Feb. 27 (UPI) — Real U.S. Gross Domestic Product in the fourth quarter 2024 rose at an annual rate of 2.3%, according to the second estimate Thursday by the Commerce Department’s Bureau of Economic Analysis.
“Real GDP was revised up by less than 0.1% from the advance estimate released last month, primarily reflecting upward revisions to government spending and exports that were partly offset by downward revisions to consumer spending and investment,” the BEA said.
According to the BEA, increases in fourth-quarter consumer spending and government spending were partly offset by lower investment and imports.
Third quarter of 2024 GDP was 3.1%.
The BEA explained that the lower GDP in the fourth quarter compared to the third “primarily reflected downturns in investment and exports that were partly offset by an acceleration in consumer spending. Imports turned down.”
The fourth quarter GDP was revised up by less than 0.1% from the advance estimate released last month.
The Thursday BEA report said prices rose 2.3% for gross domestic purchases in the fourth quarter of 2024, revised up 0.1%.
Inflation measured by the personal consumption expenditures index increased 2.4%, revised up by 0.2%.
With food and energy excluded PCE increased 2.7%, revised up 0.2%, according to the BEA.
For 2024 as a whole, the BEA said real GDP was up 2.8% compared to 2023.
PCE in 2024 was up 2.5%. Excluding food and energy PCE for 2024 was up 2.8%.
