Economy Staying Strong
January 4, 2024
After a worrisome decline in the first half of 2022 — which sparked fears of a recession — U.S. inflation-adjusted gross domestic product (real GDP) has grown steadily. The third quarter of 2023 showed the strongest growth since the post-pandemic bounceback.
Current-dollar (nominal) GDP measures the total market value of goods and services produced in the United States at current prices. By adjusting for inflation, real GDP provides a more accurate comparison over time, making its rate of change a preferred indicator of the nation’s economic health.
Quarterly change in U.S. real GDP
2021
- Q1: 5.2%
- Q2: 6.2%
- Q3: 3.3%
- Q4: 7.0%
2022
- Q1: -2.0%
- Q2: -0.6%
- Q3: 2.7%
- Q4: 2.6%
2023
- Q1: 2.2%
- Q2: 2.1%
- Q3: 4.9%
Source: U.S. Bureau of Economic Analysis, 2023 (seasonally adjusted at annual rates; Q3 2023 based on advance estimate)
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