U.S. GDP by Year Compared to Recessions and Events

U.S. GDP by year is a good overview of economic growth in the United States. Below, find a table of the nation's gross domestic product for each year since 1929 compared to major economic events. It begins with the stock market crash of 1929 and goes through the subsequent Great Depression. It includes five wars and several serious recessions. The Bureau of Economic Analysis compiles the data.

These extreme swings in the business cycle puts today's crises in perspective.

Compare GDP by year to fiscal and monetary policies to get a complete picture of what works and what doesn't.

Keep in mind when reviewing this history that the Bureau of Economic Analysis measures GDP in two ways. Nominal GDP is total U.S. economic output for that year. Real GDP takes out the effect of inflation. The BEA uses it to calculate the GDP growth rate and GDP per capita. Experts use nominal GDP to compare GDP to the U.S. debt, which is also not adjusted for inflation. To see the debt to GDP ratio since 1929, go to National Debt by Year. 

U.S. GDP by Year Since 1929 Compared to Major Events

Year	Nominal GDP (trillions)	Real GDP (trillions)	GDP Growth Rate	Events Affecting GDP
1929	$.105	$1.057	NA	Depression began.
1930	$.092	$.967	-8.5%	Smoot-Hawley.
1931	$.077	$.905	-6.4%	Dust Bowl.
1932	$.060	$.788	-12.9%	Hoover tax hikes.
1933	$.057	$.778	-1.3%	New Deal.
1934	$.067	$.862	10.8%	U.S. debt rose.
1935	$.074	$.939	8.9%	Social Security.
1936	$.085	$1.061	12.9%	FDR tax hikes.
1937	$.093	$1.115	5.1%	Depression returned.
1938	$.087	$1.078	-3.3%	Depression ended.
1939	$.094	$1.164	8.0%	WWII. Dust Bowl ended.
1940	$.103	$1.266	8.8%	Defense increased.
1941	$.129	$1.490	17.7%	Pearl Harbor.
1942	$.166	$1.772	18.9%
1943	$.203	$2.074	17.0%	Defense spending tripled.
1944	$.225	$2.239	8.0%	Bretton Woods.
1945	$.228	$2.218	-1.0%	WWII ended. Recession.
1946	$.228	$1.961	-11.6%	Budget cuts.
1947	$.250	$1.939	-1.1%	Cold War began.
1948	$.275	$2.020	4.1%	Recession.
1949	$.273	$2.009	-0.5%	NATO. Fair Deal.
1950	$.300	$2.184	8.7%	Korean War.
1951	$.347	$2.360	8.1%
1952	$.368	$2.456	4.1%
1953	$.390	$2.571	4.7%	War ended. Recession.
1954	$.391	$2.557	-0.6%	Dow returned to 1929 high.
1955	$.426	$2.739	7.1%
1956	$.450	$2.797	2.1%
1957	$.475	$2.856	2.1%	Recession.
1958	$.482	$2.835	-0.7%	Recession ended.
1959	$.523	$3.031	6.9%	Fed raised rates.
1960	$.543	$3.109	2.6%	Recession.
1961	$.563	$3.188	2.6%	JFK's deficit spending ended recession.
1962	$.605	$3.383	6.1%
1963	$.639	$3.530	4.4%
1964	$.686	$3.734	5.8%	LBJ's Medicare, Medicaid.
1965	$.744	$3.977	6.5%
1966	$.815	$4.239	6.6%	Vietnam War.
1967	$.862	$4.355	2.7%
1968	$.943	$4.569	4.9%	Moon landing.
1969	$1.020	$4.713	3.1%	Nixon took office.
1970	$1.076	$4.722	0.2%	Recession.
1971	$1.168	$4.878	3.3%	Wage-price controls.
1972	$1.282	$5.134	5.2%	Stagflation.
1973	$1.429	$5.424	5.6%	End of gold standard.
1974	$1.549	$5.396	-0.5%	Watergate.
1975	$1.689	$5.385	-0.2%	Recession ended.
1976	$1.878	$5.675	5.4%	Fed lowered rate.
1977	$2.086	$5.937	4.6%
1978	$2.357	$6.267	5.6%	Fed raised rate to 20% to stop inflation.
1979	$2.632	$6.466	3.2%
1980	$2.863	$6.450	-0.2%	Recession.
1981	$3.211	$6.618	2.6%	Reagan tax cut.
1982	$3.345	$6.491	-1.9%	Recession ended.
1983	$3.638	$6.792	4.6%	Tax hike and defense spending.
1984	$4.041	$7.285	7.3%
1985	$4.347	$7.594	4.2%
1986	$4.590	$7.861	3.5%	Tax cut.
1987	$4.870	$8.133	3.5%	Black Monday.
1988	$5.253	$8.475	4.2%	Fed raised rates.
1989	$5.658	$8.786	3.7%	S&L Crisis.
1990	$5.980	$8.955	1.9%	Recession.
1991	$6.174	$8.948	-0.1%	Recession.
1992	$6.539	$9.267	3.6%	NAFTA drafted
1993	$6.879	$9.521	2.7%	Balanced Budget Act.
1994	$7.309	$9.905	4.0%
1995	$7.664	$10.175	2.7%	Fed raised rate.
1996	$8.100	$10.561	3.8%	Welfare reform.
1997	$8.609	$11.035	4.5%
1998	$9.089	$11.526	4.5%	LTCM crisis.
1999	$9.661	$12.066	4.7%	Repeal of Glass-Steagall.
2000	$10.285	$12.560	4.1%	Tech bubble burst.
2001	$10.622	$12.682	1.0%	9/11 attacks.
2002	$10.978	$12.909	1.8%	War on Terror.
2003	$11.511	$13.271	2.8%	Iraq War. JGTRRA.
2004	$12.275	$13.774	3.8%
2005	$13.094	$14.234	3.3%	Katrina. Bankruptcy Act.
2006	$13.856	$14.614	2.7%	Fed raised rates.
2007	$14.478	$14.874	1.8%	Bank crisis.
2008	$14.719	$14.830	-0.3%	Financial crisis.
2009	$14.419	$14.419	-2.8%	Stimulus Act.
2010	$14.964	$14.784	2.5%	ACA. Dodd-Frank.
2011	$15.518	$15.021	1.6%	Japan earthquake.
2012	$16.155	$15.355	2.2%	Fiscal cliff.
2013	$16.692	$15.612	1.7%	Sequestration.
2014	$17.428	$16.013	2.6%	QE ends.
2015	$18.121	$16.472	2.9%	TPP. Iran deal.
2016	$18.625	$16.716	1.5%	Presidential race.

Resources for Table

• BEA, National Income and Product Accounts Tables: Table 1.1.5. Nominal GDP, Table 1.1.1. GDP Growth Rate. Table 1.1.6 Real Gross Domestic Product, Adjusted for inflation using 2009 dollars.
• St. Louis Federal Reserve, GDP per Capita by Year, Adjusted for Inflation using 2009 dollars. (Updated November 24, 2015.)