Fourth Quarter 2024, Second Estimate

Released February 27, 2025


From Q3 2024 to Q4 2024:

  • Real GDP increased by 2.35 percent annualized.
  • Current-dollar nominal GDP increased by 4.78 percent annualized, or $344.733 billion, to a level of $29.720 trillion, the current size of the U.S. economy.




Revisions from the last estimate


  • Real GDP was revised upward by 0.09 percentage points annualized, or $5.384 billion.
  • Current-dollar nominal GDP was revised upward by 0.27 percentage points annualized, or $19.067 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 $29.720T $29.375T $344.733B $28.297T $1.423T
Real GDP $23.536T $23.400T $135.999B $22.961T $575.693B


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 2.5 1.9 0.6pp
= Real GDP 2.3 3.1 -0.8pp
Contribution of subcomponents (pp)
Consumer spending 2.8 2.5 0.3pp
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 0.1 -0.4 0.5pp
Government spending 0.5 0.9 -0.4pp
Total real GDP growth 2.3 3.1 -0.8pp
Subcomponent growth rates (pp)
Consumption 4.2 3.7 0.5pp
Investment -5.7 0.8 -6.5pp
Exports -0.5 9.6 -10.1pp
Imports -1.2 10.7 -11.9pp
Government expenditures 2.9 5.1 -2.2pp


Upcoming releases


Date Time Release Data source
Feb 28 08:30 AM Monthly Expenditures Update, January 2025 Bureau of Economic Analysis
Mar 07 08:30 AM Monthly Employment Update, February 2025 Bureau of Labor Statistics
Mar 07 10:00 AM Monthly Debt Update, March 2025 U.S. Treasury
Mar 12 08:30 AM Monthly Inflation Update, February 2025 Bureau of Labor Statistics
Mar 13 10:00 AM Monthly Fiscal Update, February 2025 U.S. Treasury
Mar 17 10:00 AM State Employment Update, January 2025 Bureau of Labor Statistics
Mar 27 08:30 AM Monthly GDP Update, Q4 2024 Third Estimate Bureau of Economic Analysis
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


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.