Released January 30, 2025
| Q4 2024 | Q3 2024 | Chg. from Q3 2024 | Q4 2023 | Chg. from Q4 2023 | |
|---|---|---|---|---|---|
| Size of the U.S. Economy | |||||
| Nominal GDP | $29.701T | $29.375T | $325.666B | $28.297T | $1.404T |
| Real GDP | $23.531T | $23.400T | $130.615B | $22.961T | $570.309B |
| Q4 2024 | Q3 2024 | Chg. from Q3 2024 | |
|---|---|---|---|
| Quarterly growth rate, annualized (pp) | |||
| Nominal GDP | 4.5 | 5.0 | -0.5pp |
| – GDP deflator | 2.2 | 1.9 | 0.3pp |
| = Real GDP | 2.3 | 3.1 | -0.8pp |
| Contribution of subcomponents (pp) | |||
| Consumer spending | 2.8 | 2.5 | 0.3pp |
| Nonresidential fixed investment | -0.3 | 0.6 | -0.9pp |
| Residential investment | 0.2 | -0.2 | 0.4pp |
| Change in private inventories | -0.9 | -0.2 | -0.7pp |
| Net exports | 0.0 | -0.4 | 0.4pp |
| Government spending | 0.4 | 0.9 | -0.5pp |
| Total real GDP growth | 2.3 | 3.1 | -0.8pp |
| Subcomponent growth rates (pp) | |||
| Consumption | 4.2 | 3.7 | 0.5pp |
| Investment | -5.6 | 0.8 | -6.4pp |
| Exports | -0.8 | 9.6 | -10.4pp |
| Imports | -0.8 | 10.7 | -11.5pp |
| Government expenditures | 2.5 | 5.1 | -2.6pp |
| Date | Time | Release | Data source |
|---|---|---|---|
| Jan 31 | 08:30 AM | Monthly Expenditures Update, December 2024 | Bureau of Economic Analysis |
| Feb 07 | 08:30 AM | Monthly Employment Update, January 2025 | Bureau of Labor Statistics |
| Feb 07 | 10:00 AM | Monthly Debt Update, February 2025 | U.S. Treasury |
| Feb 12 | 08:30 AM | Monthly Inflation Update, January 2025 | Bureau of Labor Statistics |
| Feb 13 | 10:00 AM | Monthly Fiscal Update, January 2025 | U.S. Treasury |
| Feb 27 | 08:30 AM | Monthly GDP Update, Q4 2024 Second Estimate | Bureau of Economic Analysis |
| Feb 28 | 08:30 AM | Monthly Expenditures Update, January 2025 | Bureau of Economic Analysis |
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.