Real Gross domestic product is an inflation-adjusted measure that reflects the value of all goods and services produced in a given year, expressed in base-year prices.
Real GDP in the U.S.
The real GDP of the U.S. has increased from 8.96 trillion U.S. dollars (2009 chained) in 1990 to 17.09 trillion U.S. dollars in 2017. Similarly to some other countries, the United States has experienced a steady growth in GDP over the last few years. India experienced a 7.1 percent growth from 2015 to 2016 while China’s GDP grew by 6.7 percent in the same period. One of the defining qualities of the United States’ economy is its diversity and advanced technological advancements. Industries such as finance, real estate, health care, and business and education services are large contributors to the economy, while the manufacturing sector accounts for about 12 percent of the country’s wealth.
The GDP generated by each state can also vary widely based on principal industries and production. In 2016, California had one of the highest GDP’s in the United States, reaching 2.6 trillion U.S. dollars, comparatively; Vermont generated a GDP of 31.09 billion U.S. dollars in 2016. Nonfarm business sector, which is prominent in some U.S. states like California, had a recent 3.8 percent growth in the country. However, over the past months in the last year, Americans have had a net negative view of the economy based on the Economic Confidence Index.