As things stand now, GDP is on track for a 2.3% increase this year, which would be very similar to the growth rates achieved in 2012, 2013 and 2014. It appears that GDP growth is stuck in a rut. It is fast enough to reduce the output gap, albeit only gradually, but we haven't seen a break-out, with GDP growth hitting 3% or more, not even after the fiscal drag faded. In contrast, the average rate of GDP growth between 1970 and 2007 was 3.1%.
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