The US economy expanded an annualized 1.4% in Q1 2024, slightly higher than 1.3% in the second estimate, but continuing to point to the lowest growth since the contractions in the first half of 2022. Non-residential investment was revised higher (4.4% vs 3.3% in the second estimate), due to structures (4.4% vs 0.4%), equipment (1.6% vs 0.3%) and intellectual property products (7.7% vs 7.9%). Also, investment residential investment jumped more than initially expected (16% vs 15.4%). Exports rose faster (1.6% vs 1.2%) and imports were revised lower (6.1% vs 7.7%) while government spending was revised up (1.8% vs 1.3%). At the same time, private inventories subtracted less from the growth (-0.42 pp vs -0.45 pp). On the other hand, consumer spending slowed more than initially anticipated (1.5% vs 2% in the second estimate), due to consumption of both goods (-2.3% vs -1.9%) and services (3.3% vs 3.9%). source: U.S. Bureau of Economic Analysis
The Gross Domestic Product (GDP) in the United States expanded 1.40 percent in the first quarter of 2024 over the previous quarter. GDP Growth Rate in the United States averaged 3.19 percent from 1947 until 2024, reaching an all time high of 34.80 percent in the third quarter of 2020 and a record low of -28.00 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 July of 2024.
The Gross Domestic Product (GDP) in the United States expanded 1.40 percent in the first quarter of 2024 over the previous quarter. GDP Growth Rate in the United States is expected to be 1.50 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 1.80 percent in 2025, according to our econometric models.