United States GDP Growth Rate

Last Release

Dec 31, 2024

Actual

2.3

Units In

2.8

Frequency

Quarterly

Next Release

Mar 27, 2025

Time to Release

1 Months 24 Days 12 Hours

Highest	Lowest	Average	Date Range	Source
33.8 Sep 2020	-31.2 Jun 2020	3.15 %	1947-2024	U.S. Bureau of Economic Analysis

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.

Latest Updates

The US economy expanded an annualized 2.3% in Q4 2024, the slowest growth in three quarters, down from 3.1% in Q3 and forecasts of 2.6%, according to the advance estimate from the BEA. Personal consumption remained the main driver of growth, increasing 4.2%, the most since Q1 2023 (vs 3.7% in Q3 2024). Spending rose faster for both goods (6.6% vs 5.6%) and services (3.1% vs 2.8%). On the other hand, fixed investment contracted for the first time since Q1 2023 (-0.6% vs 2.1%), due to equipment (7.8% vs 10.8%) and structures (-1.1% vs -5%). However, investment in intellectual property products continued to rise (2.6% vs 3.1%) and residential investment rebounded (5.3% vs -4.3%). Also, private inventories were a big drag, cutting 0.93 pp from the growth. Both exports (-0.8% vs 9.6%) and imports (-0.8% vs 10.7%) contracted, leaving the contribution from net trade little changed. Government expenditure rose at a slower pace (2.5% vs 5.1%). Considering full 2024, the economy advanced 2.8%.