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August 29, 2024US GDP 2024 Q2 (SECOND ESTIMATE) 
The Bureau of Economic Analysis released the second estimates of Q2 2024 US Real Gross Domestic Product (GDP).
US real GDP growth was estimated at 3.0% (seasonally adjusted annualized rate) in Q2 2024 in the second estimate.
This was up from 2.8% in the first estimate. Upward revisions in consumer spending were partially offset by downward revisions to investment (both residential and non-residential), government spending and exports as well as upward revisions to imports.
The increase in real GDP was supported by increases in consumer spending (+2.9%), exports (+1.6%), state and local government spending (+2.3%), non-residential investment (+4.6%) and federal government (nondefense) spending (+1.2%). These gains were partially offset by lower residential fixed investment (-2.0%) as well as greater imports (+7.0%), which are subtracted in the GDP calculation.
Current-dollar GDP growth was 5.5% (annualized rate) following an 4.5% current-dollar GDP increase in Q1 2024.
Private inventory investment was estimated at $69.0 billion net accumulation.
Source: US Bureau of Economic Analysis, retrieved from Federal Reserve Bank of St. Louis.
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