EMBARGOED UNTIL RELEASE AT 8:30 a.m. EST, Thursday, January 30, 2025
BEA News: Gross Domestic Product, 4th Quarter and Year 2024 (Advance Estimate)
The U.S. Bureau of Economic Analysis (BEA) has issued the following news release today:
Real gross domestic product (GDP) increased at an annual rate of 2.3 percent in the fourth quarter of 2024, according to the advance estimate. 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.
The full text of the release can be found at www.bea.gov/news/2025/
- Compared to the third quarter, the deceleration in real GDP in the fourth quarter primarily reflected downturns in investment and exports. Imports turned down.
GDP for 2024
The price index for gross domestic purchases increased 2.3 percent in 2024, compared with an increase of 3.3 percent in 2023.
The PCE price index increased 2.5 percent, compared with an increase of 3.8 percent.
Excluding food and energy prices, the PCE price index increased 2.8
percent, compared with an increase of 4.1 percent.
Next release: February 27, 2025, at 8:30 a.m. EST
Gross Domestic Product, 4th Quarter and Year 2024 (Second Estimate)
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