US GDP history · 2008
US GDP in 2008
In 2008, the US economy was worth about $14.77T and real output grew 0.11% — the 57th-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.
- 2008 GDP $14.77T nominal output
- Real growth 0.11% year over year
- GDP per capita $48,570 output per person
- vs today $28.75T in 2024
The economy in 2008
In 2008, the economy grew 0.11% in real terms, leaving total output at about $14.77T. That made it the 57th-fastest of the 64 years on record, and below the long-run average of 3.02%. The economy has grown to $28.75T by 2024 — roughly 1.9× its 2008 size in nominal terms. Spread across the population, output worked out to about $48,570 per person, against $84,534 today.
What happened in 2008
Growth stalled as the financial crisis took hold.
Real GDP the economy grew 0.11% in 2008, down from 2.00% in 2007. That made it the 57th-fastest of the 64 years on record — a year of expansion — and below the long-run average of 3.02%.
How 2008 compared
Across the full 1960–2024 record, real growth has averaged about 3.02%, so 2008 ran below that long-run norm. Within the 2000s, growth averaged roughly 1.92%, and 2008 sat below its own decade. Five years earlier, in 2003, the economy grew 2.80%. The following year, 2009, growth slowed to -2.58%.
Growth and prices are two sides of the same economy. See what inflation did in 2008 to round out the picture.
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 2008 — FAQ
What was US GDP in 2008?
US nominal GDP was about $14.77T in 2008 ($14,769,857,911,000). Real output the economy grew 0.11% over the year, and GDP per capita was about $48,570.
Did the US economy grow or shrink in 2008?
It grew: real GDP rose 0.11% in 2008 — the 57th-fastest of the 64 years on record, below the long-run average of 3.02%. That was down 1.89 points from 2.00% the year before.
What was US GDP per capita in 2008?
GDP per capita — total output divided by population — was about $48,570 in 2008, versus $84,534 in 2024.
How does 2008 GDP compare to today?
The US economy was worth about $14.77T in 2008, against $28.75T in 2024 — roughly 1.9× larger today in nominal terms.
Why did the economy grew the way it did in 2008?
Growth stalled as the financial crisis took hold.
