US GDP Growth

History of US real GDP growth
Growth rate of real gross domestic product has been, more or less, steady with minor decelerations here and there. In 2003, fiscal real growth rate of gross domestic product of US had been 2.45 percent and it went up to 3.10 percent in 2004 financial year. In fiscal 2005, this rate went further up to 4.40 percent but came down to 3.20 percent in 2006 financial year. This rate stayed same in fiscal 2007 as well. In financial year 2008 this rate slid further down to 2.20 percent.

Real US GDP decrease in third quarter of 2008
In third quarter of financial year 2008, there was a decrement in real gross domestic product of US by 0.3 percent. Much of this could be attributed to deceleration in contributions from sectors like personal consumption expenditures, equipments, residential fixed investment and software, which have traditionally contributed well to gross domestic product of US.

However, there were positive contributions from sectors like federal government expenditures, nonresidential structure, private inventory investment, local and state government expenditures and exports have been able to dilute impact of falling real gross domestic product to a certain extent.

Current GDP reports of US
Current gross domestic product reports of US show that slowdown in national economy has been more than expected. In third quarter of 2008, fiscal GDP growth has been slowed down by 0.3 percent when it was estimated that this rate would be 0.3 percent.

However, economic reports of second quarter of financial year 2008 show an entirely different picture. As per these reports US economy has grown by 1.9 percent. In this period, growth of GDP had been revised back to 2.8 percent. In first quarter of 2008 fiscal, US growth rate of gross domestic product had been 1 percent.