The increase in real GDP reflected increases in consumer and government spending, which were partially offset by a decrease in investment.

The U.S. gross domestic product (GDP) increased by 0.6% in the fourth quarter of 2024 compared to the previous three months, according to the second estimate published by the Bureau of Economic Analysis of the Department of Commerce.

The rise in real GDP reflected increases in consumer and government spending, which were partially offset by a decline in investment, while imports, which are not included in the calculation, registered a decline.

On an annualized basis, US GDP rose by 2.3% in the last quarter of the year after expanding by 3.1% in the period between July and September.

Thus, the US economy for the whole of 2024 grew at an average rate of 2.8%.

The US economy once again showed signs of its strength at the end of 2024, as the eurozone stagnated in the same quarter and the EU as a whole grew by just 0.1%. Meanwhile, China's economy grew by 1.6% in the fourth quarter of 2024.