The Economics and Statistics Division maintains archives of previous publications for accountability purposes, but makes no updates to keep these documents current with the latest data revisions from Statistics Canada. As a result, information in older documents may not be accurate. Please exercise caution when referring to older documents. For the latest information and historical data, please contact the individual listed to the right.
<--- Return to Archive
For additional information relating to this article, please contact:
June 27, 2024US GDP 2024 Q1 (THIRD ESTIMATE) 
The Bureau of Economic Analysis released the third estimate for Q1 2024 US Real Gross Domestic Product (GDP).
US real GDP growth was estimated at 1.4% (seasonally adjusted annualized rate) in Q1 2024 in the third estimate, revised up from 1.3% in the second estimate. US real GDP growth has slowed in the last two quarters. The Q1 2024 result is the slowest real GDP growth rate since the economy contracted in the first half of 2022.
The increase in real GDP was supported by increases in consumer spending (+1.5%), exports (+1.6%), state and local government spending (+3.0%), nonresidential fixed investment (+4.4%) and residential investment (+16.0%). These gains were partially offset by federal defense expenditures (-0.9%), by greater imports (+6.1%), which are a subtracted in the GDP calculation as well as by slowing investment in inventory accumulation.
Private inventory investment was estimated at $28.6 billion net accumulation.
Current-dollar GDP growth was 4.5% (seasonally adjusted annualized rate) as the broad GDP price deflator increased by 3.1%.
Source: US Bureau of Economic Analysis, retrieved from Federal Reserve Bank of St. Louis
<--- Return to Archive
