US GDP in 2023

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 65 years on record, and below the long-run average of 3%. The economy has grown to $30.77T by 2025 — roughly 1.1× its 2023 size in nominal terms. Spread across the population, output worked out to about $81,032 per person, against $90,027 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 65 years on record — a year of expansion — and below the long-run average of 3%.

How 2023 compared

Across the full 1960–2025 record, real growth has averaged about 3%, so 2023 ran below that long-run norm. Within the 2020s, growth averaged roughly 2.38%, 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.