What Is US GDP (Gross Domestic Product) Growth Rate?

US GDP (Gross Domestic Product) Growth Rate is the change rate of the US GDP. It is collected and reported quarterly by US Bureau of Economic Analysis (BEA).

There are 4 main variations of GDP Growth Rates depending on how it is calculated:

QoQ (Quarter over Quarter) GDP Growth Rate - The change rate of one quarter GDP from a quarter ago, calculated as: ( (This Quarter GDP) - (Last Quarter GDP)) / (Last Quarter GDP). For example:

2024 Q3 GDP: 23400.294 billion
2024 Q2 GDP: 23223.906 billion

2024 Q3 GDP Growth Rate (QoQ): 
  (23400.294 - 23223.906) / 23223.906 = 0.007595104802783936 = 0.76%

Annualized-QoQ GDP Growth Rate - The change rate of one quarter GDP from a quarter ago and annualized, calculated as: (1 + (QoQ GDP Growth Rate))**4 - 1. For example:

2024 Q3 GDP: 23400.294 billion
2024 Q2 GDP: 23223.906 billion
2024 Q3 GDP Growth Rate (QoQ): 0.007595104802783936

2024 Q3 GDP Growth Rate (Annualized-QoQ): 
  (1+0.007595104802783936)**4 - 1.0 = 0.030728288753784083 = 3.1%

YoY (Year over Year) GDP Annual Growth Rate - The change rate of one quarter GDP from a year ago same quarter, calculated as: ( (This Quarter GDP) - (Year-Ago GDP)) / (Year-Ago GDP). For example:

2024 Q3 GDP: 23400.294 billion
2023 Q3 GDP: 22780.933 billion

2024 Q3 GDP Growth Rate (YoY): 
  (23400.294 - 22780.933) / 22780.933 = 0.02718769244437885 = 2.7%

Full Year GDP Annual Growth Rate - The Full Year GDP change rate from a year ago, calculated as: ( (This Year GDP) - (Last Year GDP)) / (Last Year GDP). For example:

2023 GDP: 22671.096 Billions of Chained 2017 Dollars
2022 GDP: 22034.828 Billions of Chained 2017 Dollars

2023 GDP Growth Rate (Full Year): 
  (22671.096 - 22034.828) / 22034.828 = 0.02887556009059839 = 2.9%

Because of 3 rounds of GDP estimates, 2 GDP calculation methods, and 4 growth rate variations, there are many different GDP Growth Rates reports on the Internet. Here are some examples.

1. bea.gov Website - It shows the latest estimate of the most referenced GDP Growth Rate, which is calculated as the Annualized QoQ, Constant-Dollar, Seasonally Adjusted GDP Growth Rate:

Q3 2024 (3rd)   +3.1%

Read new releases from bea.gov, you can find more more GDP numbers:

Real GDP Growth Rate:           3.1% for 2024 Q3
Current-dollar GDP Growth Rate: 5.0% for 2024 Q3
Current-Dollar GDP 2024 Q3:     $29.374 trillion 

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

Gross Domestic Product
  Billions of Dollars, Quarterly, Seasonally Adjusted Annual Rate
  Billions of Dollars, Annual, Not Seasonally Adjusted
  Percent Change from Preceding Period, Quarterly, Seasonally Adjusted Annual Rate
  Millions of Dollars, Quarterly, Not Seasonally Adjusted
  Percent Change from Preceding Period, Annual, Not Seasonally Adjusted
  Index 2017=100, Quarterly, Not Seasonally Adjusted
 
Real Gross Domestic Product
  Billions of Chained 2017 Dollars, Quarterly, Seasonally Adjusted Annual Rate
  Percent Change from Preceding Period, Quarterly, Seasonally Adjusted Annual Rate
  Billions of Chained 2017 Dollars, Annual, Not Seasonally Adjusted
  Percent Change from Quarter One Year Ago, Quarterly, Seasonally Adjusted
  Percent Change from Preceding Period, Annual, Not Seasonally Adjusted
  Billions of Chained 2017 Dollars, Quarterly, Not Seasonally Adjusted
  Percent Change from Quarter One Year Ago, Quarterly, Not Seasonally Adjusted
  Index 2017=100, Quarterly, Not Seasonally Adjusted

GDP numbers provided in the "Billions of Dollars, Quarterly, Seasonally Adjusted Annual Rate" can be used to calculate the Current-Dollar, Seasonally Adjusted, YoY GDP Growth Rate:

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

YoY GDP Growth Rate for 2024 Q3 - Current-Dollar, Seasonally Adjusted:
  (29374.914 - 27968.697) / 27968.697 = 0.05027824499654026 = 5.0%

GDP numbers provided in the "Billions of Chained 2017 Dollars, Quarterly, Seasonally Adjusted Annual Rate" can be used to calculate the Constant-Dollar, Seasonally Adjusted, Annualized-QoQ GDP Growth Rate, which is the most referenced GDP Growth Rate:

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

QoQ GDP Growth Rate for 2024 Q3 - Constant-Dollar, Seasonally Adjusted:
  (23400.294 - 23223.906) / 23223.906 = 0.007595104802783936 = 0.76%

Annualized QoQ GDP Growth Rate for 2024 Q3 - Constant-Dollar, Seasonally Adjusted:
  (1 + (Quarterly Rate))**4 - 1 
    = (1+0.007595104802783936)**4 - 1.0 = 0.030728288753784083 = 3.1%

GDP numbers provided in the "Billions of Chained 2017 Dollars, Quarterly, Seasonally Adjusted Annual Rate" can also be used to calculate the Constant-Dollar, Seasonally Adjusted, YoY GDP Growth Rate:

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

YoY GDP Growth Rate for 2024 Q3 - Constant-Dollar, Seasonally Adjusted:
  (23400.294 - 22780.933) / 22780.933 = 0.02718769244437885 = 2.7%

GDP numbers provided in the "Billions of Chained 2017 Dollars, Annual, Not Seasonally Adjusted" can be used to calculate the Constant-Dollar, Full-Year GDP Growth Rate,

      2023         2022 
22,671.096   22,034.828

Full-Year GDP Growth Rate for 2023 - Constant-Dollar:
  (22671.096 - 22034.828) / 22034.828 = 0.02887556009059839 = 2.9%

3. tradingeconomics.com Website - It shows the Annualized QoQ, Constant-Dollar, Seasonally Adjusted GDP Growth Rate and other variations:

                        Last Prev.    Unit  Period Note
                       ----- ----- ------- ------- ----
Full Year GDP Growth    2.90  2.50 percent    2023 Full-Year, Constant-Dollar 
GDP Annual Growth Rate  2.70  3.00 percent Q3 2024 YoY, Constant-Dollar, Seasonally Adjusted
GDP Growth Rate         3.10  3.00 percent Q3 2024 Annualized QoQ, Constant-Dollar, Seasonally Adjusted

⇒ Historical Values of Nominal GDP YoY Growth Rates

⇐ Historical Values of Real GDP

⇑ Introduction to US GDP (Gross Domestic Product)

⇑⇑ Interest Rates