Figure A
Aggregate demand not excessive relative to pre-pandemic capacity: Actual and potential GDP in $billions, 2017–present
| Year | Potential | Actual |
|---|---|---|
| 2017Q1 | $18,209.5 | $17,896.6 |
| 2017Q2 | $18,284.5 | $17,996.8 |
| 2017Q3 | $18,362.1 | $18,126.2 |
| 2017Q4 | $18,441.6 | $18,296.7 |
| 2018Q1 | $18,523.9 | $18,436.3 |
| 2018Q2 | $18,609.6 | $18,590.0 |
| 2018Q3 | $18,698.1 | $18,679.6 |
| 2018Q4 | $18,787.9 | $18,721.3 |
| 2019Q1 | $18,879.0 | $18,833.2 |
| 2019Q2 | $18,971.4 | $18,982.5 |
| 2019Q3 | $19,064.1 | $19,112.7 |
| 2019Q4 | $19,157.1 | $19,202.3 |
| 2020Q1 | $19,250.2 | $18,952.0 |
| 2020Q2 | $19,340.2 | $17,258.2 |
| 2020Q3 | $19,424.2 | $18,560.8 |
| 2020Q4 | $19,512.0 | $18,767.8 |
| 2021Q1 | $19,602.5 | $19,055.7 |
| 2021Q2 | $19,697.4 | $19,368.3 |
| 2021Q3 | $19,795.8 | $19,465.2 |
Source: Author’s analysis of Bureau of Economic Analysis (BEA) NIPA Table 1.5.6 Real Gross Domestic Product, Expanded Detail, Chained Dollars.
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