The US Economy, v2018
The US economy topped $20 trillion for the first time in 2018, double the size it was in 2000. It took 18 years this time, compared to just 13 years to double between 1988 and 2000. In real terms, it took 28 years to grow 100%, up from 24 in 1966-89.
GDP expanded in real terms at the fastest pace since 2005, rising 2.9% over 2017. Interestingly, growth last year was less because of buoyant consumer demand than in recent years. Instead, capital investment, particularly non-residential construction, helped pick up the pace. Net trade was also less of a drag than previously.
GDP per capita reached $62,610 which works out to $160,681 for each of the 127.6 million households. Consumer prices rose 2.4% during the year, about the same as in 2017.
Real growth in the final quarter was 3.1% year-on-year, or 2.6% on an annualized quarterly basis. The first is the second quarter in a row of better than 3% growth, while the latter is a significant slowdown from the 3.4% recorded in July-September, and the 4.2% of April-June.
The US economy topped $20 trillion for the first time in 2018, double the size it was in 2000. It took 18 years this time, compared to just 13 years to double between 1988 and 2000. In real terms, it took 28 years to grow 100%, up from 24 in 1966-89.
GDP expanded in real terms at the fastest pace since 2005, rising 2.9% over 2017. Interestingly, growth last year was less because of buoyant consumer demand than in recent years. Instead, capital investment, particularly non-residential construction, helped pick up the pace. Net trade was also less of a drag than previously.
GDP per capita reached $62,610 which works out to $160,681 for each of the 127.6 million households. Consumer prices rose 2.4% during the year, about the same as in 2017.
Real growth in the final quarter was 3.1% year-on-year, or 2.6% on an annualized quarterly basis. The first is the second quarter in a row of better than 3% growth, while the latter is a significant slowdown from the 3.4% recorded in July-September, and the 4.2% of April-June.
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