The US economy expanded an annualized 1.6% in Q1 2024, compared to 3.4% in the previous quarter and below forecasts of 2.5%. It was the lowest growth since the contractions in the first half of 2022, the advance estimate showed. A slowdown was seen for consumer spending (2.5% vs 3.3%), mainly due to a fall in goods consumption (-0.4% vs 3%) while spending on services rose faster (4% vs 3.4%). Non-residential investment also eased (2.9% vs 3.7%), due to structures (-0.1% vs 10.9%) while investment in equipment rebounded (2.1% vs -1.1%) and the one on intellectual property products (5.4% vs 4.3%) accelerated. Looking further, government spending rose way less (1.2% vs 4.6%), and exports slowed sharply (0.9% vs 5.1%) while imports soared (7.2% vs 2.2%). Meanwhile, private inventories subtracted 0.35 pp from the growth (vs -0.47 pp). On the other hand, residential investment jumped at a double-digit pace (13.9% vs 2.8%). source: U.S. Bureau of Economic Analysis
The Gross Domestic Product (GDP) in the United States expanded 1.60 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 May of 2024.
The Gross Domestic Product (GDP) in the United States expanded 1.60 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.
United States GDP Growth Rate
On the expenditure side, personal consumption expenditures accounts for 68 percent of total GDP out of which purchases of goods constitute 23 percent and services 45 percent. Private investment accounts for 16 percent of GDP and government consumption and investment for 18 percent. As the value of goods exported (13.5 percent) is lower than the value of goods imported (16.5 percent), net exports subtracts 3 percent from the total GDP value.
| Actual | Previous | Highest | Lowest | Dates | Unit | Frequency | ||
|---|---|---|---|---|---|---|---|---|
| 1.60 | 3.40 | 34.80 | -28.00 | 1947 - 2024 | percent | Quarterly | SA |
News Stream
US GDP Growth Below Forecasts
The US economy expanded an annualized 1.6% in Q1 2024, compared to 3.4% in the previous quarter and below forecasts of 2.5%. It was the lowest growth since the contractions in the first half of 2022, the advance estimate showed. A slowdown was seen for consumer spending (2.5% vs 3.3%), mainly due to a fall in goods consumption (-0.4% vs 3%) while spending on services rose faster (4% vs 3.4%). Non-residential investment also eased (2.9% vs 3.7%), due to structures (-0.1% vs 10.9%) while investment in equipment rebounded (2.1% vs -1.1%) and the one on intellectual property products (5.4% vs 4.3%) accelerated. Looking further, government spending rose way less (1.2% vs 4.6%), and exports slowed sharply (0.9% vs 5.1%) while imports soared (7.2% vs 2.2%). Meanwhile, private inventories subtracted 0.35 pp from the growth (vs -0.47 pp). On the other hand, residential investment jumped at a double-digit pace (13.9% vs 2.8%).
2024-04-25
US GDP Growth to Remain Robust in Q1
The US economy likely expanded at an annualized rate of 2.5% in the first quarter of 2024, marking a slowdown for the second consecutive quarter from the 3.4% growth seen in the previous three months. Despite this moderation, the initial estimate from the Bureau of Economic Analysis is expected to highlight the resilience of the US economy, amid strong productivity levels, robust employment, and buoyant domestic demand, even as borrowing costs remain high and inflationary pressures persist. Growth in consumer spending and private domestic investment is seen around 3% while residential investment likely expanded at a double digit pace, according to the Atlanta Fed GDPNow Estimate. However, net trade probably have made a negative contribution to the overall growth figures.
2024-04-25
US GDP Growth Revised Slightly Up to 3.4%
The US economy expanded an annualized 3.4% in Q4 2023, slightly above the 3.2% previously reported, supported by consumer spending and non-residential business investments, according to the third estimate from the BEA. Consumer spending was revised higher (3.3% vs 3% in the second estimate), led by services (3.4% vs 2.8%) while goods rose less (3% vs 3.2%). Also, non-residential investment was revised higher (3.7% vs 2.4%), due to intellectual property products (4.3% vs 3.3%, structures (10.9% vs 7.5%) and investment in equipment (-1.1% vs -1.7%). Residential investment continued to grow although slightly less than expected (2.8% vs 2.9%). Looking further, government spending rose way more (4.6% vs 4.2%) but both exports (5.1% vs 6.4%) and imports (2.2% vs 2.7%) increased less than initially reported. Meanwhile, the drag from private inventories was much bigger than in the second estimate (subtracted 0.47 pp from the growth vs -0.27 pp).
2024-03-28
