On October 29, 1929, the U.S. experienced the most devastating stock market crash in it's history. The Wall Street Crash of 1929 set in motion the Great Depression, which lasted for twelve years and affected virtually all industrialized countries. In the United States, GDP fell to it's lowest recorded level of just 57 billion U.S dollars in 1933, before rising again shortly before the Second World War. After the war, GDP fluctuated, but it increased gradually until the Great Recession in 2008.
Real GDP
Real GDP allows us to compare GDP over time, by adjusting all figures for inflation. In this case, all numbers have been adjusted to the value of the US dollar in FY2012. While GDP rose every year between 1946 and 2008, when this is adjusted for inflation it can see that the real GDP dropped at least once in every decade except the 1960s and 2010s.
The Great Recession
Apart from the Great Depression, and immediately after WWII, there have been two times where both GDP and real GDP dropped together. The first was during the Great Recession, which lasted from December 2007 until June 2009 in the US, although its impact was felt for years after this. After the collapse of the financial sector in the US, the government famously bailed out some of the country's largest banking and lending institutions. Since recovery began in late 2009, US GDP has grown year-on-year, and reached 21.4 trillion dollars in 2019. The coronavirus pandemic and the associated lockdowns then saw GDP fall again, for the first time in a decade. As economic recovery from the pandemic has been compounded by supply chain issues, inflation, and rising global geopolitical instability, it remains to be seen what the future holds for the U.S. economy.
Annual Gross Domestic Product and real GDP in the United States from 1929 to 2022
(in billion U.S dollars)
Characteristic
GDP
Real GDP*
2022
25,744.1
21,822
2021
23,594
21,407.7
2020
21,323
20,234.1
2019
21,521.4
20,692.1
2018
20,656.5
20,193.9
2017
19,612.1
19,612.1
2016
18,804.9
19,141.7
2015
18,295
18,799.6
2014
17,608.1
18,261.7
2013
16,880.7
17,812.2
2012
16,254
17,442.8
2011
15,599.7
17,052.4
2010
15,049
16,789.8
2009
14,478.1
16,349.1
2008
14,769.9
16,781.5
2007
14,474.2
16,762.4
2006
13,815.6
16,433.1
2005
13,039.2
15,988
2004
12,217.2
15,449.8
2003
11,456.5
14,877.3
2002
10,929.1
14,472.7
2001
10,581.9
14,230.7
2000
10,251
14,096
1999
9,631.2
13,543.8
1998
9,062.8
12,924.9
1997
8,577.6
12,370.3
1996
8,073.1
11,843.6
1995
7,639.7
11,413
1994
7,287.2
11,114.6
1993
6,858.6
10,684.2
1992
6,520.3
10,398
1991
6,158.1
10,044.2
1990
5,963.1
10,055.1
1989
5,641.6
9,869
1988
5,236.4
9,519.4
1987
4,855.2
9,137.7
1986
4,579.6
8,832.6
1985
4,339
8,537
1984
4,037.6
8,195.3
1983
3,634
7,642.3
1982
3,343.8
7,307.3
1981
3,207
7,441.5
1980
2,857.3
7,257.3
1979
2,627.3
7,276
1978
2,351.6
7,052.7
1977
2,081.8
6,682.8
1976
1,873.4
6,387.4
1975
1,684.9
6,060.9
1974
1,545.2
6,073.4
1973
1,425.4
6,106.4
1972
1,279.1
5,780
1971
1,164.9
5,491.4
1970
1,073.3
5,316.4
1969
1,017.6
5,306.6
1968
940.7
5,145.9
1967
860
4,904.9
1966
813.4
4,773.9
1965
742.3
4,478.6
1964
684.5
4,205.3
1963
637.5
3,976.1
1962
603.9
3,810.1
1961
562.2
3,590.1
1960
542.4
3,500.3
1959
521.7
3,412.4
1958
481.2
3,191.2
1957
474
3,215.1
1956
449.4
3,148.8
1955
425.5
3,083
1954
390.5
2,877.7
1953
389.2
2,894.4
1952
367.3
2,764.8
1951
346.9
2,656.3
1950
299.8
2,458.5
1949
272.5
2,261.9
1948
274.5
2,274.6
1947
249.6
2,184.6
1946
227.5
2,209.9
1945
228
2,500.1
1944
224.4
2,524.8
1943
203.1
2,338.8
1942
166
1,998.5
1941
129.3
1,681
1940
102.9
1,428.1
1939
93.4
1,312.4
1938
87.4
1,214.9
1937
93
1,256.5
1936
84.8
1,195.3
1935
74.2
1,058.8
1934
66.8
972.3
1933
57.2
877.4
1932
59.5
888.4
1931
77.4
1,020
1930
92.2
1,089.8
1929
104.6
1,191.1
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BEA. (December 21, 2023). Annual Gross Domestic Product and real GDP in the United States from 1929 to 2022 (in billion U.S dollars) [Graph]. In Statista. Retrieved October 13, 2024, from https://www.statista.com/statistics/1031678/gdp-and-real-gdp-united-states-1930-2019/
BEA. "Annual Gross Domestic Product and real GDP in the United States from 1929 to 2022 (in billion U.S dollars)." Chart. December 21, 2023. Statista. Accessed October 13, 2024. https://www.statista.com/statistics/1031678/gdp-and-real-gdp-united-states-1930-2019/
BEA. (2023). Annual Gross Domestic Product and real GDP in the United States from 1929 to 2022 (in billion U.S dollars). Statista. Statista Inc.. Accessed: October 13, 2024. https://www.statista.com/statistics/1031678/gdp-and-real-gdp-united-states-1930-2019/
BEA. "Annual Gross Domestic Product and Real Gdp in The United States from 1929 to 2022 (in Billion U.S Dollars)." Statista, Statista Inc., 21 Dec 2023, https://www.statista.com/statistics/1031678/gdp-and-real-gdp-united-states-1930-2019/
BEA, Annual Gross Domestic Product and real GDP in the United States from 1929 to 2022 (in billion U.S dollars) Statista, https://www.statista.com/statistics/1031678/gdp-and-real-gdp-united-states-1930-2019/ (last visited October 13, 2024)
Annual Gross Domestic Product and real GDP in the United States from 1929 to 2022 (in billion U.S dollars) [Graph], BEA, December 21, 2023. [Online]. Available: https://www.statista.com/statistics/1031678/gdp-and-real-gdp-united-states-1930-2019/