The US economy expanded an annualized 2.8% in Q2, up from 1.4% in Q1, and above forecasts of 2%, the advance estimate showed. Consumer spending rose faster (2.3% vs 1.5%), led by a rebound in consumption of goods (2.5% vs -2.3%), mostly motor vehicles, recreational goods and vehicles, and gasoline while services slowed (2.2% vs 3.3%). Also, private inventories added 0.82 pp to the growth, after being a drag in the past 2 periods, led by wholesale trade and retail trade industries. Meanwhile, nonresidential investment accelerated (5.2% vs 4.4%), namely equipment (11.6% vs 1.6%) while intellectual property products (4.5% vs 7.7%) eased and investment in structures sank (-3.3% vs 3.4%). Also, government spending increased more (3.1% vs 1.8%) led by defense. On the other hand, residential investment contracted for the 1st time in a year (-1.4% vs 16%) and net trade dragged down on the growth for a 2nd consecutive quarter as imports rose faster (6.9% vs 6.1%) than exports (2% vs 1.6%). source: U.S. Bureau of Economic Analysis
The Gross Domestic Product (GDP) in the United States expanded 2.80 percent in the second quarter of 2024 over the previous quarter. GDP Growth Rate in the United States averaged 3.19 percent from 1947 until 2024, 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 August of 2024.
The Gross Domestic Product (GDP) in the United States expanded 2.80 percent in the second quarter of 2024 over the previous quarter. GDP Growth Rate in the United States is expected to be 1.20 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.
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 | ||
|---|---|---|---|---|---|---|---|---|
| 2.80 | 1.40 | 34.80 | -28.00 | 1947 - 2024 | percent | Quarterly | SA |
News Stream
US GDP Growth Tops Estimates in Q2
The US economy expanded an annualized 2.8% in Q2, up from 1.4% in Q1, and above forecasts of 2%, the advance estimate showed. Consumer spending rose faster (2.3% vs 1.5%), led by a rebound in consumption of goods (2.5% vs -2.3%), mostly motor vehicles, recreational goods and vehicles, and gasoline while services slowed (2.2% vs 3.3%). Also, private inventories added 0.82 pp to the growth, after being a drag in the past 2 periods, led by wholesale trade and retail trade industries. Meanwhile, nonresidential investment accelerated (5.2% vs 4.4%), namely equipment (11.6% vs 1.6%) while intellectual property products (4.5% vs 7.7%) eased and investment in structures sank (-3.3% vs 3.4%). Also, government spending increased more (3.1% vs 1.8%) led by defense. On the other hand, residential investment contracted for the 1st time in a year (-1.4% vs 16%) and net trade dragged down on the growth for a 2nd consecutive quarter as imports rose faster (6.9% vs 6.1%) than exports (2% vs 1.6%).
2024-07-25
US Economy Likely Expanded 2% in Q2
The US economy likely expanded by an annualized 2% in the second quarter of 2024, up from 1.4% in the first three months of 2024. Still, it would mark the two slowest consecutive quarters of growth since 2022, falling below the average quarterly growth rate of 3.1% from 2021 to 2023, in a sign the economy is cooling amid higher interest rates. In Q2, consumer spending likely rose 2.2%, higher than 1.5% in Q1, and inventories accounted for almost 1% of the growth, according to the Atlanta Fed GDPNow Estimate. However, residential investment likely contracted following double-digit growth in Q1, and net trade is expected to hurt growth due to lower exports.
2024-07-25
US GDP Growth Revised Slightly Up
The US economy expanded an annualized 1.4% in Q1 2024, slightly higher than 1.3% in the second estimate, but continuing to point to the lowest growth since the contractions in the first half of 2022. Non-residential investment was revised higher (4.4% vs 3.3% in the second estimate), due to structures (4.4% vs 0.4%), equipment (1.6% vs 0.3%) and intellectual property products (7.7% vs 7.9%). Also, investment residential investment jumped more than initially expected (16% vs 15.4%). Exports rose faster (1.6% vs 1.2%) and imports were revised lower (6.1% vs 7.7%) while government spending was revised up (1.8% vs 1.3%). At the same time, private inventories subtracted less from the growth (-0.42 pp vs -0.45 pp). On the other hand, consumer spending slowed more than initially anticipated (1.5% vs 2% in the second estimate), due to consumption of both goods (-2.3% vs -1.9%) and services (3.3% vs 3.9%).
2024-06-27
