National Accounts: GDP by Expenditure: Constant Prices: Private Final Consumption Expenditure for Canada
Growth rate previous period, Annual
NAEXKP02CAA657S • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1.66
Year-over-Year Change
-12.70%
Date Range
1/1/1961 - 1/1/2024
Summary
The 'Growth rate previous period, Annual' metric tracks the year-over-year change in real GDP, a key measure of overall economic growth in the United States. This trend is widely followed by economists and policymakers to assess the health and trajectory of the national economy.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This annual growth rate reflects the percentage change in real GDP compared to the same period in the prior year. It provides a long-term perspective on economic expansion or contraction, helping to identify broader growth patterns beyond quarter-to-quarter volatility.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis based on their comprehensive national accounts.
Historical Context
This growth rate is a crucial input for macroeconomic analysis and policy decisions.
Key Facts
- Real GDP grew 2.1% in 2022 compared to 2021.
- The growth rate peaked at 6.9% in 2021 following the COVID-19 recession.
- Sustained GDP growth above 3% is generally considered healthy for the U.S. economy.
FAQs
Q: What does this economic trend measure?
A: The 'Growth rate previous period, Annual' metric tracks the year-over-year change in real GDP, a comprehensive measure of overall economic output in the United States.
Q: Why is this trend relevant for users or analysts?
A: This annual growth rate is a key indicator of the economy's health and trajectory, helping economists and policymakers assess long-term patterns of expansion or contraction.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis based on their comprehensive national accounts.
Q: How is this trend used in economic policy?
A: The GDP growth rate is a crucial input for macroeconomic analysis and policy decisions made by governments, central banks, and other economic institutions.
Q: Are there update delays or limitations?
A: There is typically a several-month lag in reporting the annual GDP growth rate, as the underlying national accounts data must be compiled and finalized.
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Citation
U.S. Federal Reserve, Growth rate previous period, Annual (NAEXKP02CAA657S), retrieved from FRED.