On January 31, 2025 usgovernmentspending.com updated its GDP series with the latest data from the Bureau of Economic Analysis, under "Supplemental Information & Additional Data" including nominal US GDP for third quarter 2024 of $29.375 trillion and real US GDP for third quarter 2024 of $23.400 trillion in 2017 dollars. Real GDP is now expressed in 2017 dollars.
Up to now, usgovernmentspending.com has shown GDP for calendar years. But the OMB forecast for US GDP in Table 10.1 - Gross Domestic Product and Deflators Used in the Historical Tables uses GDP for the US federal government's fiscal year that ends every year on September 30. So we have changed GDP to the US fiscal year.
Thus GDP, real and nominal, looks like this:
- US GDP source from 1790 to 1928 is calendar GDP from measuringworth.com.
- US GDP source from 1929 to 1946 is calendar GDP from the Bureau of Economic Analysis, under "Supplemental Information and Data"
- US GDP source from 1947 to the present is third quarter GDP from the Bureau of Economic Analysis, under "Supplemental Information and Data."
usgovernmentspending.com computes inflation rate as:
((This Year GDP - Last Year GDP)/Last Year GDP - (This Year Real GDP - Last Year Real GDP)/Last Year Real GDP)*100.
