The US economy grew at an annualized rate of 2.1% in the second quarter of 2023, compared to the preliminary figure of 2.4% and the first quarter's expansion of 2.0%. Downward revisions to both private inventory investment and nonresidential fixed investment were partially offset by an upward revision to state and local government spending. Growth rates eased for both consumer spending (1.7% vs 4.2% in Q1) and government consumption (3.3% vs 5.0%), while nonresidential fixed investment saw the most significant increase in almost a year (6.1% vs 0.6%). Meanwhile, exports experienced the largest decline since the aftermath of the COVID-19 outbreak in Q2 2020 (-10.6% vs 7.8% in Q1), and residential fixed investment slumped for the ninth consecutive period (-3.6% vs -4.0%). Additionally, private inventory investment had a negative contribution to the GDP. GDP Growth Rate in the United States averaged 3.17 percent from 1947 until 2023, reaching an all time high of 35.30 percent in the third quarter of 2020 and a record low of -29.90 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.
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