The United States gross domestic product (GDP) improved by 2.4% in the fourth quarter of 2024 year-on-year, according to the third estimate released by the Bureau of Economic Analysis on Thursday. The figure marks a slight upward revision from the previous 2.3% estimate, mainly due to a downward adjustment in imports.
Consumer and government spending drove the expansion, although investment declined. The updated report also showed that real gross domestic income (GDI) surged 4.5%, while corporate profits jumped $204.7 billion after falling the previous quarter.
For all of 2024, real GDP increased 2.8%, unchanged from prior estimates. Private goods-producing industries grew 3.4% for the year, while services rose 2.8%.
