US GDP growth slows to 2.3% in Q4 2024

Anadolu, Philippine News Agency

Consumer spending and government expenditures drove the quarter’s gains, although they were partially offset by a decline in business investment. (Pexels Photo)

ANKARA – The US economy expanded by 2.3 percent in the fourth quarter of 2024, falling short of market expectations of 2.7 percent, according to the Commerce Department’s first advance reading released Thursday.

Consumer spending and government expenditures drove the quarter’s gains, although they were partially offset by a decline in business investment.

Imports, which subtract from GDP calculations, declined during the period, providing a modest boost.

The latest figure marked a notable slowdown from the robust 3.1 percent growth recorded in the third quarter.

For the full year, the economy grew by 2.8 percent, a slight cooling from the 2.9 percent expansion in 2023 but still reflective of steady momentum.

Annual growth was supported by a broad-based uptick in consumer spending, government outlays, investment, and exports.

The price index for gross domestic purchases rose 2.2 percent in October-December, compared with a hike of 1.9 percent in the previous three-month period. (Anadolu)