The US economy expanded an annualized 2.8% in Q3 2024, below 3% in Q2 and forecasts of 3%, the advance estimate from the BEA showed. Personal spending increased at the fastest pace since Q1 2023 (3.7% vs 2.8% in Q2), boosted by a 6% surge in consumption of goods (6% vs 3%) and a robust spending on services (2.6% vs 2.7%), mostly prescription drugs, motor vehicles and parts, outpatient services and food services and accommodations. Government consumption also rose more (5% vs 3.1%), led by defense spending. In addition, the contribution from net trade was less negative (-0.56 pp vs -0.9 pp), with both exports (8.9% vs 1%) and imports (11.2% vs 7.6%) soaring, led by capital goods, excluding autos. On the other hand, private inventories dragged 0.17 pp from the growth, after adding 1.05 pp in Q2. Also, fixed investment slowed (1.3% vs 2.3%), led by a decline in structures (-4% vs 0.2%) and residential investment (-5.1% vs -2.8%). Investment in equipment however, soared (11.1% vs 9.8%). source: U.S. Bureau of Economic Analysis

The Gross Domestic Product (GDP) in the United States expanded 2.80 percent in the third quarter of 2024 over the previous quarter. GDP Growth Rate in the United States averaged 3.21 percent from 1947 until 2024, reaching an all time high of 35.20 percent in the third quarter of 2020 and a record low of -28.10 percent in the second quarter of 2020. This page provides the latest reported value for - United States GDP Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United States GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on November of 2024.

The Gross Domestic Product (GDP) in the United States expanded 2.80 percent in the third quarter of 2024 over the previous quarter. GDP Growth Rate in the United States is expected to be 1.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United States GDP Growth Rate is projected to trend around 2.00 percent in 2025, according to our econometric models.




Calendar GMT Reference Actual Previous Consensus TEForecast
2024-09-26 12:30 PM QoQ Final Q2 3% 1.6% 3% 3.0%
2024-10-30 12:30 PM QoQ Adv Q3 2.8% 3% 3% 3.3%
2024-11-27 01:30 PM QoQ 2nd Est Q3 3% 2.8% 2.8%


Related Last Unit Reference
Changes in Inventories 60.20 USD Billion Sep 2024
Full Year GDP Growth 2.90 percent Dec 2023
GDP Annual Growth Rate 2.70 percent Sep 2024
GDP Constant Prices 23386.20 USD Billion Sep 2024
GDP from Agriculture 207.30 USD Billion Jun 2024
GDP from Construction 864.10 USD Billion Jun 2024
GDP from Manufacturing 2383.80 USD Billion Jun 2024
GDP from Mining 336.60 USD Billion Jun 2024
GDP from Public Administration 2622.00 USD Billion Jun 2024
GDP from Services 16800.70 USD Billion Jun 2024
GDP from Transport 714.00 USD Billion Jun 2024
GDP from Utilities 342.20 USD Billion Jun 2024
GDP Growth Rate 2.80 percent Sep 2024
GDP Sales 3.00 percent Sep 2024
Government Spending 3965.50 USD Billion Sep 2024
Gross Fixed Capital Formation 4270.00 USD Billion Sep 2024
Gross National Product 23288.70 USD Billion Jun 2024
Real Consumer Spending 3.70 percent Sep 2024

United States GDP Growth Rate
On the expenditure side, personal consumption expenditures accounts for 68 percent of total GDP out of which purchases of goods constitute 23 percent and services 45 percent. Private investment accounts for 16 percent of GDP and government consumption and investment for 18 percent. As the value of goods exported (13.5 percent) is lower than the value of goods imported (16.5 percent), net exports subtracts 3 percent from the total GDP value.
Actual Previous Highest Lowest Dates Unit Frequency
2.80 3.00 35.20 -28.10 1947 - 2024 percent Quarterly
SA


News Stream
US GDP Growth Below Forecasts in Q3
The US economy expanded an annualized 2.8% in Q3 2024, below 3% in Q2 and forecasts of 3%, the advance estimate from the BEA showed. Personal spending increased at the fastest pace since Q1 2023 (3.7% vs 2.8% in Q2), boosted by a 6% surge in consumption of goods (6% vs 3%) and a robust spending on services (2.6% vs 2.7%), mostly prescription drugs, motor vehicles and parts, outpatient services and food services and accommodations. Government consumption also rose more (5% vs 3.1%), led by defense spending. In addition, the contribution from net trade was less negative (-0.56 pp vs -0.9 pp), with both exports (8.9% vs 1%) and imports (11.2% vs 7.6%) soaring, led by capital goods, excluding autos. On the other hand, private inventories dragged 0.17 pp from the growth, after adding 1.05 pp in Q2. Also, fixed investment slowed (1.3% vs 2.3%), led by a decline in structures (-4% vs 0.2%) and residential investment (-5.1% vs -2.8%). Investment in equipment however, soared (11.1% vs 9.8%).
2024-10-30
US Economy Likely Expanded a Strong 3% in Q3
The US economy likely expanded by an annualized 3% in the third quarter of 2024, the same as in the previous quarter, driven by strong consumer and business spending. This growth rate would align closely with the 3.4% average quarterly growth seen from 2021 to 2023, indicating the resilience of the US economy. Consumer spending is expected to have increased by 3.6% in Q3, surpassing the 2.8% growth in Q2, according to the Atlanta Fed GDPNow Estimate. Additionally, investments in equipment and intellectual property products are expected to be robust. However, inventory cuts may have slightly dampened growth by around 0.1%, residential investment likely decreased significantly, and net trade is anticipated to have a negative impact on growth due to rising imports.
2024-10-30
Week Ahead - Oct 21st
Next week, the earnings season will continue with major companies such as Tesla, Coca Cola, 3M, General Motors and Verizon unveiling their quarterly reports. In the United States, the economic calendar will feature PMI releases, durable goods orders, and reports on existing and new home sales. Across the Atlantic, investors will closely watch Germany's IFo business climate index and consumer confidence figures for the Euro Area, UK, France, Italy, South Korea, and Turkey. Also, manufacturing and services PMI data will be in focus for Australia, Japan, India, France, Germany, and the UK. In Canada, attention will be on the Bank of Canada's interest rate decision and retail sales data. Finally, South Korea will release its Q3 GDP growth rate.
2024-10-18