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. source: U.S. Bureau of Economic Analysis

The Gross Domestic Product (GDP) in the United States expanded 3.10 percent in the third quarter of 2024 over the previous quarter. GDP Growth Rate in the United States averaged 3.21 percent from 1947 until 2024, reaching an all time high of 35.20 percent in the third quarter of 2020 and a record low of -28.10 percent in the second quarter of 2020. This page provides the latest reported value for - United States GDP Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United States GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on January of 2025.

The Gross Domestic Product (GDP) in the United States expanded 3.10 percent in the third quarter of 2024 over the previous quarter. GDP Growth Rate in the United States is expected to be 1.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United States GDP Growth Rate is projected to trend around 2.00 percent in 2025, according to our econometric models.




Calendar GMT Reference Actual Previous Consensus TEForecast
2024-11-27 01:30 PM QoQ 2nd Est Q3 2.8% 3% 2.8% 2.8%
2024-12-19 01:30 PM QoQ Final Q3 3.1% 3% 2.8% 2.8%
2025-01-30 01:30 PM QoQ Adv Q4 3.1% 1.7%


Related Last Previous Unit Reference
Changes in Inventories 57.90 71.70 USD Billion Sep 2024
Full Year GDP Growth 2.90 2.50 percent Dec 2023
GDP Annual Growth Rate 2.70 3.00 percent Sep 2024
GDP Constant Prices 23400.30 23223.90 USD Billion Sep 2024
GDP from Agriculture 203.10 207.30 USD Billion Sep 2024
GDP from Construction 863.70 864.10 USD Billion Sep 2024
GDP from Manufacturing 2402.80 2383.80 USD Billion Sep 2024
GDP from Mining 337.60 336.60 USD Billion Sep 2024
GDP from Public Administration 2635.50 2622.00 USD Billion Sep 2024
GDP from Services 16949.30 16800.70 USD Billion Sep 2024
GDP from Transport 721.40 714.00 USD Billion Sep 2024
GDP from Utilities 341.40 342.20 USD Billion Sep 2024
GDP Growth Rate 3.10 3.00 percent Sep 2024
GDP Sales 3.30 1.90 percent Sep 2024
Government Spending 3966.20 3917.00 USD Billion Sep 2024
Gross Fixed Capital Formation 4277.70 4255.70 USD Billion Sep 2024
Gross National Product 23427.70 23288.70 USD Billion Sep 2024
Real Consumer Spending 3.70 2.80 percent Sep 2024

United States GDP Growth Rate
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.
Actual Previous Highest Lowest Dates Unit Frequency
3.10 3.00 35.20 -28.10 1947 - 2024 percent Quarterly
SA


News Stream
US GDP Growth Revised Up to 3.1% in Q3
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.
2024-12-19
US GDP Growth Confirmed at 2.8% in Q3
The US economy expanded an annualized 2.8% in Q3 2024, the same as in the advance estimate, compared to 3% in Q2. Personal spending increased at the fastest pace since Q1 2023 although it was revised slightly lower from the advance estimate (3.5% vs 3.7%). It was boosted by a 5.6% surge in consumption of goods (vs 6% in the advance estimate) and a robust spending on services (2.6%, the same as in the advance estimate). Government consumption growth was unrevised at 5%. In addition, the contribution of net trade was slightly worse (-0.57 pp vs -56 pp in the advance estimate), with both exports (7.5% vs 8.9%) and imports (10.2% vs 11.2%) revised lower. On the other hand, private inventories dragged 0.11 pp from the growth, compared to a 0.17 pp drop in the advance estimate. Also, fixed investment rose more than anticipated (1.7% vs 1.3%). Investment in equipment soared (10.6% vs 11.1% while structures (-4.7% vs -4%) and residential investment (-5% vs -5.1%) declined.
2024-11-27
US GDP Growth Below Forecasts in Q3
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%).
2024-10-30