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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email:

May 30, 2024

The Bureau of Economic Analysis released the second estimate for Q1 2024 US Real Gross Domestic Product (GDP).

US real GDP growth was estimated at 1.3% (seasonally adjusted annualized rate) in Q1 2024 in the second estimate, revised down from 1.6% in the first estimate.  US real GDP growth has slowed in the last two quarters.  The Q1 2024 result is the slowest real GDP growth rate since the economy contracted in the first half of 2022.

The increase in real GDP was supported by increases in consumer spending (+2.0%), exports (+1.2%), state and local government spending (+2.6%), nonresidential fixed investment (+3.3%) and residential investment (+15.4%). These gains were partially offset by greater imports (+7.7%), which are a subtracted in the GDP calculation as well as by slowing investment in inventory accumulation.

Private inventory investment was estimated at $27.8 billion net accumulation.

Current-dollar GDP growth was 4.3% (seasonally adjusted annualized rate) as the broad GDP price deflator increased by 3.0%.

Source: US Bureau of Economic Analysis, Key source data,  retrieved from Federal Reserve Bank of St. Louis

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