U.S. real gross domestic product (GDP) increased at an annual rate of 2.4% in the fourth quarter of 2024, according to the third estimate released by the U.S. Bureau of Economic Analysis. This follows a 3.1% increase in the third quarter. The upward revision of 0.1 percentage point from the second estimate mainly reflects a downward adjustment to imports, which subtract from GDP.
Consumer spending and government expenditures drove the Q4 growth, while private investment and exports declined. Imports also decreased during the quarter.
By industry, real value added rose 2.3% for private goods-producing industries, 2.4% for private services-producing industries, and 2.7% for government. Real gross output grew 1.7%, with increases of 0.3% in goods-producing sectors, 2.0% in services, and 3.1% in government.
The price index for gross domestic purchases rose 2.2%, revised down from the previous estimate. The personal consumption expenditures (PCE) price index increased 2.4%, while the core PCE index, excluding food and energy, rose 2.6%, down 0.1 percentage point from earlier estimates.
