Real gross domestic product (GDP) increased at an annual rate of 2.4 percent in the fourth quarter of 2024 (October, November, and December), according to the third estimate released by the U.S. Bureau of Economic Analysis. In the third quarter, real GDP increased 3.1 percent.

The increase in real GDP in the fourth quarter primarily reflected increases in consumer spending and government spending that were partly offset by a decrease in investment. Imports, which are a subtraction in the calculation of GDP, decreased.

Real GDP was revised up 0.1 percentage point from the second estimate, primarily reflecting a downward revision to imports. For more information, refer to the "Technical Notes" below.

Compared to the third quarter, the deceleration in real GDP in the fourth quarter primarily reflected downturns in investment and exports that were partly offset by an acceleration in consumer spending. Imports turned down.

From an industry perspective, the increase in real GDP reflected an increase of 2.3 percent in real value added for private goods-producing industries, an increase of 2.4 percent for private services-producing industries, and an increase of 2.7 percent for government.

Real gross output increased 1.7 percent in the fourth quarter, reflecting an increase of 0.3 percent for private goods-producing industries, an increase of 2.0 percent for private services-producing industries, and an increase of 3.1 percent for government.

The price index for gross domestic purchases increased 2.2 percent in the fourth quarter, revised down 0.1 percentage point from the previous estimate. The personal consumption expenditures (PCE) price index increased 2.4 percent, the same as previously estimated. Excluding food and energy prices, the PCE price index increased 2.6 percent, revised down 0.1 percentage point from the previous estimate.

Real gross domestic income (GDI) increased 4.5 percent in the fourth quarter compared with an increase of 1.4 percent in the third quarter.

Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) increased $204.7 billion in the fourth quarter, in contrast to a decrease of $15.0 billion in the third quarter.

GDP and Related Measures for 2024

Real GDP increased 2.8 percent in 2024 (from the 2023 annual level to the 2024 annual level), the same as previously estimated. The increase in real GDP in 2024 reflected increases in consumer spending, investment, government spending, and exports. Imports increased.

From an industry perspective in 2024, private goods-producing industries increased 3.4 percent, private services-producing industries increased 2.8 percent, and government increased 1.9 percent.

The price index for gross domestic purchases increased 2.4 percent in 2024, the same as previously estimated. The PCE price index increased 2.5 percent and the PCE price index excluding food and energy prices increased 2.8 percent, both the same as previously estimated.

Real gross domestic income (GDI) increased 3.0 percent in 2024, compared with an increase of 1.7 percent in 2023.

Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) increased $281.3 billion in 2024, compared with an increase of $229.8 billion in 2023.

Next release: April 30, 2025, at 8:30 a.m. EDT
Gross Domestic Product (Advance Estimate)
1st Quarter 2025

Technical Notes

Sources of revisions to real GDP in the third estimate

Real GDP increased at an annual rate of 2.4 percent (0.6 percent at a quarterly rate¹), an upward revision of 0.1 percentage point from the previous estimate, primarily reflecting a downward revision to imports that was partly offset by a downward revision to consumer spending.

• For imports, the revision was led by services (notably, charges for the use of intellectual property as well as financial services), primarily reflecting updated data from BEA's International Transactions Accounts.
• The downward revision to consumer spending reflected a downward revision to services that was partly offset by an upward revision to goods.
  • Within services, the downward revision was led by final consumption expenditures of nonprofit institutions (led by nonprofit hospitals), based primarily on new and revised data from the Census Bureau Quarterly Services Survey.
  • Within goods, the upward revision was led by other nondurable goods and motor vehicles and parts, based on revised Census Bureau Monthly Retail Trade Survey data.

More information on the source data and BEA assumptions that underlie the fourth-quarter estimate is shown in the key source data and assumptions table.

¹Percent changes in quarterly seasonally adjusted series are displayed at annual rates, unless otherwise specified. For more information, refer to the FAQ "Why does BEA publish percent changes in quarterly series at annual rates?".