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February 27, 2025US GDP 2024 Q4 AND ANNUAL (SECOND ESTIMATE) 
The Bureau of Economic Analysis released the second estimates of Q4 and annual 2024 US Real Gross Domestic Product (GDP).
US real GDP growth was estimated at 2.3% (seasonally adjusted annualized rate) in Q4 2024 in the second estimate, unchanged from the first.
The increase in real GDP was supported by increases in consumer spending (+4.2%), state and local government spending (+2.2%), federal government spending (+4.0%), residential investment (+5.4%) and fewer imports (-1.2%), which are subtracted from GDP. These gains were partially offset by declines in non-residential fixed investment (-3.2%) and exports (-0.5%).
The Bureau of Economic Analysis notes that real GDP was revised up by less than 0.1 percentage point from the advance estimate released in January, primarily reflecting upward revisions to government spending and exports that were partly offset by downward revisions to consumer spending and investment.
Current-dollar GDP growth was 4.8% (annualized rate) following a 5.0% current-dollar GDP increase in Q3 2024.
Private inventory investment was estimated at $10.2 billion net accumulation.
ANNUAL
Real GDP in 2024 was up 2.8% compared to 2023, following 2.9% growth the previous year.
The increase in real GDP was supported by increases in consumer spending (+2.8%), exports (+3.2%), state and local government spending (+3.9%), non-residential fixed investment (+3.6%), residential investment (+4.2%) and federal government spending (+2.6%). These gains were partially offset by greater imports (+5.4%), which are a subtracted in the GDP calculation.
Current dollar (nominal) GDP grew 5.3% in 2024, following growth of 6.6% in 2023.
Private inventory investment was estimated at $39.4 billion net accumulation for 2024.
Source: US Bureau of Economic Analysis, retrieved from Federal Reserve Bank of St. Louis.
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