Accessible Version
Accessible Version
Figure 1: Real GDP and Its Pre-Crisis Trend
Panel 1: U.S. Real GDP
Quarterly
U.S. dollars, trillions
| Period | Actual GDP (red) | HP-Filtered GDP - 1947Q1:2007Q4 (black solid) | Extension of HP-Filtered GDP - using the 2007:Q4 growth rate (black dashed) | Parallel to black dashed line, but shifted down so that 2009:Q2=actual data 2009:Q2 (black solid) |
|---|---|---|---|---|
| 2000:Q1 | 12.36 | 12.20 | ND | ND |
| 2000:Q2 | 12.59 | 12.29 | ND | ND |
| 2000:Q3 | 12.61 | 12.39 | ND | ND |
| 2000:Q4 | 12.68 | 12.48 | ND | ND |
| 2001:Q1 | 12.64 | 12.57 | ND | ND |
| 2001:Q2 | 12.71 | 12.65 | ND | ND |
| 2001:Q3 | 12.67 | 12.74 | ND | ND |
| 2001:Q4 | 12.71 | 12.83 | ND | ND |
| 2002:Q1 | 12.82 | 12.91 | ND | ND |
| 2002:Q2 | 12.89 | 13.00 | ND | ND |
| 2002:Q3 | 12.96 | 13.09 | ND | ND |
| 2002:Q4 | 12.96 | 13.17 | ND | ND |
| 2003:Q1 | 13.03 | 13.26 | ND | ND |
| 2003:Q2 | 13.15 | 13.35 | ND | ND |
| 2003:Q3 | 13.37 | 13.45 | ND | ND |
| 2003:Q4 | 13.53 | 13.54 | ND | ND |
| 2004:Q1 | 13.61 | 13.63 | ND | ND |
| 2004:Q2 | 13.71 | 13.73 | ND | ND |
| 2004:Q3 | 13.83 | 13.83 | ND | ND |
| 2004:Q4 | 13.95 | 13.92 | ND | ND |
| 2005:Q1 | 14.10 | 14.02 | ND | ND |
| 2005:Q2 | 14.17 | 14.12 | ND | ND |
| 2005:Q3 | 14.29 | 14.21 | ND | ND |
| 2005:Q4 | 14.37 | 14.31 | ND | ND |
| 2006:Q1 | 14.55 | 14.40 | ND | ND |
| 2006:Q2 | 14.59 | 14.50 | ND | ND |
| 2006:Q3 | 14.60 | 14.59 | ND | ND |
| 2006:Q4 | 14.72 | 14.69 | ND | ND |
| 2007:Q1 | 14.73 | 14.78 | ND | ND |
| 2007:Q2 | 14.84 | 14.87 | ND | ND |
| 2007:Q3 | 14.94 | 14.97 | ND | ND |
| 2007:Q4 | 14.99 | 15.06 | 15.06 | ND |
| 2008:Q1 | 14.89 | ND | 15.16 | ND |
| 2008:Q2 | 14.96 | ND | 15.25 | ND |
| 2008:Q3 | 14.89 | ND | 15.35 | ND |
| 2008:Q4 | 14.58 | ND | 15.44 | ND |
| 2009:Q1 | 14.38 | ND | 15.54 | ND |
| 2009:Q2 | 14.36 | ND | 15.63 | 14.36 |
| 2009:Q3 | 14.40 | ND | 15.73 | 14.45 |
| 2009:Q4 | 14.54 | ND | 15.83 | 14.54 |
| 2010:Q1 | 14.60 | ND | 15.93 | 14.63 |
| 2010:Q2 | 14.75 | ND | 16.03 | 14.72 |
| 2010:Q3 | 14.85 | ND | 16.13 | 14.81 |
| 2010:Q4 | 14.94 | ND | 16.23 | 14.90 |
| 2011:Q1 | 14.88 | ND | 16.33 | 14.99 |
| 2011:Q2 | 14.99 | ND | 16.43 | 15.09 |
| 2011:Q3 | 15.02 | ND | 16.53 | 15.18 |
| 2011:Q4 | 15.19 | ND | 16.64 | 15.28 |
| 2012:Q1 | 15.28 | ND | 16.74 | 15.37 |
| 2012:Q2 | 15.34 | ND | 16.85 | 15.47 |
| 2012:Q3 | 15.43 | ND | 16.95 | 15.56 |
| 2012:Q4 | 15.43 | ND | 17.06 | 15.66 |
| 2013:Q1 | 15.54 | ND | 17.16 | 15.76 |
| 2013:Q2 | 15.61 | ND | 17.27 | 15.86 |
| 2013:Q3 | 15.78 | ND | 17.38 | 15.96 |
| 2013:Q4 | 15.92 | ND | 17.49 | 16.06 |
| 2014:Q1 | 15.83 | ND | 17.60 | 16.16 |
| 2014:Q2 | 16.01 | ND | 17.70 | 16.26 |
| 2014:Q3 | 16.15 | ND | 17.82 | 16.36 |
| 2014:Q4 | ND | ND | 17.93 | 16.46 |
Panel 2: U.K. Real GDP
Quarterly
U.K. pounds, trillions
| Period | Actual GDP (red) | HP-Filtered GDP - 1955Q1:2007Q4 (black solid) | Extension of HP-Filtered GDP - using the 2007:Q4 growth rate (black dashed) | Parallel to black dashed line, but shifted down so that 2009:Q2=actual data 2009:Q2 (black solid) |
|---|---|---|---|---|
| 2000:Q1 | 1.33 | 1.32 | ND | ND |
| 2000:Q2 | 1.34 | 1.33 | ND | ND |
| 2000:Q3 | 1.34 | 1.34 | ND | ND |
| 2000:Q4 | 1.35 | 1.35 | ND | ND |
| 2001:Q1 | 1.36 | 1.36 | ND | ND |
| 2001:Q2 | 1.37 | 1.37 | ND | ND |
| 2001:Q3 | 1.38 | 1.38 | ND | ND |
| 2001:Q4 | 1.39 | 1.39 | ND | ND |
| 2002:Q1 | 1.39 | 1.40 | ND | ND |
| 2002:Q2 | 1.40 | 1.41 | ND | ND |
| 2002:Q3 | 1.42 | 1.42 | ND | ND |
| 2002:Q4 | 1.43 | 1.44 | ND | ND |
| 2003:Q1 | 1.44 | 1.45 | ND | ND |
| 2003:Q2 | 1.46 | 1.46 | ND | ND |
| 2003:Q3 | 1.48 | 1.47 | ND | ND |
| 2003:Q4 | 1.50 | 1.48 | ND | ND |
| 2004:Q1 | 1.50 | 1.49 | ND | ND |
| 2004:Q2 | 1.51 | 1.50 | ND | ND |
| 2004:Q3 | 1.51 | 1.51 | ND | ND |
| 2004:Q4 | 1.51 | 1.52 | ND | ND |
| 2005:Q1 | 1.52 | 1.53 | ND | ND |
| 2005:Q2 | 1.54 | 1.55 | ND | ND |
| 2005:Q3 | 1.56 | 1.56 | ND | ND |
| 2005:Q4 | 1.58 | 1.57 | ND | ND |
| 2006:Q1 | 1.59 | 1.58 | ND | ND |
| 2006:Q2 | 1.59 | 1.59 | ND | ND |
| 2006:Q3 | 1.60 | 1.60 | ND | ND |
| 2006:Q4 | 1.61 | 1.61 | ND | ND |
| 2007:Q1 | 1.62 | 1.62 | ND | ND |
| 2007:Q2 | 1.63 | 1.63 | ND | ND |
| 2007:Q3 | 1.64 | 1.64 | ND | ND |
| 2007:Q4 | 1.65 | 1.65 | 1.65 | ND |
| 2008:Q1 | 1.66 | ND | 1.67 | ND |
| 2008:Q2 | 1.65 | ND | 1.68 | ND |
| 2008:Q3 | 1.63 | ND | 1.69 | ND |
| 2008:Q4 | 1.59 | ND | 1.70 | ND |
| 2009:Q1 | 1.56 | ND | 1.71 | ND |
| 2009:Q2 | 1.56 | ND | 1.72 | 1.56 |
| 2009:Q3 | 1.56 | ND | 1.73 | 1.57 |
| 2009:Q4 | 1.57 | ND | 1.74 | 1.58 |
| 2010:Q1 | 1.57 | ND | 1.76 | 1.59 |
| 2010:Q2 | 1.59 | ND | 1.77 | 1.60 |
| 2010:Q3 | 1.60 | ND | 1.78 | 1.61 |
| 2010:Q4 | 1.60 | ND | 1.79 | 1.62 |
| 2011:Q1 | 1.61 | ND | 1.80 | 1.63 |
| 2011:Q2 | 1.61 | ND | 1.81 | 1.64 |
| 2011:Q3 | 1.62 | ND | 1.83 | 1.65 |
| 2011:Q4 | 1.62 | ND | 1.84 | 1.66 |
| 2012:Q1 | 1.63 | ND | 1.85 | 1.67 |
| 2012:Q2 | 1.62 | ND | 1.86 | 1.69 |
| 2012:Q3 | 1.64 | ND | 1.88 | 1.70 |
| 2012:Q4 | 1.63 | ND | 1.89 | 1.71 |
| 2013:Q1 | 1.64 | ND | 1.90 | 1.72 |
| 2013:Q2 | 1.65 | ND | 1.91 | 1.73 |
| 2013:Q3 | 1.66 | ND | 1.93 | 1.74 |
| 2013:Q4 | 1.67 | ND | 1.94 | 1.75 |
| 2014:Q1 | 1.69 | ND | 1.95 | 1.77 |
| 2014:Q2 | 1.70 | ND | 1.96 | 1.78 |
| 2014:Q3 | 1.71 | ND | 1.98 | 1.79 |
| 2014:Q4 | ND | ND | 1.99 | 1.80 |
Panel 3: Euro-Area Real GDP
Quarterly
Euros, trillions
| Period | Actual GDP (red) | HP-Filtered GDP - 1995Q1:2008Q2 (black solid) | Extension of HP-Filtered GDP - using the 2008:Q2 growth rate (black dashed) | Parallel to black dashed line, but shifted down so that 2009:Q2=actual data 2009:Q2 (black solid) |
|---|---|---|---|---|
| 2000:Q1 | 8.39 | 8.29 | ND | ND |
| 2000:Q2 | 8.46 | 8.34 | ND | ND |
| 2000:Q3 | 8.50 | 8.39 | ND | ND |
| 2000:Q4 | 8.57 | 8.44 | ND | ND |
| 2001:Q1 | 8.64 | 8.49 | ND | ND |
| 2001:Q2 | 8.65 | 8.53 | ND | ND |
| 2001:Q3 | 8.66 | 8.57 | ND | ND |
| 2001:Q4 | 8.67 | 8.61 | ND | ND |
| 2002:Q1 | 8.69 | 8.65 | ND | ND |
| 2002:Q2 | 8.73 | 8.69 | ND | ND |
| 2002:Q3 | 8.76 | 8.73 | ND | ND |
| 2002:Q4 | 8.77 | 8.77 | ND | ND |
| 2003:Q1 | 8.75 | 8.80 | ND | ND |
| 2003:Q2 | 8.76 | 8.84 | ND | ND |
| 2003:Q3 | 8.80 | 8.88 | ND | ND |
| 2003:Q4 | 8.87 | 8.92 | ND | ND |
| 2004:Q1 | 8.91 | 8.96 | ND | ND |
| 2004:Q2 | 8.96 | 9.01 | ND | ND |
| 2004:Q3 | 8.99 | 9.05 | ND | ND |
| 2004:Q4 | 9.02 | 9.10 | ND | ND |
| 2005:Q1 | 9.03 | 9.14 | ND | ND |
| 2005:Q2 | 9.10 | 9.19 | ND | ND |
| 2005:Q3 | 9.16 | 9.24 | ND | ND |
| 2005:Q4 | 9.22 | 9.29 | ND | ND |
| 2006:Q1 | 9.30 | 9.35 | ND | ND |
| 2006:Q2 | 9.41 | 9.40 | ND | ND |
| 2006:Q3 | 9.47 | 9.46 | ND | ND |
| 2006:Q4 | 9.57 | 9.51 | ND | ND |
| 2007:Q1 | 9.64 | 9.57 | ND | ND |
| 2007:Q2 | 9.70 | 9.63 | ND | ND |
| 2007:Q3 | 9.75 | 9.68 | ND | ND |
| 2007:Q4 | 9.79 | 9.74 | ND | ND |
| 2008:Q1 | 9.86 | 9.80 | ND | ND |
| 2008:Q2 | 9.82 | 9.85 | 9.85 | ND |
| 2008:Q3 | 9.76 | ND | 9.91 | ND |
| 2008:Q4 | 9.59 | ND | 9.97 | ND |
| 2009:Q1 | 9.31 | ND | 10.03 | ND |
| 2009:Q2 | 9.29 | ND | 10.08 | 9.29 |
| 2009:Q3 | 9.32 | ND | 10.14 | 9.34 |
| 2009:Q4 | 9.36 | ND | 10.20 | 9.40 |
| 2010:Q1 | 9.41 | ND | 10.26 | 9.45 |
| 2010:Q2 | 9.50 | ND | 10.32 | 9.51 |
| 2010:Q3 | 9.53 | ND | 10.38 | 9.56 |
| 2010:Q4 | 9.58 | ND | 10.44 | 9.62 |
| 2011:Q1 | 9.67 | ND | 10.50 | 9.67 |
| 2011:Q2 | 9.67 | ND | 10.56 | 9.73 |
| 2011:Q3 | 9.67 | ND | 10.62 | 9.79 |
| 2011:Q4 | 9.64 | ND | 10.68 | 9.84 |
| 2012:Q1 | 9.63 | ND | 10.75 | 9.90 |
| 2012:Q2 | 9.61 | ND | 10.81 | 9.96 |
| 2012:Q3 | 9.60 | ND | 10.87 | 10.01 |
| 2012:Q4 | 9.55 | ND | 10.93 | 10.07 |
| 2013:Q1 | 9.52 | ND | 11.00 | 10.13 |
| 2013:Q2 | 9.55 | ND | 11.06 | 10.19 |
| 2013:Q3 | 9.57 | ND | 11.13 | 10.25 |
| 2013:Q4 | 9.59 | ND | 11.19 | 10.31 |
| 2014:Q1 | 9.62 | ND | 11.26 | 10.37 |
| 2014:Q2 | 9.63 | ND | 11.32 | 10.43 |
| 2014:Q3 | ND | ND | 11.39 | 10.49 |
| 2014:Q4 | ND | ND | 11.45 | 10.55 |
Panel 4: Canadian Real GDP
Quarterly
Canadian dollars, trillions
| Period | Actual GDP (red) | HP-Filtered GDP - 1961Q1:2008Q3 (black solid) | Extension of HP-Filtered GDP - using the 2008:Q3 growth rate (black dashed) | Parallel to black dashed line, but shifted down so that 2009:Q2=actual data 2009:Q2 (black solid) |
|---|---|---|---|---|
| 2000:Q1 | 1.30 | 1.28 | ND | ND |
| 2000:Q2 | 1.32 | 1.29 | ND | ND |
| 2000:Q3 | 1.33 | 1.30 | ND | ND |
| 2000:Q4 | 1.33 | 1.31 | ND | ND |
| 2001:Q1 | 1.34 | 1.32 | ND | ND |
| 2001:Q2 | 1.34 | 1.33 | ND | ND |
| 2001:Q3 | 1.34 | 1.34 | ND | ND |
| 2001:Q4 | 1.35 | 1.35 | ND | ND |
| 2002:Q1 | 1.36 | 1.36 | ND | ND |
| 2002:Q2 | 1.37 | 1.37 | ND | ND |
| 2002:Q3 | 1.39 | 1.38 | ND | ND |
| 2002:Q4 | 1.39 | 1.39 | ND | ND |
| 2003:Q1 | 1.40 | 1.40 | ND | ND |
| 2003:Q2 | 1.40 | 1.41 | ND | ND |
| 2003:Q3 | 1.41 | 1.42 | ND | ND |
| 2003:Q4 | 1.42 | 1.43 | ND | ND |
| 2004:Q1 | 1.43 | 1.44 | ND | ND |
| 2004:Q2 | 1.44 | 1.45 | ND | ND |
| 2004:Q3 | 1.46 | 1.46 | ND | ND |
| 2004:Q4 | 1.47 | 1.47 | ND | ND |
| 2005:Q1 | 1.48 | 1.48 | ND | ND |
| 2005:Q2 | 1.49 | 1.49 | ND | ND |
| 2005:Q3 | 1.50 | 1.50 | ND | ND |
| 2005:Q4 | 1.52 | 1.51 | ND | ND |
| 2006:Q1 | 1.53 | 1.52 | ND | ND |
| 2006:Q2 | 1.53 | 1.52 | ND | ND |
| 2006:Q3 | 1.54 | 1.53 | ND | ND |
| 2006:Q4 | 1.54 | 1.54 | ND | ND |
| 2007:Q1 | 1.55 | 1.55 | ND | ND |
| 2007:Q2 | 1.56 | 1.56 | ND | ND |
| 2007:Q3 | 1.57 | 1.57 | ND | ND |
| 2007:Q4 | 1.58 | 1.58 | ND | ND |
| 2008:Q1 | 1.58 | 1.59 | ND | ND |
| 2008:Q2 | 1.59 | 1.59 | ND | ND |
| 2008:Q3 | 1.60 | 1.60 | 1.60 | ND |
| 2008:Q4 | 1.58 | ND | 1.61 | ND |
| 2009:Q1 | 1.54 | ND | 1.62 | ND |
| 2009:Q2 | 1.53 | ND | 1.63 | 1.53 |
| 2009:Q3 | 1.54 | ND | 1.64 | 1.54 |
| 2009:Q4 | 1.56 | ND | 1.65 | 1.55 |
| 2010:Q1 | 1.58 | ND | 1.66 | 1.55 |
| 2010:Q2 | 1.59 | ND | 1.66 | 1.56 |
| 2010:Q3 | 1.60 | ND | 1.67 | 1.57 |
| 2010:Q4 | 1.61 | ND | 1.68 | 1.58 |
| 2011:Q1 | 1.63 | ND | 1.69 | 1.59 |
| 2011:Q2 | 1.62 | ND | 1.70 | 1.60 |
| 2011:Q3 | 1.65 | ND | 1.71 | 1.60 |
| 2011:Q4 | 1.66 | ND | 1.72 | 1.61 |
| 2012:Q1 | 1.66 | ND | 1.73 | 1.62 |
| 2012:Q2 | 1.67 | ND | 1.74 | 1.63 |
| 2012:Q3 | 1.67 | ND | 1.75 | 1.64 |
| 2012:Q4 | 1.68 | ND | 1.76 | 1.65 |
| 2013:Q1 | 1.69 | ND | 1.77 | 1.66 |
| 2013:Q2 | 1.70 | ND | 1.77 | 1.67 |
| 2013:Q3 | 1.71 | ND | 1.78 | 1.67 |
| 2013:Q4 | 1.72 | ND | 1.79 | 1.68 |
| 2014:Q1 | 1.73 | ND | 1.80 | 1.69 |
| 2014:Q2 | 1.74 | ND | 1.81 | 1.70 |
| 2014:Q3 | ND | ND | 1.82 | 1.71 |
| 2014:Q4 | ND | ND | 1.83 | 1.72 |
Source: Robert F. Martin, Teyanna Munyan, and Beth Anne Wilson (2014), "Potential Output and Recessions: Are We Fooling Ourselves?" IFDP Notes (Washington: Board of Governors of the Federal Reserve System, November 12), www.federalreserve.gov/econresdata/notes/ifdp-notes/2014/potential-output-and-recessions-are-we-fooling-ourselves-20141112.html.
Figure 2: Real GDP and CBO Estimates of Potential GDP
2005 = 100
| Period | Actual real GDP | CBO potential estimate: | ||||
|---|---|---|---|---|---|---|
| as of January 2007 | as of January 2009 | as of January 2011 | as of February 2013 | as of January 2015 | ||
| 2005:Q1 | 99.05 | 99.78 | 99.57 | 98.66 | 98.73 | 99.18 |
| 2005:Q2 | 99.57 | 100.45 | 100.20 | 99.22 | 99.29 | 99.78 |
| 2005:Q3 | 100.40 | 101.13 | 100.83 | 99.79 | 99.85 | 100.38 |
| 2005:Q4 | 100.98 | 101.82 | 101.47 | 100.37 | 100.43 | 100.99 |
| 2006:Q1 | 102.19 | 102.51 | 102.12 | 100.95 | 101.01 | 101.60 |
| 2006:Q2 | 102.50 | 103.21 | 102.77 | 101.56 | 101.61 | 102.23 |
| 2006:Q3 | 102.59 | 103.91 | 103.43 | 102.17 | 102.21 | 102.86 |
| 2006:Q4 | 103.39 | 104.63 | 104.10 | 102.80 | 102.83 | 103.49 |
| 2007:Q1 | 103.45 | 105.35 | 104.78 | 103.43 | 103.45 | 104.12 |
| 2007:Q2 | 104.25 | 106.08 | 105.45 | 104.07 | 104.08 | 104.73 |
| 2007:Q3 | 104.95 | 106.82 | 106.14 | 104.71 | 104.71 | 105.34 |
| 2007:Q4 | 105.32 | 107.57 | 106.82 | 105.35 | 105.33 | 105.93 |
| 2008:Q1 | 104.60 | 108.33 | 107.51 | 105.97 | 105.94 | 106.48 |
| 2008:Q2 | 105.12 | 109.09 | 108.20 | 106.59 | 106.54 | 106.99 |
| 2008:Q3 | 104.62 | 109.86 | 108.89 | 107.19 | 107.13 | 107.47 |
| 2008:Q4 | 102.41 | 110.64 | 109.56 | 107.77 | 107.69 | 107.92 |
| 2009:Q1 | 100.99 | 111.41 | 110.22 | 108.31 | 108.22 | 108.32 |
| 2009:Q2 | 100.85 | 112.19 | 110.85 | 108.82 | 108.68 | 108.68 |
| 2009:Q3 | 101.18 | 112.97 | 111.46 | 109.30 | 109.13 | 109.00 |
| 2009:Q4 | 102.16 | 113.75 | 112.04 | 109.76 | 109.54 | 109.31 |
| 2010:Q1 | 102.60 | 114.53 | 112.58 | 110.21 | 109.93 | 109.60 |
| 2010:Q2 | 103.59 | 115.30 | 113.09 | 110.66 | 110.32 | 109.88 |
| 2010:Q3 | 104.29 | 116.08 | 113.60 | 111.13 | 110.70 | 110.16 |
| 2010:Q4 | 104.95 | 116.85 | 114.10 | 111.64 | 111.10 | 110.44 |
| 2011:Q1 | 104.55 | 117.62 | 114.61 | 112.18 | 111.53 | 110.75 |
| 2011:Q2 | 105.31 | 118.39 | 115.15 | 112.73 | 111.99 | 111.08 |
| 2011:Q3 | 105.53 | 119.17 | 115.71 | 113.28 | 112.45 | 111.41 |
| 2011:Q4 | 106.72 | 119.96 | 116.30 | 113.84 | 112.94 | 111.77 |
| 2012:Q1 | 107.31 | 120.75 | 116.92 | 114.37 | 113.42 | 112.12 |
| 2012:Q2 | 107.75 | 121.54 | 117.56 | 114.92 | 113.91 | 112.50 |
| 2012:Q3 | 108.41 | 122.34 | 118.24 | 115.49 | 114.41 | 112.88 |
| 2012:Q4 | 108.43 | 123.13 | 118.93 | 116.07 | 114.91 | 113.28 |
| 2013:Q1 | 109.16 | 123.93 | 119.64 | 116.69 | 115.42 | 113.68 |
| 2013:Q2 | 109.64 | 124.72 | 120.37 | 117.33 | 115.92 | 114.10 |
| 2013:Q3 | 110.86 | 125.52 | 121.12 | 118.00 | 116.45 | 114.53 |
| 2013:Q4 | 111.82 | 126.31 | 121.88 | 118.69 | 116.98 | 114.96 |
| 2014:Q1 | 111.22 | 127.10 | 122.66 | 119.40 | 117.52 | 115.40 |
| 2014:Q2 | 112.48 | 127.90 | 123.45 | 120.12 | 118.09 | 115.85 |
| 2014:Q3 | 113.85 | 128.70 | 124.24 | 120.86 | 118.67 | 116.30 |
| 2014:Q4 | 114.48 | 129.49 | 125.04 | 121.61 | 119.27 | 116.77 |
Note: Because the data for real gross domestic product (GDP) have been revised and rebased over time, real GDP is normalized to 100 in 2005 and the Congressional Budget Office's (CBO) potential output series are normalized to reflect the CBO's estimated output gap in 2005. The shaded bar indicates a period of business recession as defined by the National Bureau of Economic Research (December 2007 - June 2009).
Source: Congressional Budget Office (2015), "The Budget and Economic Outlook: 2015 to 2025," report (Washington: CBO, January), www.cbo.gov/sites/default/files/cbofiles/attachments/49892-Outlook2015.pdf and subsequent budget projections available on CBO's Budget and Economic Outlook Updates webpage at www.cbo.gov/about/products/RecurringReports#1.
Last Update:
April 08, 2015