Fourth Quarter 2024, Third Estimate

Released March 27, 2025


From Q3 2024 to Q4 2024:

  • Real GDP increased by 2.45 percent annualized.
  • Current-dollar nominal GDP increased by 4.84 percent annualized, or $348.950 billion, to a level of $29.724 trillion, the current size of the U.S. economy.




Revisions from the last estimate


  • Real GDP was revised upward by 0.11 percentage points annualized, or $6.056 billion.
  • Current-dollar nominal GDP was revised upward by 0.06 percentage points annualized, or $4.217 billion.


Table 1. Gross domestic product

Q4 2024 Q3 2024 Chg. from Q3 2024 Q4 2023 Chg. from Q4 2023
Size of the U.S. Economy
Nominal GDP $29.724T $29.375T $348.950B $28.297T $1.427T
Real GDP $23.542T $23.400T $142.055B $22.961T $581.749B


Table 2. Contributions to real gross domestic product growth

Q4 2024 Q3 2024 Chg. from Q3 2024
Quarterly growth rate, annualized (pp)
Nominal GDP 4.8 5.0 -0.2pp
– GDP deflator 2.3 1.9 0.4pp
= Real GDP 2.5 3.1 -0.6pp
Contribution of subcomponents (pp)
Consumer spending 2.7 2.5 0.2pp
Nonresidential fixed investment -0.4 0.6 -1.0pp
Residential investment 0.2 -0.2 0.4pp
Change in private inventories -0.8 -0.2 -0.6pp
Net exports 0.3 -0.4 0.7pp
Government spending 0.5 0.9 -0.4pp
Total real GDP growth 2.4 3.1 -0.7pp
Subcomponent growth rates (pp)
Consumption 4.0 3.7 0.3pp
Investment -5.6 0.8 -6.4pp
Exports -0.2 9.6 -9.8pp
Imports -1.9 10.7 -12.6pp
Government expenditures 3.1 5.1 -2.0pp


Upcoming releases


Date Time Release Data source
Mar 28 08:30 AM Monthly Expenditures Update, February 2025 Bureau of Economic Analysis
Mar 28 10:00 AM State Employment Update, February 2025 Bureau of Labor Statistics
Apr 04 08:30 AM Monthly Employment Update, March 2025 Bureau of Labor Statistics
Apr 07 10:00 AM Monthly Debt Update, April 2025 U.S. Treasury
Apr 10 08:30 AM Monthly Inflation Update, March 2025 Bureau of Labor Statistics
Apr 11 10:00 AM Monthly Fiscal Update, March 2025 U.S. Treasury
Apr 18 10:00 AM State Employment Update, March 2025 Bureau of Labor Statistics


Notes


Source: Bureau of Economic Analysis; U.S. Treasury; JEC Republicans calculations

“pp” = percentage points

“Real” values are expressed in chained 2017 dollars.

Discrepancy in change figures is possible due to rounding.