US GDP history · 2023
US GDP in 2023
In 2023, the US economy was worth about $27.29T and real output grew 2.89% — the 34th-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.
- 2023 GDP $27.29T nominal output
- Real growth 2.89% year over year
- GDP per capita $81,032 output per person
- vs today $28.75T in 2024
The economy in 2023
In 2023, the economy grew 2.89% in real terms, leaving total output at about $27.29T. That made it the 34th-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 1.1× its 2023 size in nominal terms. Spread across the population, output worked out to about $81,032 per person, against $84,534 today.
What happened in 2023
Real GDP the economy grew 2.89% in 2023, up from 2.51% in 2022. That made it the 34th-fastest of the 64 years on record — a year of expansion — and below the long-run average of 3.02%.
How 2023 compared
Across the full 1960–2024 record, real growth has averaged about 3.02%, so 2023 ran below that long-run norm. Within the 2020s, growth averaged roughly 2.42%, and 2023 sat above its own decade. Five years earlier, in 2018, the economy grew 2.97%. The following year, 2024, growth slowed to 2.79%.
Output and jobs move together: when GDP stalls, recessions show up in jobs too. See what unemployment did in 2023 for the labor-market side of the same story.
Growth and prices are two sides of the same economy. See what inflation did in 2023 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 2023 — FAQ
What was US GDP in 2023?
US nominal GDP was about $27.29T in 2023 ($27,292,170,793,214). Real output the economy grew 2.89% over the year, and GDP per capita was about $81,032.
Did the US economy grow or shrink in 2023?
It grew: real GDP rose 2.89% in 2023 — the 34th-fastest of the 64 years on record, below the long-run average of 3.02%. That was up 0.38 points from 2.51% the year before.
What was US GDP per capita in 2023?
GDP per capita — total output divided by population — was about $81,032 in 2023, versus $84,534 in 2024.
How does 2023 GDP compare to today?
The US economy was worth about $27.29T in 2023, against $28.75T in 2024 — roughly 1.1× larger today in nominal terms.
