Data: 2024 Was Another Solid U.S. GDP Growth Year Despite Slower 4Q - Modern Distribution Management

Data: 2024 Was Another Solid U.S. GDP Growth Year Despite Slower 4Q

Fourth quarter increases in consumer and government spending were partially offset by decrease in investment and imports.
Trading graph with american flag is damage.Effect of recession US economy. Crisis in USA, rising inflation, devaluation of dollars and the economy.

U.S. economic growth decelerated considerably during the October-December period, but 2024 was another solid year of economic growth by recent historical standards.

The U.S. Bureau of Economic Analysis shared an advance report on Jan. 30 showing that the nation’s real gross domestic product grew at an annualized rate of 2.3% in 2024’s third quarter. That fell short of economists’ consensus forecasts of 2.5% and was the weakest 4Q growth since 0.6% in 2018. 

U.S. GDP Growth Rate by Quarter – Last 3 Years


source: tradingeconomics.com

The 4Q GDP estimate will be revised in a second report issued Feb. 27.

The Bureau said the 4Q deceleration 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.

But despite the late slowdown, 2024 finished firmly in line with healthy economic growth, as the U.S. posted total annual GDP growth of 2.8% — narrowly trailing 2023’s 2.9%.

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