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.