US GDP 2010

The United States economy grew up 2.9 percent in 2010. Real GDP in the U.S. increased due to positive contributions from inventories, exports, consumer spending, business investment, and federal government spending. The overall contributions from these areas was offset by an increase in imports.

The uptick in 2010 GDP was due to consumer spending being up 1.7% for the year, after being down the previous year, business investment up by 5.7%, including an increase in spending on equipment by more than 15% for the year.

Since residential investment decreased by only 3% in 2010, compared to 23% the previous year, this also helped the GDP numbers.

Exports were up by 11.7%. However, imports were also up by 12.6%, which offset the positive contribution of exports and reduced the overall GDP growth rate.

Although government spending was up 1% overall in 2010, this was primarily due to the federal government spending increase of 4.8%, while state and local government spending fell 1.4% for the year.

Real GDP 2010

Real GDP increased 2.9%, or $367.6 billion, in 2010. Real GDP in 2010 was $13.24 trillion.

Current-dollar GDP 2010

Current-dollar or nominal GDP increased 3.8%, or $541.4 billion, in 2010. Current-dollar GDP in 2010 was $14.66 trillion.

Current dollar consumer spending was $10.3 trillion for the year. Consumers spent $1.9 trillion for housing and utilities in 2010 and $1.68 trillion for healthcare.

Businesses spent nearly $1.4 trillion on capital investment.

Exports were $1.8 trillion for the year, while imports were $2.35 trillion.

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