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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