<P> U.S. nominal GDP was $19.5 trillion in 2017 . Annualized , nominal GDP reached $20.1 trillion in Q1 2018 , the first time it exceeded the $20 trillion level . About 70 % of U.S. GDP is personal consumption , with business investment 18 % , government 17 % ( federal , state and local but excluding transfer payments such as Social Security , which is in consumption ) and net exports a negative 3 % due to the U.S. trade deficit . Real gross domestic product , a measure of both production and income , grew by 2.3 % in 2017 , vs. 1.5 % in 2016 and 2.9 % in 2015 . Real GDP grew at a quarterly annualized rate of 2.2 % in Q1 2018 and 4.1 % in Q2 2018 under President Trump ; the Q2 rate was the best growth rate since Q3 2014 . </P>
<P> U.S. nominal GDP was $19.5 trillion in 2017 . Annualized , nominal GDP reached $20.1 trillion in Q1 2018 , the first time it exceeded the $20 trillion level . About 70 % of U.S. GDP is personal consumption , with business investment 18 % , government 17 % ( federal , state and local but excluding transfer payments such as Social Security , which is in consumption ) and net exports a negative 3 % due to the U.S. trade deficit . Real gross domestic product , a measure of both production and income , grew by 2.3 % in 2017 , vs. 1.5 % in 2016 and 2.9 % in 2015 . Real GDP grew at a quarterly annualized rate of 2.2 % in Q1 2018 and 4.1 % in Q2 2018 under President Trump ; the Q2 rate was the best growth rate since Q3 2014 . </P>
the largest component of national income in the united states is
the largest component of national income in the united states is
personal consumption
personal consumption