US GDP Growth Exceeds Expectations

The United States' gross domestic product (GDP) for the fourth quarter of 2024 has been revised upward to a 2.4% increase year-on-year, as announced by the Bureau of Economic Analysis. This adjustment, up from the previously estimated 2.3%, is attributed to a decrease in imports, showcasing the resilience of the US economy.

Driving Forces Behind the Growth

Consumer and government spending were the primary contributors to this economic expansion, despite a noted decline in investment. The report also highlights a significant 4.5% surge in real gross domestic income (GDI) and a remarkable $204.7 billion jump in corporate profits, marking a recovery from the previous quarter's downturn.

Annual Economic Performance

For the entirety of 2024, the real GDP growth remained steady at 2.8%, consistent with prior estimates. The year saw a 3.4% growth in private goods-producing industries and a 2.8% increase in services, underscoring the diverse strengths of the US economy.