Learn · Growth
What Is Gross Domestic Product (GDP)?
Gross domestic product is the total value of all the goods and services produced in the United States. Its growth rate is the broadest measure of how the economy is doing.
How GDP is reported
The Bureau of Economic Analysis (BEA) measures GDP each quarter. The headline figure is real GDP growth, which is adjusted for inflation, expressed as an annualized rate: how fast the economy would grow over a full year if that quarter's pace continued.
Each quarter is reported three times, as an advance estimate about a month after the quarter ends, followed by second and third estimates as more data arrives.
What drives GDP
GDP adds up consumer spending, business investment, government spending and net exports (exports minus imports). Consumer spending is by far the largest part, at roughly two-thirds of the U.S. economy.
GDP and recessions
Two quarters in a row of shrinking GDP is a common rule of thumb for a recession. Officially, U.S. recessions are dated by the National Bureau of Economic Research (NBER), which looks at a wider range of data, including jobs and income.
Real GDP Growth over time
Real GDP Growth
Quarterly change, seasonally adjusted annual rate
What's driving GDP
What's Driving GDP
Contributions to real GDP growth, percentage points at an annual rate
Common questions
When is the next GDP report?
The next GDP report is scheduled for Thursday, October 29, 2026, at 8:30 AM Eastern Time.
What is the difference between real and nominal GDP?
Nominal GDP is measured in current dollars. Real GDP removes the effect of inflation, so it shows how much the economy actually produced.
Why is GDP growth annualized?
Quarterly growth is converted to an annual rate so it can be compared easily across quarters and with yearly figures.
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Source: U.S. Bureau of Economic Analysis via FRED, Federal Reserve Bank of St. Louis. For information only, not investment advice.