Take a look at the GDP components for the United States in the World Economic Statistics screen (ECST) below. Which GDP component was the biggest contributor at the time that this screen was captured?

Consumer spending is the most important component of GDP, accounting for roughly two-thirds of GDP throughout the year. This indicates that consumers' spending decisions are the primary driver of the economy. When you look back in time, you will notice that you have not jumped too far. Rising consumer spending (goods and services) and private domestic investment are the main drivers of this increase, as government spending stagnates, imports outpace exports, and international trade contributes negatively overall.

The United States has the world's largest consumer market economy. Residents in the United States will spend approximately $12.5 trillion on durable and non-durable goods by 2020. That is more than $5 trillion less than the previous year. Consumer spending may not recover until 2022, and given the annual population growth of 2.5 million, the average American is spending the same amount as in 2019.

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