Historical Year Data · 1971

Real GDP in 1971

Real GDP opened 1971 at $5B and closed at $6B, a +1.61% move for the year. The high of $6B was reached on October 1, and the low of $5B on January 1.

Open

$5B

1971-01

$6B

4 data points

High

$6B

Oct 1

Low

$5B

Jan 1

Full Year Change

+1.61%

1970 Change

-0.02%

Monthly Breakdown

Month	Open	Close	High	Low	Change
Jan	$5B	$5B	$5B	$5B	+0.00%
Apr	$5B	$5B	$5B	$5B	+0.00%
Jul	$6B	$6B	$6B	$6B	+0.00%
Oct	$6B	$6B	$6B	$6B	+0.00%

Events During 1971

1971 Nixon Shock (End of Gold Standard)

Stagflation

August 15, 1971

On August 15, 1971, President Nixon announced the United States would no longer convert dollars to gold at $35/oz, ending the Bretton Woods system and ushering in the modern fiat era.