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For additional information relating to this article, please contact:

Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email: thomas.storring@novascotia.ca

November 27, 2024
US GDP 2024 Q3 (SECOND ESTIMATE)

The Bureau of Economic Analysis released the second estimates of Q3 2024 US Real Gross Domestic Product (GDP).

US real GDP growth was estimated at 2.8% (seasonally adjusted annualized rate) in Q3 2024 in the second estimate.

The increase in real GDP was supported by increases in consumer spending (+3.5%), exports (+7.5%), state and local government spending (+2.7%), non-residential investment (+3.8%), federal government (nondefense) spending (+2.5%) and federal government defence spending(+13.9%). These gains were partially offset by residential fixed investment (-5.0%) and greater imports (+10.2%), which are a subtracted in the GDP calculation.

Current-dollar GDP growth was 4.7% (annualized rate) following a 5.6% current-dollar GDP increase in Q2 2024.

Private inventory investment was estimated at $64.1 billion net accumulation.

 

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



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