The US economy expanded an annualized 1.3% in Q1 2024, below 1.6% in the advance estimate and 3.4% in Q4 mainly due to a downward revision in consumer spending. The second estimate came in line with market forecasts, and continues to point to the lowest growth since the contractions in the first half of 2022. Consumer spending slowed more than initially anticipated (2% vs 2.5% in the advance estimate), due to consumption of both goods (-1.9% vs -0.4%) and services (3.9% vs 4%). Also, private inventories subtracted more from the growth (-0.45 pp vs -0.35 pp). On the other hand, non-residential investment was revised higher (3.3% vs 2.9% in the advance estimate), due to structures (0.4% vs -0.1%) and intellectual property products (7.9% vs 5.4%). Investment in equipment rose less (0.3% vs 2.1%) but residential investment jumped more (15.4% vs 13.9%). Also, government spending was revised slightly up (1.3% vs 1.2%), and both exports (1.2% vs 0.9%) and imports (7.7% vs 7.2%) rose more. source: U.S. Bureau of Economic Analysis

The Gross Domestic Product (GDP) in the United States expanded 1.30 percent in the first quarter of 2024 over the previous quarter. GDP Growth Rate in the United States averaged 3.19 percent from 1947 until 2024, reaching an all time high of 34.80 percent in the third quarter of 2020 and a record low of -28.00 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 June of 2024.

The Gross Domestic Product (GDP) in the United States expanded 1.30 percent in the first quarter of 2024 over the previous quarter. GDP Growth Rate in the United States is expected to be 1.50 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 1.80 percent in 2025, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2024-04-25 12:30 PM QoQ Adv Q1 1.6% 3.4% 2.5% 2.3%
2024-05-30 12:30 PM QoQ 2nd Est Q1 1.3% 3.4% 1.3% 1.6%
2024-06-27 12:30 PM QoQ Final Q1 3.4% 1.3% 1.3%


Related Last Previous Unit Reference
Changes in Inventories 27.80 54.91 USD Billion Mar 2024
Full Year GDP Growth 2.50 1.90 percent Dec 2023
GDP Annual Growth Rate 2.90 3.10 percent Mar 2024
GDP Constant Prices 22749.80 22679.26 USD Billion Mar 2024
GDP from Agriculture 178.50 179.30 USD Billion Dec 2023
GDP from Construction 863.40 850.90 USD Billion Dec 2023
GDP from Manufacturing 2360.30 2312.90 USD Billion Dec 2023
GDP from Mining 304.80 301.30 USD Billion Dec 2023
GDP from Public Administration 2582.90 2563.40 USD Billion Dec 2023
GDP from Services 16364.30 16258.90 USD Billion Dec 2023
GDP from Transport 738.50 736.10 USD Billion Dec 2023
GDP from Utilities 351.60 336.30 USD Billion Dec 2023
GDP Growth Rate 1.30 3.40 percent Mar 2024
GDP Sales 1.70 3.90 percent Mar 2024
Government Spending 3899.90 3887.00 USD Billion Mar 2024
Gross Fixed Capital Formation 4074.50 4016.04 USD Billion Mar 2024
Gross National Product 22827.21 22641.82 USD Billion Dec 2023
Real Consumer Spending 2.00 3.30 percent Mar 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
1.30 3.40 34.80 -28.00 1947 - 2024 percent Quarterly
SA


News Stream
US Growth Rate Revised Lower to 1.3%
The US economy expanded an annualized 1.3% in Q1 2024, below 1.6% in the advance estimate and 3.4% in Q4 mainly due to a downward revision in consumer spending. The second estimate came in line with market forecasts, and continues to point to the lowest growth since the contractions in the first half of 2022. Consumer spending slowed more than initially anticipated (2% vs 2.5% in the advance estimate), due to consumption of both goods (-1.9% vs -0.4%) and services (3.9% vs 4%). Also, private inventories subtracted more from the growth (-0.45 pp vs -0.35 pp). On the other hand, non-residential investment was revised higher (3.3% vs 2.9% in the advance estimate), due to structures (0.4% vs -0.1%) and intellectual property products (7.9% vs 5.4%). Investment in equipment rose less (0.3% vs 2.1%) but residential investment jumped more (15.4% vs 13.9%). Also, government spending was revised slightly up (1.3% vs 1.2%), and both exports (1.2% vs 0.9%) and imports (7.7% vs 7.2%) rose more.
2024-05-30
US GDP Growth Below Forecasts
The US economy expanded an annualized 1.6% in Q1 2024, compared to 3.4% in the previous quarter and below forecasts of 2.5%. It was the lowest growth since the contractions in the first half of 2022, the advance estimate showed. A slowdown was seen for consumer spending (2.5% vs 3.3%), mainly due to a fall in goods consumption (-0.4% vs 3%) while spending on services rose faster (4% vs 3.4%). Non-residential investment also eased (2.9% vs 3.7%), due to structures (-0.1% vs 10.9%) while investment in equipment rebounded (2.1% vs -1.1%) and the one on intellectual property products (5.4% vs 4.3%) accelerated. Looking further, government spending rose way less (1.2% vs 4.6%), and exports slowed sharply (0.9% vs 5.1%) while imports soared (7.2% vs 2.2%). Meanwhile, private inventories subtracted 0.35 pp from the growth (vs -0.47 pp). On the other hand, residential investment jumped at a double-digit pace (13.9% vs 2.8%).
2024-04-25
US GDP Growth to Remain Robust in Q1
The US economy likely expanded at an annualized rate of 2.5% in the first quarter of 2024, marking a slowdown for the second consecutive quarter from the 3.4% growth seen in the previous three months. Despite this moderation, the initial estimate from the Bureau of Economic Analysis is expected to highlight the resilience of the US economy, amid strong productivity levels, robust employment, and buoyant domestic demand, even as borrowing costs remain high and inflationary pressures persist. Growth in consumer spending and private domestic investment is seen around 3% while residential investment likely expanded at a double digit pace, according to the Atlanta Fed GDPNow Estimate. However, net trade probably have made a negative contribution to the overall growth figures.
2024-04-25