United States - annual GDP 1990-2020
In 2020, the U.S. GDP decreased from the previous year to about 20.9 trillion U.S. dollars. This decrease in GDP can be attributed to the impact of the coronavirus pandemic. Gross domestic product (GDP) refers to the market value of all goods and services produced within a country. Currently, the United States is ranked first in the world GDP ranking. See, for example, the Russian GDP for comparison.
The gross domestic product (GDP) is one of the most important indicators used 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 2020, the national debts of the United States are rising steadily. The national debt of the United States amounted to 19.08 trillion U.S. dollars in 2015 and grew up to 23.29 trillion U.S. dollars in 2019.
Since 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 only continue to widen. The result of this development is that the U.S. won't be able to reduce the national debt within the coming decade.
What is GDP?
The gross domestic product (GDP) is one of the most important indicators used 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).
GDP and national debt
Although the United States had the highest Gross Domestic Product (GDP) in the world in 2020, the national debts of the United States are rising steadily. The national debt of the United States amounted to 19.08 trillion U.S. dollars in 2015 and grew up to 23.29 trillion U.S. dollars in 2019.
Since 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 only continue to widen. The result of this development is that the U.S. won't be able to reduce the national debt within the coming decade.
