 || 67 || 56 || 39
|-
| 1980 || Carter || Democratic || -0.3 || 80 || 86 || 85 || 43
|-
| 1981 || Reagan || Republican || 2.5 || 63 || 81 || 33 || 32
|-
| 1982 || Reagan || Republican || -1.8 || 88 || 80 || 86 || 42
|-
| 1983 || Reagan || Republican || 4.6 || 28 || 14 || 30 || 69
|-
| 1984 || Reagan || Republican || 7.2 || 12 || 20 || 8 || 66
|-
| 1985 || Reagan || Republican || 4.2 || 33 || 23 || 66 || 80
|-
| 1986 || Reagan || Republican || 3.5 || 45 || 32 || 64 || 77
|-
| 1987 || Reagan || Republican || 3.5 || 44 || 43 || 60 || 58
|-
| 1988 || Reagan || Republican || 4.2 || 34 || 30 || 61 || 35
|-
| 1989 || Bush || Republican || 3.7 || 41 || 48 || 55 || 56
|-
| 1990 || Bush || Republican || 1.9 || 70 || 74 || 72 || 61
|-
| 1991 || Bush || Republican || -0.1 || 78 || 84 || 80 || 33
|-
| 1992 || Bush || Republican || 3.5 || 42 || 37 || 41 || 27
|-
| 1993 || Clinton || Democratic || 2.7 || 56 || 40 || 37 || 16
|-
| 1994 || Clinton || Democratic || 4 || 38 || 33 || 22 || 21
|-
| 1995 || Clinton || Democratic || 2.7 || 57 || 52 || 57 || 26
|-
| 1996 || Clinton || Democratic || 3.8 || 40 || 42 || 35 || 31
|-
| 1997 || Clinton || Democratic || 4.4 || 31 || 36 || 24 || 37
|-
| 1998 || Clinton || Democratic || 4.5 || 30 || 21 || 29 || 51
|-
| 1999 || Clinton || Democratic || 4.8 || 26 || 19 || 36 || 63
|-
| 2000 || Clinton || Democratic || 4.1 || 37 || 24 || 44 || 40
|-
| 2001 || Bush || Republican || 1 || 75 || 64 || 78 || 70
|-
| 2002 || Bush || Republican || 1.7 || 73 || 61 || 69 || 74
|-
| 2003 || Bush || Republican || 2.8 || 53 || 45 || 54 || 47
|-
| 2004 || Bush || Republican || 3.8 || 39 || 34 || 31 || 36
|-
| 2005 || Bush || Republican || 3.5 || 43 || 41 || 45 || 30
|-
| 2006 || Bush || Republican || 2.8 || 52 || 49 || 58 || 38
|-
| 2007 || Bush || Republican || 2 || 69 || 66 || 71 || 41
|-
| 2008 || Bush || Republican || 0.1 || 77 || 85 || 84 || 52
|-
| 2009 || Obama || Democratic || -2.6 || 90 || 88 || 88 || 68
|-
| 2010 || Obama || Democratic || 2.7 || 54 || 76 || 19 || 20
|-
| 2011 || Obama || Democratic || 1.6 || 74 || 77 || 43 || 7
|-
| 2012 || Obama || Democratic || 2.3 || 65 || 82 || 26 || 11
|-
| 2013 || Obama || Democratic || 2.1 || 67 || 78 || 40 || 10
|-
| 2014 || Obama || Democratic || 2.5 || 61 || 56 || 46 || 14
|-
| 2015 || Obama || Democratic || 2.9 || 51 || 44 || 47 || 45
|-
| 2016 || Obama || Democratic || 1.8 || 72 || 62 || 67 || 46
|-
| 2017 || Trump || Republican || 2.5 || 64 || 59 || 53 || 28
|-
| 2018 || Trump || Republican || 3 || 49 || 58 || 49 || 44
|-
| 2019 || Trump || Republican || 2.5 || 60 || 73 || 59 || 71
|-
| 2020 || Trump || Republican || -2.2 || 89 || 92 || 77 || 60
|-
| 2021 || Biden || Democratic || 5.8 || 19 || 3 || 34 || 18
|-
| 2022 || Biden || Democratic || 1.9 || 71 || 63 || 52 || 15
|-
| 2023 || Biden || Democratic || 2.5 || 62 || 70 || 70 || 73
|-
| 2024 || Biden || Democratic || 3 || 50 || 50 || 39 || 55
|}


=== 40 Year GDP Chart ===
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[[File:40_year_gdp_chart.png | 800px]]
=== Annual Real GDP Since 2001 ===
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== GDP At the Industry Level ==
The following are inputs to GDP at the industry level.  While they aren't exactly "GDP" numbers, they are the details that add up to GDP; thus, I continue to use the nomenclature "GDP"
 
=== Annual Real GDP Private vs Public Sectors ===
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=== Annual Real GDP Private Sector Goods and Services ===
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<iframe width="925" height="700" frameborder="0" scrolling="no" src="https://1drv.ms/x/c/8dfedc7a762e3fd5/IQTIaoWvQt9gQaPZ98d_Af8_AfplLAPATvVuZlUjcMGh7jE?em=2&wdAllowInteractivity=False&Item=GDP_Industry_Pres_Cht%20(2)&wdInConfigurator=True&wdInConfigurator=True"></iframe>
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=== Annual Real GDP Construction, Manufacturing, and Farming ===
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<iframe width="925" height="700" frameborder="0" scrolling="no" src="https://1drv.ms/x/c/8dfedc7a762e3fd5/IQTIaoWvQt9gQaPZ98d_Af8_AfplLAPATvVuZlUjcMGh7jE?em=2&wdAllowInteractivity=False&Item=GDP_Industry_Pres_Cht%20(3)&wdInConfigurator=True&wdInConfigurator=True"></iframe>
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=== Annual Real GDP Data, Finance, Health, and Retail ===
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Latest revision as of 15:55, 2 July 2026

The Bureau of Economic Analysis makes monthly updates to data which typically cause minor changes for the past several years.

Recent

Five Year Quarterly Real GDP

Contributions to Real GDP for Past Five Quarters

Annual Real GDP Since 2021

Annual Headline and Real GDP Since 2021

Contributions to Real GDP for Past Five Years+

Annual Rates of Change of GDP Components

Consumption and Investment

Consumption, which is 68% of total GDP and by far the largest component, and Investment, which is 18% and similarly sized to Government (next chart) which is 17%.

Government and Exports

Government spend is 17% of GDP, and Net Export, which is Exports minus Imports accounts for the last 3%.

While small in dollars, it can contribute significantly to growth or contraction of total GDP. We're going to look only at Exports, not Imports.

Annual Real GDP Since 2001

GDP At the Industry Level

The following are inputs to GDP at the industry level. While they aren't exactly "GDP" numbers, they are the details that add up to GDP; thus, I continue to use the nomenclature "GDP"

Annual Real GDP Private vs Public Sectors


Annual Real GDP Private Sector Goods and Services


Annual Real GDP Construction, Manufacturing, and Farming


Annual Real GDP Data, Finance, Health, and Retail

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