US GDP Growth Revised Upward

In a sign of enduring economic resilience, the United States' gross domestic product (GDP) growth for the fourth quarter of 2024 has been revised upward to 2.4% year-on-year, as per the latest estimate from the Bureau of Economic Analysis. This adjustment, up from the previously reported 2.3%, is attributed to a notable decrease in imports.

Driving Forces Behind the Growth

The growth was primarily fueled by robust consumer and government spending, despite a downturn in investment. Highlighting the quarter's performance, real gross domestic income (GDI) saw a significant surge of 4.5%, and corporate profits rebounded impressively, increasing by $204.7 billion after a previous quarter's decline.

Annual Economic Performance

Reflecting on the entire year of 2024, the real GDP growth remained steady at 2.8%, consistent with earlier estimates. The private goods-producing sector experienced a healthy growth of 3.4%, while the services sector expanded by 2.8%, underscoring the diversified strength of the US economy.