The US economy grew by an annualized 2 percent in the second quarter of 2019, slightly below a preliminary estimate of 2.1 percent and following a 3.1 percent expansion in the previous three-month period, the second estimate showed. The revision primarily reflected downward revisions to state and local government spending, exports, private inventory investment, and residential investment that were partly offset by an upward revision to personal consumption expenditures (PCE). GDP Growth Rate in the United States averaged 3.21 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 1.90 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 2.00 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
2019-05-30 12:30 PM GDP Growth Rate QoQ 2nd Est Q1 3.1% 2.2% 3.1% 3.2%
2019-06-27 12:30 PM GDP Growth Rate QoQ Final Q1 3.1% 2.2% 3.1% 3.1%
2019-07-26 12:30 PM GDP Growth Rate QoQ Adv Q2 2.1% 3.1% 1.8% 1.7%
2019-08-29 12:30 PM GDP Growth Rate QoQ 2nd Est Q2 2% 3.1% 2% 2.1%
2019-09-26 12:30 PM GDP Growth Rate QoQ Final Q2 3.1% 2% 2%
2019-10-30 12:30 PM GDP Growth Rate QoQ Adv Q3 1.9%
2019-11-27 01:30 PM GDP Growth Rate QoQ 2nd Est Q3 1.9%



US Q2 GDP Growth Revised Lower

The US economy grew by an annualized 2 percent in the second quarter of 2019, slightly below a preliminary estimate of 2.1 percent and following a 3.1 percent expansion in the previous three-month period, the second estimate showed. The revision primarily reflected downward revisions to state and local government spending, exports, private inventory investment, and residential investment that were partly offset by an upward revision to personal consumption expenditures (PCE).

Positive contributions came from PCE (3.10 percentage points vs preliminary 2.85 percentage points), federal government spending (0.52 pp vs 0.51 pp), and state and local government spending (0.25 pp vs 0.35 pp). These were partly offset by negative contributions from private inventory investment (-0.91 pp vs -0.86 pp), exports (-0.71 pp vs -0.63 pp), residential fixed investment (-0.11 pp vs -0.06 pp), and nonresidential fixed investment (-0.09 pp vs -0.08 pp). Imports, which are a subtraction in the calculation of GDP, increased, posting a negative contribution of 0.01 percentage points.

Personal consumption expenditures (PCE) jumped 4.7 percent in the second quarter, the most since the fourth quarter of 2014, mainly boosted by consumption of goods (8.8 percent vs 1.5 percent in Q1), in particular durable goods (13.0 percent vs 0.3 percent). Also, services consumption growth accelerated to 2.8 percent from 1.0 percent. Federal government spending climbed 8.1 percent (vs 2.2 percent in Q1) and state and local government spending rose 2.3 percent (vs 3.3 percent in Q1).

By contrast, exports plunged 5.8 percent in the second quarter, after a 4.1 percent increase in Q1, due to lower sales of both goods (-5.6 percent vs 4.6 percent) and services (-6.3 percent vs 3.3 percent). On the other hand, imports edged 0.1 percent higher led by purchases of goods (0.3 percent vs -2.8 percent).

Business investment declined for the first time in three years by 0.6 percent, compared to a 4.4 percent advance in the previous three-month period, dragged by a contraction in structures investment (-9.4 percent vs 4.0 percent), which includes oil and gas well drilling. Meanwhile, investment in intellectual property products continued to rise solidly (3.7 percent vs 10.8 percent), and that in equipment rebounded (0.7 percent vs -0.1 percent).

Residential investment shrank for the sixth straight period (-2.9 percent vs -1.0 percent), the first such instance since the financial crisis.


BEA | Joana Ferreira | joana.ferreira@tradingeconomics.com
8/29/2019 12:52:11 PM



United States GDP Last Previous Highest Lowest Unit
GDP Growth Rate 2.00 3.10 16.70 -10.00 percent [+]
GDP Annual Growth Rate 2.30 2.70 13.40 -3.90 percent [+]
GDP 20494.10 19485.39 20494.10 543.30 USD Billion [+]
GDP Constant Prices 19023.02 18927.28 19023.02 2184.87 USD Billion [+]
Gross National Product 19324.33 19173.57 19324.33 2199.23 USD Billion [+]
Gross Fixed Capital Formation 3339.90 3349.44 3349.44 1215.60 USD Billion [+]
GDP per capita 54541.70 53356.20 54541.70 17550.60 USD [+]
GDP per capita PPP 55681.05 54470.80 55681.05 36284.58 USD [+]
GDP From Agriculture 212.40 213.70 236.10 168.40 USD Billion [+]
GDP From Construction 642.80 642.70 794.50 531.70 USD Billion [+]
GDP From Manufacturing 2178.20 2154.90 2178.20 1798.60 USD Billion [+]
GDP From Mining 494.00 465.80 494.00 241.80 USD Billion [+]
GDP From Public Administration 2173.60 2179.80 2188.00 2089.50 USD Billion [+]
GDP From Services 12995.40 12887.20 12995.40 9734.70 USD Billion [+]
GDP From Transport 542.40 543.50 545.70 429.60 USD Billion [+]
GDP From Utilities 282.40 281.30 291.30 217.20 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 September of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
2.00 3.10 16.70 -10.00 1947 - 2019 percent Quarterly




Country Last Previous
Indonesia 4.20 Jun/19
South Africa 3.10 Jun/19
United States 2.00 Jun/19
China 1.60 Jun/19
Turkey 1.20 Jun/19
India 1.00 Jun/19
South Korea 1.00 Jun/19
Canada 0.90 Jun/19
Australia 0.50 Jun/19
Netherlands 0.50 Jun/19
Spain 0.50 Jun/19
Brazil 0.40 Jun/19
France 0.30 Jun/19
Japan 0.30 Jun/19
Switzerland 0.30 Jun/19
Euro Area 0.20 Jun/19
Italy 0.00 Jun/19
Mexico 0.00 Jun/19
Saudi Arabia 0.00 Mar/19
Germany -0.10 Jun/19
United Kingdom -0.20 Jun/19
Argentina -0.30 Jun/19
Russia -0.40 Mar/19
Singapore -3.30 Jun/19


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