US GDP history · 1973
US GDP in 1973
In 1973, the US economy was worth about $1.43T and real output grew 5.65% — the 7th-fastest of the 64 years on record. Here's where that sits in 65 years of data, the story behind it, how big the economy was versus the $28.75T of 2024, and how it compares.
- 1973 GDP $1.43T nominal output
- Real growth 5.65% year over year
- GDP per capita $6,726 output per person
- vs today $28.75T in 2024
The economy in 1973
In 1973, the economy grew 5.65% in real terms, leaving total output at about $1.43T. That made it the 7th-fastest of the 64 years on record, and above the long-run average of 3.02%. The economy has grown to $28.75T by 2024 — roughly 20.2× its 1973 size in nominal terms. Spread across the population, output worked out to about $6,726 per person, against $84,534 today.
What happened in 1973
The first oil crisis ended the long postwar boom and tipped the economy toward a deep recession.
Real GDP the economy grew 5.65% in 1973, up from 5.26% in 1972. That made it the 7th-fastest of the 64 years on record — a year of expansion — and above the long-run average of 3.02%.
How 1973 compared
Across the full 1960–2024 record, real growth has averaged about 3.02%, so 1973 ran above that long-run norm. Within the 1970s, growth averaged roughly 3.24%, and 1973 sat above its own decade. Five years earlier, in 1968, the economy grew 4.80%. The following year, 1974, growth slowed to -0.54%.
This is one year out of the whole story. For the complete history — every year since 1960, the fastest year and the deepest contraction, the decade-by-decade view, and what drives growth over time — see historical US GDP, 1960–today.
US GDP in 1973 — FAQ
What was US GDP in 1973?
US nominal GDP was about $1.43T in 1973 ($1,425,376,000,000). Real output the economy grew 5.65% over the year, and GDP per capita was about $6,726.
Did the US economy grow or shrink in 1973?
It grew: real GDP rose 5.65% in 1973 — the 7th-fastest of the 64 years on record, above the long-run average of 3.02%. That was up 0.39 points from 5.26% the year before.
What was US GDP per capita in 1973?
GDP per capita — total output divided by population — was about $6,726 in 1973, versus $84,534 in 2024.
How does 1973 GDP compare to today?
The US economy was worth about $1.43T in 1973, against $28.75T in 2024 — roughly 20.2× larger today in nominal terms.
Why did the economy grew the way it did in 1973?
The first oil crisis ended the long postwar boom and tipped the economy toward a deep recession.
