United States GDP Growth Rate

Last Release

Sep 30, 2024

Actual

2.8

Units In

Frequency

Quarterly

Next Release

Mar 27, 2025

Time to Release

3 Months 3 Days 21 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 3.1% in the third quarter of 2024, higher than 2.8% in the second estimate and above 3% in Q2. It is the biggest growth rate so far this year. Personal spending increased at the fastest pace since Q1 2023 (3.7% vs 3.5% in the second estimate). It was boosted by a 5.6% surge in consumption of goods (vs 5.6% in the second estimate) and a robust spending on services (2.8% vs 2.6%). Also, fixed investment rose more than anticipated (2.1% vs 1.7%). Investment in equipment soared (10.8% vs 10.6%) while structures (-5% vs -4.7%) and residential investment (-4.3% vs -5%) declined. Government consumption growth was also revised higher to 5.1% (vs 5%). In addition, the contribution of net trade was less negative (-0.43 pp vs -0.57 pp in the second estimate), with both exports (9.6% vs 7.5%) and imports (10.7% vs 10.2%) revised higher. On the other hand, private inventories dragged 0.22 pp from the growth, compared to a 0.11 pp drop in the second estimate.