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GDP is a measure of both the economic production and income. The Economist reported in August 2014 that real (inflation-adjusted) GDP growth averaged about 1.8 percentage points faster under Democrats, from Truman through Obama's first term, which ended in January 2013. [2]
Annual GDP Growth [3] Description Oct 1945– Nov 1948 37 +5.2% +1.5%: As the United States demobilized from World War II, the decline in government spending caused a brief recession in 1945 and suppressed GDP growth for several years thereafter. However, private economic activity expanded at a brisk pace throughout this period.
The economic history of the United States spans the colonial era through the 21st century. The initial settlements depended on agriculture and hunting/trapping, later adding international trade, manufacturing, and finally, services, to the point where agriculture represented less than 2% of GDP .
The US economy grew at at annualized rate of 3.3% in the fourth quarter, capping a year of more resilient economic growth than many economists expected.
English: Annualized real GDP growth rates under U.S. presidents from Eisenhower to Biden, sorted by growth rate. Data source: U.S. Bureau of Economic Analysis quarterly data through the first quarter of 2023. Democrats are in blue, Republicans are in red. The quarter in which a new president takes office is attributed to the incoming president.
The Bureau of Economic Analysis's advance estimate of first quarter US gross domestic product (GDP) showed the economy grew at an annualized pace of 1.6% during the period, missing the 2.5% growth ...
The Bureau of Economic Analysis's advance estimate of third quarter US gross domestic product (GDP) showed the economy grew at an annualized pace of 2.8% during the period, below the 2.9% growth ...
The United States has a highly developed mixed economy. [44] [45] [46] It is the world's largest economy by nominal GDP and second largest by purchasing power parity (PPP). [47]As of 2024, it has the world's sixth highest nominal GDP per capita and eighth highest GDP per capita by PPP). [10]