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). source: U.S. Bureau of Economic Analysis

The Gross Domestic Product (GDP) in the United States expanded 3.40 percent in the fourth quarter of 2023 over the previous quarter. GDP Growth Rate in the United States averaged 3.20 percent from 1947 until 2023, 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 April of 2024.

The Gross Domestic Product (GDP) in the United States expanded 3.40 percent in the fourth quarter of 2023 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.



Calendar GMT Reference Actual Previous Consensus TEForecast
2024-02-28 01:30 PM QoQ 2nd Est Q4 3.2% 4.9% 3.3% 3.3%
2024-03-28 12:30 PM QoQ Final Q4 3.4% 4.9% 3.2% 3.2%
2024-04-25 12:30 PM QoQ Adv Q1 3.4% 2.8%


Related Last Previous Unit Reference
Changes in Inventories 54.91 77.76 USD Billion Dec 2023
Full Year GDP Growth 2.50 1.90 percent Dec 2023
GDP Annual Growth Rate 3.10 2.90 percent Dec 2023
GDP Constant Prices 22679.26 22490.70 USD Billion Dec 2023
GDP from Agriculture 178.50 179.30 USD Billion Dec 2023
GDP from Construction 863.40 850.90 USD Billion Dec 2023
GDP from Manufacturing 2360.30 2312.90 USD Billion Dec 2023
GDP from Mining 304.80 301.30 USD Billion Dec 2023
GDP from Public Administration 2582.90 2563.40 USD Billion Dec 2023
GDP from Services 16364.30 16258.90 USD Billion Dec 2023
GDP from Transport 738.50 736.10 USD Billion Dec 2023
GDP from Utilities 351.60 336.30 USD Billion Dec 2023
GDP Growth Rate 3.40 4.90 percent Dec 2023
GDP Sales 3.90 3.60 percent Dec 2023
Government Spending 3887.00 3843.36 USD Billion Dec 2023
Gross Fixed Capital Formation 4016.04 3981.30 USD Billion Dec 2023
Gross National Product 22827.21 22641.82 USD Billion Dec 2023
Real Consumer Spending 3.30 3.10 percent Dec 2023

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
3.40 4.90 34.80 -28.00 1947 - 2023 percent Quarterly
SA

News Stream
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
US GDP Growth Revised Slightly Lower to 3.2%
The US economy expanded an annualized 3.2% in Q4 2023, slightly below 3.3% in the advance estimate, following a 4.9% rate in Q3. The downward revision is due to private inventories which subtracted 0.27 pp from the growth, compared to an addition of 0.07 pp seen in the advance estimate. On the other hand, consumer spending was revised higher (3% vs 2.8% in the advance estimate), led by services (2.8% vs 2.4%) while goods rose less (3.2% vs 3.8%). Also, government spending rose way more (4.2% vs 3.3%) and both exports (6.4% vs 6.3%) and imports (2.7% vs 1.9%) increased more than anticipated. Looking further, non-residential investment was also revised higher (2.4% vs 1.9%), due to intellectual property products (3.3% vs 2.1%) and investment in structures (7.5% vs 3.2%) while investment in equipment was revised lower (-1.7% vs 1%). Residential investment continued to grow and more than expected (2.9% vs 1.1%). Considering full 2023, the US economy grew 2.5%, compared to 1.9% in 2022.
2024-02-28
US GDP Growth Beats Forecasts at 3.3%
The US economy expanded an annualized 3.3% in Q4 2023, much better than forecasts of a 2% rise, and following a 4.9% rate in Q3, according to the advance estimate. Consumer spending slowed (2.8% vs 3.1% in Q3), led by goods (3.8% vs 4.9%) while consumption of services rose faster (2.4% vs 2.2%), led by food services, accommodations, and health care. Also, private inventories added only 0.07 pp to growth, below 1.27 pp in Q3, and government spending rose at a slower pace (3.3% vs 5.8%). On the other hand, exports accelerated (6.3% vs 5.4%) and imports grew less (1.9% vs 4.2%). Looking further, non-residential investment increased more (1.9% vs 1.4%), led by a rebound in equipment (1% vs -4.4%) and a rise in intellectual property products (2.1% vs 1.8%) while investment in structures eased (3.2% vs 11.2%). Finally, residential investment continued to grow although at a slower pace. Considering full 2023, the US economy grew 2.5%, compared to 1.9% in 2022 and the Fed's estimates of 2.6%.
2024-01-25