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GDP growth of 2.8% in 2024

The Commerce Department detailed that GDP increased at an annual rate of 2.3% in the fourth quarter of 2024.

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The Commerce Department reported that gross domestic product (GDP) grew by 2.8% in 2024, compared to the annual level of 2023. This data represents the advance estimate released by the Bureau of Economic Analysis.

In that regard, the department detailed that GDP increased at an annual rate of 2.3% in the fourth quarter of 2024 (October, November and December). In comparison, real GDP increased by 3.1% in the third quarter.

The department revealed that "The increase in real GDP in the fourth quarter primarily reflected increases in consumer spending and government spending that were partly offset by a decrease in investment. Imports, which are a subtraction in the calculation of GDP, decreased."

The estimate also noted that the price index for gross domestic purchases rose by 2.2% in the fourth quarter, up from a 1.9% increase in the third quarter.

The personal consumption expenditures (PCE) price index rose by 2.3%, up from a 1.5% increase. Excluding food and energy prices, the PCE price index increased by 2.5%, compared to a 2.2% rise.

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