Gross Domestic Product (GDP) = private consumption + gross investment + government investment + government spending + (exports – imports)
The United States has the largest economy in the world today with GDP at $20.4 trillion. The second-largest GDP is China’s at $14.1 trillion. Russia’s GDP is $1.75 trillion and Mexico’s GDP is 1.28 trillion.1
U.S. GDP by Year Since 19292
Year | GDP (trillions) | GDP Growth Rate | Major Events | |
---|---|---|---|---|
1929 | $0.105 | NA | Great Depression began | |
1930 | $0.092 | -8.5% | Smoot-Hawley | |
1931 | $0.077 | -6.4% | Dust Bowl | |
1932 | $0.060 | -12.9% | Hoover tax hikes | |
1933 | $0.057 | -1.2% | New Deal | |
1934 | $0.067 | 10.8% | Deficit Spending | |
1935 | $0.074 | 8.9% | Social Security | |
1936 | $0.085 | 12.9% | FDR tax hikes | |
1937 | $0.093 | 5.1% | Depression returned | |
1938 | $0.087 | -3.3% | Depression ended | |
1939 | $0.093 | 8.0% | WWII / Dust Bowl ended | |
1940 | $0.103 | 8.8% | Defense increased | |
1941 | $0.129 | 17.7% | Pearl Harbor | |
1942 | $0.166 | 18.9% | War | |
1943 | $0.203 | 17.0% | Defense spending tripled | |
1944 | $0.224 | 8.0% | Bretton Woods | |
1945 | $0.228 | -1.0% | WWII ended. Recession | |
1946 | $0.228 | -11.6% | Truman budget cuts | |
1947 | $0.250 | -1.1% | Cold War began | |
1948 | $0.275 | 4.1% | Recession | |
1949 | $0.273 | -0.6% | NATO / Fair Deal | |
1950 | $0.300 | 8.7% | Korean War | |
1951 | $0.347 | 8.0% | War | |
1952 | $0.367 | 4.1% | War | |
1953 | $0.389 | 4.7% | War ended / Recession | |
1954 | $0.391 | -0.6% | Dow returned to 1929 high | |
1955 | $0.426 | 7.1% | Infrastructure spending | |
1956 | $0.449 | 2.1% | Highway Act of 1956 | |
1957 | $0.474 | 2.1% | Recession | |
1958 | $0.481 | -0.7% | Recession ended | |
1959 | $0.522 | 6.9% | Fed raised rates | |
1960 | $0.542 | 2.6% | Recession | |
1961 | $0.562 | 2.6% | Deficit Spending / Recession ends | |
1962 | $0.604 | 6.1% | ||
1963 | $0.638 | 4.4% | ||
1964 | $0.685 | 5.8% | Medicare / Medicaid | |
1965 | $0.742 | 6.5% | ||
1966 | $0.813 | 6.6% | Vietnam War | |
1967 | $0.860 | 2.7% | War | |
1968 | $0.941 | 4.9% | Moon landing | |
1969 | $1.018 | 3.1% | Nixon took office | |
1970 | $1.073 | 0.2% | Recession | |
1971 | $1.165 | 3.3% | Wage-price controls | |
1972 | $1.279 | 5.3% | Stagflation | |
1973 | $1.425 | 5.6% | End of gold standard | |
1974 | $1.545 | -0.5% | Watergate | |
1975 | $1.685 | -0.2% | Recession ended | |
1976 | $1.873 | 5.4% | Fed lowered rate | |
1977 | $2.082 | 4.6% | Inflation. | |
1978 | $2.352 | 5.5% | Fed raised rate to 20% to stop inflation. | |
1979 | $2.627 | 3.2% | ||
1980 | $2.857 | -0.3% | Recession | |
1981 | $3.207 | 2.5% | Reagan tax cut | |
1982 | $3.344 | -1.8% | Recession ended | |
1983 | $3.634 | 4.6% | Tax hike and defense spending. | |
1984 | $4.038 | 7.2% | ||
1985 | $4.339 | 4.2% | Booming economy | |
1986 | $4.580 | 3.5% | Tax cut | |
1987 | $4.855 | 3.5% | Black Monday | |
1988 | $5.236 | 4.2% | Fed raised rates | |
1989 | $5.642 | 3.7% | S&L Crisis | |
1990 | $5.963 | 1.9% | Recession | |
1991 | $6.158 | -0.1% | Recession | |
1992 | $6.520 | 3.5% | NAFTA drafted | |
1993 | $6.859 | 2.8% | Balanced Budget Act | |
1994 | $7.287 | 4.0% | Bond selloff | |
1995 | $7.640 | 2.7% | Fed raised rate | |
1996 | $8.073 | 3.8% | Welfare reform | |
1997 | $8.578 | 4.4% | Asian Financial Crisis | |
1998 | $9.063 | 4.5% | LTCM crisis | |
1999 | $9.631 | 4.8% | Repeal of Glass-Steagall | |
2000 | $10.252 | 4.1% | Tech bubble burst | |
2001 | $10.582 | 1.0% | 9/11 attacks | |
2002 | $10.936 | 1.7% | War on Terror | |
2003 | $11.458 | 2.9% | Iraq War. JGTRRA | |
2004 | $12.214 | 3.8% | Presidential race | |
2005 | $13.037 | 3.5% | Katrina. Bankruptcy Act | |
2006 | $13.815 | 2.9% | Fed raised rates | |
2007 | $14.452 | 1.9% | Bank crisis | |
2008 | $14.713 | -0.1% | Financial crisis | |
2009 | $14.449 | -2.5% | Stimulus Act | |
2010 | $14.992 | 2.6% | ACA. Dodd-Frank | |
2011 | $15.543 | 1.6% | Extreme Deficit Spending | |
2012 | $16.197 | 2.2% | Extreme Deficit Spending | |
2013 | $16.785 | 1.8% | Sequestration | |
2014 | $17.522 | 2.5% | Extreme Deficit Spending | |
2015 | $18.219 | 2.9% | Extreme Deficit Spending | |
2016 | $18.707 | 1.6% | Presidential race | |
2017 | $19.485 | 2.2% | Trump Tax Act. Deregulation | |
2018 | $20.494 | 2.9% | Fed raised rates |
Where do you think we will go from here?
TBD | TBD | TBD | TBD |
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Capitol Hellway Media Company
A Free Media Company in Naples Florida
NOTES
- Source “GDP by Country 2019“
- Source “US GDP by Year Compared to Recessions and Events“