The US economy grew by an annualized 3.2 percent in the first quarter of 2019, easily beating market expectations of 2 percent and following a 2.2 percent expansion in the previous three-month period. Growth was mainly supported by personal consumption expenditures (PCE), private inventory investment, exports, state and local government spending, and nonresidential fixed investment. GDP Growth Rate in the United States averaged 3.22 percent from 1947 until 2019, reaching an all time high of 16.70 percent in the first quarter of 1950 and a record low of -10 percent in the first quarter of 1958.

GDP Growth Rate in the United States is expected to be 2.40 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 1.80 in 12 months time. In the long-term, the United States GDP Growth Rate is projected to trend around 1.90 percent in 2020, according to our econometric models.

United States GDP Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-12-21 01:30 PM GDP Growth Rate QoQ Final 3.4% 4.2% 3.5% 3.5%
2019-02-28 01:30 PM GDP Growth Rate QoQ 2.6% 3.4% 2.5% 2.5%
2019-03-28 12:30 PM GDP Growth Rate QoQ Final 2.2% 3.4% 2.4% 2.7%
2019-04-26 12:30 PM GDP Growth Rate QoQ Adv 3.2% 2.2% 2% 2%
2019-05-30 12:30 PM GDP Growth Rate QoQ 2nd Est 2.2% 3.2% 3.2%
2019-06-27 12:30 PM GDP Growth Rate QoQ Final 2.2% 3.2%
2019-07-26 12:30 PM GDP Growth Rate QoQ Adv 2.4%



US Q1 GDP Growth Beats Forecasts

The US economy grew by an annualized 3.2 percent in the first quarter of 2019, easily beating market expectations of 2 percent and following a 2.2 percent expansion in the previous three-month period.

Positive contributions came from personal consumption expenditures (0.82 percentage points), private inventory investment (0.65 percentage points), exports (0.45 percentage points), state and local government spending (0.41 percentage points), and nonresidential fixed investment (0.38 percentage points). Imports, which are a subtraction in the calculation of GDP, decreased, posting a positive contribution of 0.58 percentage points. These contributions were partly offset by a decrease in residential investment (-0.11 percentage points).

Personal consumption expenditures (PCE) advanced 1.2 percent in the first quarter, easing from a 2.5 percent increase in the previous period, mainly due to a fall in consumption of goods (-0.7 percent vs 2.6 percent in Q4), in particular durable goods (-5.3 percent vs 3.6 percent). By contrast, services consumption growth remained solid (2 percent vs 2.4 percent).

Exports jumped 3.7 percent, after a 1.8 percent rise in Q4, boosted by sales of both goods (4.7 percent vs 1.2 percent) and services (1.8 percent vs 2.7 percent). On the other hand, imports declined 3.7 percent, the largest drop since the fourth quarter of 2012, following a 2 percent climb in Q4. Purchases of goods plunged 4.4 percent (vs 0.5 percent in Q4) and imports of services fell 0.8 percent (vs 8.6 percent in Q4).

State and local spending surged 3.9 percent, the most since the first quarter of 2016, reversing a 1.3 percent drop in the fourth quarter of 2018.

Nonresidential fixed investment increased 2.7 percent, compared to a 5.4 percent advance in the previous three-month period. Investment in intellectual property products led the gains (8.6 percent vs 10.7 percent), followed by equipment (0.2 percent vs 6.6 percent). By contrast, investment in structures fell for the third straight quarter (-0.8 percent vs -3.9 percent).

Meanwhile, residential investment shrank for the fifth straight period (-2.8 percent vs -4.7 percent), the first such instance since the financial crisis.


BEA | Joana Ferreira | joana.ferreira@tradingeconomics.com
4/26/2019 1:01:55 PM


News

US GDP Growth Revised Down to 2.2%
The US economy advanced an annualized 2.2 percent on quarter in the fourth quarter of 2018, well below a 2.6 percent growth in the previous estimate and 3.4 percent in the previous period. It compares with market expectations of 2.4 percent. Personal consumption expenditure and nonresidential fixed investment rose less than expected and public spending declined. On the other hand, the drag from net trade was smaller than anticipated as exports rose more and imports increased at a softer pace. Considering full 2018, the economy advanced 2.9 percent, the most since 2015, and above 2.2 percent in 2017.
Published on 2019-03-28

US GDP Growth Slows Less Than Expected
The US economy advanced an annualized 2.6 percent on quarter in the fourth quarter of 2018, beating market expectations of a 2.4 percent growth, the initial estimate showed. Fixed investment rose faster, consumer spending remained robust and the drag from net trade was smaller. Considering full 2018, the economy advanced 2.9 percent, above 2.2 percent in 2017 and the highest growth rate since 2015.
Published on 2019-02-28

US GDP Growth Revised Down to 3.4% in Q3
The US economy advanced an annualized 3.4 percent on quarter in the third quarter of 2018, slightly below earlier estimates of a 3.5 percent growth, final figures showed. It follows a 4.2 percent expansion in the previous period which was the highest since the third quarter of 2014. Personal spending was revised slightly lower and net trade dragged down more on growth than initially estimated while inventory accumulation was higher than expected.
Published on 2018-12-21

US GDP Growth Confirmed at 3.5% in Q3
The US economy advanced an annualized 3.5 percent on quarter in the third quarter of 2018, in line with earlier figures, the second estimate showed. It follows a 4.2 percent growth in the previous period which was the highest since the third quarter of 2014. Upward revisions to nonresidential fixed investment and private inventory investment were offset by a downward revision to consumer spending and a higher drag from net trade.
Published on 2018-11-28



United States GDP Last Previous Highest Lowest Unit
GDP Growth Rate 3.20 2.20 16.70 -10.00 percent [+]
GDP Annual Growth Rate 3.20 3.00 13.40 -3.90 percent [+]
GDP 19390.60 18624.48 19390.60 543.30 USD Billion [+]
GDP Constant Prices 18912.33 18765.26 18912.33 2184.87 USD Billion [+]
Gross National Product 19007.61 18908.02 19007.61 2199.23 USD Billion [+]
Gross Fixed Capital Formation 3370.10 3357.50 3370.10 1215.60 USD Billion [+]
GDP per capita 53128.54 52319.20 53128.54 17036.90 USD [+]
GDP per capita PPP 54225.45 53399.40 54225.45 36543.08 USD [+]
GDP From Agriculture 213.70 212.00 236.10 168.40 USD Billion [+]
GDP From Construction 642.70 646.00 794.50 531.70 USD Billion [+]
GDP From Manufacturing 2154.90 2139.80 2154.90 1798.60 USD Billion [+]
GDP From Mining 465.80 429.80 472.80 241.80 USD Billion [+]
GDP From Public Administration 2179.80 2180.70 2188.00 2089.50 USD Billion [+]
GDP From Services 12887.20 12821.80 12887.20 9734.70 USD Billion [+]
GDP From Transport 543.50 545.70 545.70 429.60 USD Billion [+]
GDP From Utilities 281.30 280.80 291.30 217.20 USD Billion [+]


United States GDP Growth Rate

On the expenditure side, personal consumption expenditures accounts for 68 percent of total GDP out of which purchases of goods constitute 23 percent and services 45 percent. Private investment accounts for 16 percent of GDP and government consumption and investment for 18 percent. As the value of goods exported (13.5 percent) is lower than the value of goods imported (16.5 percent), net exports subtracts 3 percent from the total GDP value. 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 - actual data, historical chart and calendar of releases - was last updated on May of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
3.20 2.20 16.70 -10.00 1947 - 2019 percent Quarterly




Country Last Previous
United States 3.20 Mar/19
Singapore 2.00 Mar/19
India 1.60 Dec/18
China 1.40 Mar/19
South Africa 1.40 Dec/18
Saudi Arabia 1.07 Dec/18
Russia 0.80 Dec/18
Spain 0.70 Mar/19
Japan 0.50 Dec/18
Netherlands 0.50 Mar/19
United Kingdom 0.50 Mar/19
Euro Area 0.40 Mar/19
Germany 0.40 Mar/19
France 0.30 Mar/19
Australia 0.20 Dec/18
Italy 0.20 Mar/19
Switzerland 0.20 Dec/18
Brazil 0.10 Dec/18
Canada 0.10 Dec/18
Mexico -0.20 Mar/19
South Korea -0.30 Mar/19
Indonesia -0.52 Mar/19
Argentina -1.20 Dec/18
Turkey -2.40 Dec/18


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