Real gross domestic product (GDP) increased at an annual rate of 2.3 percent in the fourth quarter of 2024 (October, November, and December), according to the second estimate released by the U.S. Bureau of Economic Analysis. In the third quarter, real GDP increased 3.1 percent. The increase in real GDP in the fourth quarter primarily reflected increases in consumer spending and government spending that were partly offset by a decrease in investment. Imports, which are a subtraction in the calculation of GDP, decreased. For more information, refer to the “Technical Notes” below. Real GDP was revised up by less than 0.1 percentage point from the advance estimate released last month, primarily reflecting upward revisions to government spending and exports that were partly offset by downward revisions to consumer spending and investment. Compared to the third quarter, the deceleration in real GDP in the fourth quarter primarily reflected downturns in investment and exports that were partly offset by an acceleration in consumer spending. Imports turned down. The price index for gross domestic purchases increased 2.3 percent in the fourth quarter, revised up 0.1 percentage point from the previous estimate. The personal consumption expenditures (PCE) price index increased 2.4 percent, revised up 0.1 percentage point. Excluding food and energy prices, the PCE price index increased 2.7 percent, revised up 0.2 percentage point. GDP for 2024 – Real GDP increased 2.8 percent in 2024 (from the 2023 annual level to the 2024 annual level), the same as previously estimated. The increase in real GDP in 2024 reflected increases in consumer spending, investment, government spending, and exports. Imports increased. The price index for gross domestic purchases increased 2.4 percent in 2024, revised up 0.1 percentage point. The PCE price index increased 2.5 percent, the same as the previous estimate. Excluding food and energy prices, the PCE price index increased 2.8 percent, also the same as the previous estimate.
Gross Domestic Product – 4th quarter (Second Estimate) (02-27-25)
- Economic Monthly Summaries, Gross Domestic Product
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