About This Statistic
This graph shows the development of the Gross domestic product of the United States of America from 1990 to 2016 in annual numbers. Gross domestic product (GDP) refers to the market value of all final goods and services produced within a country in a given period. The GDP increased to about 18.04 trillion U.S. dollars in 2015. According to the BEA the deceleration in real GDP in 2011 primarily reflected downturns in private inventory investment and in federal government spending and a deceleration in exports that were partly offset by a deceleration in imports and an acceleration in nonresidential fixed investment. The annual growth rate of the Real GDP can be found here. Currently, the United States is ranked first in the world GDP ranking. See, for example, the Russian GDP for comparison.
The Gross Domestic product is one of the most important indicators to analyze the health of an economy. GDP is defined by the BEA as the market value of goods and services produced by labor and property in the United States, regardless of nationality. It is the primary measure of U.S. production. The OECD defines GDP as an aggregate measure of production equal to the sum of the gross values added of all resident, institutional units engaged in production (plus any taxes, and minus any subsidies, on products not included in the value of their outputs).
Although the United States had the highest Gross Domestic Product (GDP) in the world in 2014, the national debts of the United States are rising steadily. The national debt of the United States amounted to 8,039.31 billion U.S. dollars in 2004 and grew up to 17,558.54 billion U.S. dollars in 2013.
A ranking of individual state debt in the United States shows that California is the state with the highest amount of debt in the United States, while New York was on rank 2, New York’s debt amounted to 387.47 billion U.S. dollars. Vermont, North Dakota and South Dakota are the states with the lowest amount of debt.
The U.S. government receives a part of its budget from taxpayers. According to the U.S. Census Bureau, the American government’s tax revenue was about 798.2 billion U.S. dollars in 2012.
Since year 2002, the total amounts of the receipts are lower than the amount of the outlays of the United States and the U.S. Office of Management and Budget forecast that the gap between the receipts and outlays of the United States will not close until 2019.
The result of this development is that the U.S. won't be able to reduce their national debt throughout the upcoming decade.