United States GDP Growth Rate

Last Release

Sep 30, 2024

Actual

2.8

Units In

Frequency

Quarterly

Next Release

Dec 19, 2024

Time to Release

1 Months 18 Days 12 Hours

Highest	Lowest	Average	Date Range	Source
33.8 Sep 2020	-31.2 Jun 2020	3.16 %	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 2.8% 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%).