What Is US GDP (Gross Domestic Product)?

US GDP (Gross Domestic Product) is the seasonal adjusted total value of goods and services produced in the United States. It is collected and reported quarterly by US Bureau of Economic Analysis (BEA).

The GDP is calculated using 2 methods by BEA:

• GDP, Nominal GDP, or Current Dollar GDP - The total value of all goods and services produced without any adjustments.
• Real GDP, Inflation-Adjusted GDP, Constant Dollar GDP - The nominal GDP adjusted for inflation.

The BEA also provides 3 rounds of GDP calculations for each quarter:

• GDP 1st Estimate or Advanced Estimate - Provided in about 1 month after the quarter ended.
• GDP 2nd Estimate or Second Estimate - Provided in about 2 months after the quarter ended.
• GDP 3rd Estimate or Final Estimate - Provided in about 3 months after the quarter ended.

You can find GDP reports on many Websites, for example:

1. bea.gov Website - It shows the latest estimate of Current Dollar GDP on the last quarter.

Current-Dollar GDP 2024 Q3:     $29.374 trillion 

2. fred.stlouisfed.org Website - It provides latest GDP reports in multiple variations:

Gross Domestic Product
  Billions of Dollars, Quarterly, Seasonally Adjusted Annual Rate
  Billions of Dollars, Annual, Not Seasonally Adjusted
  Millions of Dollars, Quarterly, Not Seasonally Adjusted
  Index 2017=100, Quarterly, Not Seasonally Adjusted
 
Real Gross Domestic Product
  Billions of Chained 2017 Dollars, Quarterly, Seasonally Adjusted Annual Rate
  Billions of Chained 2017 Dollars, Annual, Not Seasonally Adjusted
  Billions of Chained 2017 Dollars, Quarterly, Not Seasonally Adjusted
  Index 2017=100, Quarterly, Not Seasonally Adjusted

GDP numbers provided in the "Billions of Dollars, Quarterly, Seasonally Adjusted Annual Rate" gives the latest Current-Dollar Quarterly GDP numbers in Billions:

   Q3 2024      Q2 2024      Q3 2023 
29,374.914   29,016.714   27,967.697 

GDP numbers provided in the "Billions of Chained 2017 Dollars, Quarterly, Seasonally Adjusted Annual Rate" gives the latest Constant-Dollar Quarterly GDP numbers in Billions:

   Q3 2024      Q2 2024      Q3 2023 
23,400.294   23,223.906   22,780.933 

GDP numbers provided in the "Billions of Chained 2017 Dollars, Annual, Not Seasonally Adjusted" gives the latest Constant-Dollar Full-Year GDP numbers in Billions:

      2023         2022 
22,671.096   22,034.828

3. tradingeconomics.com Website - It shows the latest Constant-Dollar Quarterly GDP numbers in Billions:

 Last Prev.    Unit  Period Note
----- ----- ------- ------- ----
23400 23224 billion Q3 2024 Constant-Dollar, Seasonally Adjusted

⇒ Historical Values of Nominal GDP

⇐ Introduction to US GDP (Gross Domestic Product)

⇑ Introduction to US GDP (Gross Domestic Product)

⇑⇑ Interest Rates