What Was the U.S. GDP Then?
Gross Domestic Product (GDP) is the market value of all final goods and services produced within a country during a given time period. There are two measures of GDP:
- Nominal GDP is the value of production at current market prices, here measured in millions of US Dollars.
- Real GDP is the value of production using a given base year prices, here presented at constant (2012) market prices measured in millions of US Dollars.
The GDP Deflator is the price index used to measure changes in the overall level of prices for the goods and services that make up GDP. It is simply 100 times the ratio of nominal to real GDP.
GDP per capita is calculated by dividing either nominal or real GDP for a given year by the population in that year. These numbers can be thought of as the average share of output per person.
The series presented here are from two sources. From 1929 to the present they are from the U.S. Bureau of Economic Analysis. The Bureau of Economics (BEA) has a brief titled The Making of GDP that helps explain what they do.
There are four vintages of annual estimates—early annual, first annual, second annual, and third annual estimates released by the BEA each year. We only update this annual series with the third estimate that this year was released on July 29th. Those data are what is used now. An excellent essay explaining the revisions can be found at The Revisions to Gross Domestic Product, Gross Domestic Income, and Their Major Components.
These series are linked to data from 1790 to 1929 that are constructed by Louis Johnston and Samuel H.Williamson. As many researchers have used previous versions of these series and may have cited this source in their work, we provide a link to that series here.
For information about the data presented here, see "Sources and Techniques Used in the Construction of Annual GDP, 1790 - Present."
Louis Johnston and Samuel H. Williamson, "What Was the U.S. GDP Then?" MeasuringWorth,