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EMBARGOED UNTIL RELEASE AT 8:30 a.m. EST, Thursday, February 27, 2025 Technical: Media: Lisa Mataloni (GDP) Connie O’Connell 301-278-9083 301-278-9003 BEA 25–05 GDPNIWD@bea.gov Connie.OConnell@bea.gov Gross Domestic Product, 4th Quarter and Year 2024 (Second Estimate) Real gross domestic product (GDP) increased at an annual rate of 2.3 percent in the fourth quarter of 2024 (October, November, and December), according to the second estimate released by the U.S. Bureau of Economic Analysis. In the third quarter, real GDP increased 3.1 percent. Real GDP, Percent Change from Preceding Quarter 5.0 4.0 3.0 2.0 1.0 0.0 Q3 Q4 2023 U.S. Bureau of Economic Analysis Q1 Q2 Q3 Q4 2024 Seasonally adjusted annual rates 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. For more information, refer to the “Technical Notes” below. Real GDP was revised up by less than 0.1 percentage point from the advance estimate released last month, primarily reflecting upward revisions to government spending and exports that were partly offset by downward revisions to consumer spending and investment. Contributions to Percent Change in Real GDP, 4th Quarter 2024 Real GDP increased 2.3 percent Advance Second 3.00 Percentage points 2.50 2.00 1.50 1.00 0.50 0.00 -0.08 -0.05 -0.50 -1.00 -1.50 Real GDP, percent change Consumer spending Investment Government Exports Imports Note. Imports are a subtraction in the calculation of GDP; thus, a decrease in imports results in a positive contribution to GDP. U.S. Bureau of Economic Analysis Seasonally adjusted annual rates Compared to the third quarter, the deceleration in real GDP in the fourth quarter primarily reflected downturns in investment and exports that were partly offset by an acceleration in consumer spending. Imports turned down. The price index for gross domestic purchases increased 2.3 percent in the fourth quarter, revised up 0.1 percentage point from the previous estimate. The personal consumption expenditures (PCE) price index increased 2.4 percent, revised up 0.1 percentage point. Excluding food and energy prices, the PCE price index increased 2.7 percent, revised up 0.2 percentage point. Quarter-to-Quarter Change in Prices 4.0 Percent change 3.0 2.0 1.0 0.0 Q3 2023 Q4 Gross Domestic Purchases Price Index Q1 Q2 PCE Price Index U.S. Bureau of Economic Analysis 2024 Q3 Q4 PCE, Excluding Food and Energy Seasonally adjusted annual rates Page 2 of 16 Real GDP and Related Measures [Percent change from Q3 to Q4] Real GDP Current-dollar GDP Gross domestic purchases price index PCE price index PCE price index excluding food and energy Advance Estimate 2.3 4.5 2.2 2.3 2.5 Second Estimate 2.3 4.8 2.3 2.4 2.7 GDP for 2024 Real GDP increased 2.8 percent in 2024 (from the 2023 annual level to the 2024 annual level), the same as previously estimated. The increase in real GDP in 2024 reflected increases in consumer spending, investment, government spending, and exports. Imports increased. The price index for gross domestic purchases increased 2.4 percent in 2024, revised up 0.1 percentage point. The PCE price index increased 2.5 percent, the same as the previous estimate. Excluding food and energy prices, the PCE price index increased 2.8 percent, also the same as the previous estimate. Next release: March 27, 2025, at 8:30 a.m. EDT Gross Domestic Product (Third Estimate) Corporate Profits Gross Domestic Product by Industry 4th Quarter and Year 2024 For definitions, statistical conventions, updates to GDP, and more, visit “Additional Information.” Page 3 of 16 Technical Notes Sources of revisions to real GDP in the second estimate Real GDP increased at an annual rate of 2.3 percent (0.6 percent at a quarterly rate1), an upward revision of less than 0.1 percentage point from the previous estimate, primarily reflecting upward revisions to government spending and exports that were partly offset by downward revisions to consumer spending and investment. Imports, which are a subtraction in the calculation of GDP, were revised down. • • • • The revision to government spending primarily reflected an upward revision to federal government spending (notably, defense consumption expenditures), based on Bureau of Labor Statistics (BLS) employment data. For both exports and imports, the revised estimates primarily reflected updated data from BEA’s International Transactions Accounts as well as new and revised Census Bureau trade in goods data for December. The revision to imports was led by a downward revision to other goods, reflecting a downward revision to the territorial adjustment2. The downward revision to consumer spending reflected a downward revision to goods that was partly offset by an upward revision to services. o Within goods, the downward revision was led by other durable goods (notably, jewelry and watches), based on revised Census Bureau Monthly Retail Trade Survey (MRTS) data. o Within services, the upward revision was led by recreation services (led by video and audio streaming and rental), based primarily on financial reports for publicly traded companies, and food services, based on revised Census MRTS data. The downward revision to investment reflected a downward revision to nonresidential fixed investment that was partly offset by an upward revision to private inventory investment. o Within nonresidential fixed investment, the leading contributor to the downward revision was intellectual property products (led by research and development), based on R&D expenses reported by publicly traded companies. o Within private inventory investment, the revision primarily reflected an upward revision to nonfarm inventories (led by merchant wholesale), based primarily on revised Census Bureau book value data. More information on the source data and BEA assumptions that underlie the fourth-quarter estimate is shown in the key source data and assumptions table. 1 Percent changes in quarterly seasonally adjusted series are displayed at annual rates, unless otherwise specified. For more information, refer to the FAQ Why does BEA publish percent changes in quarterly series at annual rates?. 2 Consists of transactions between the United States and its territories, Puerto Rico, and the Northern Mariana Islands. The treatment of U.S. territories, Puerto Rico, and the Northern Mariana Islands in the National Income and Product Accounts (NIPAs) differs from that in the International Transactions Accounts (ITAs). In the NIPAs, U.S. territories are included in the rest of the world; in the ITAs, they are treated as part of the United States. Page 4 of 16 News release tables Table 1. Real Gross Domestic Product and Related Measures: Percent Change from Preceding Period Table 2. Contributions to Percent Change in Real Gross Domestic Product Table 3. Gross Domestic Product: Level and Change from Preceding Period Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change from Preceding Period Table 5. Real Gross Domestic Product: Annual Percent Change Table 6. Real Gross Domestic Product: Percent Change from Quarter One Year Ago Table 7. Relation of Gross Domestic Product, Gross National Product, and National Income Table 8. Personal Income and Its Disposition Appendix Table A. Real Gross Domestic Product and Related Aggregates: Percent Change from Preceding Period and Contributions to Percent Change Appendix Table B. Not Seasonally Adjusted Real Gross Domestic Product: Level and Percent Change from Quarter One Year Ago Page 5 of 16 February 27, 2025 Table 1. Real Gross Domestic Product and Related Measures: Percent Change from Preceding Period Seasonally adjusted at annual rates 2021 2022 2023 2024 r Line Q1 Q2 2022 Q3 Q4 Q1 Q2 2023 Q3 Q4 Q1 Q2 2024 Q3 Q4 Q1 Q2 Line Q3 r Q4 r Gross domestic product (GDP) 2.5 2.9 2.8 5.6 6.4 3.5 7.4 -1.0 0.3 2.7 3.4 2.8 2.4 4.4 3.2 1.6 3.0 3.1 2.3 2 Personal consumption expenditures 3.0 2.5 2.8 9.5 14.1 3.1 4.4 2.6 1.5 1.2 4.9 1.0 2.5 3.5 1.9 2.8 3.7 4.2 2 3 -0.6 1.9 2.4 17.9 14.4 -9.6 7.4 -0.3 3.5 3.4 -1.2 3.0 5.6 6.1 3 0.1 -2.2 -1.9 -2.0 17.1 -0.3 1 Goods 1.0 4.6 -1.7 -1.5 -2.3 -0.7 1 4 Durable goods -1.9 3.9 3.3 31.0 14.7 -24.8 8.6 4.2 2.9 -1.8 5.5 7.6 12.1 4 5 Nondurable goods 0.1 0.8 1.9 10.9 14.2 2.5 -2.7 -1.2 -2.5 0.1 2.5 -0.4 3.1 3.6 -0.8 1.7 4.6 3.0 5 5.0 2.9 3.0 4.3 2.2 3.8 2.1 3.5 3.4 2.7 2.8 3.3 6 7 Gross private domestic investment 6.0 0.1 4.0 -2.4 -6.4 16.3 28.3 7.4 -8.5 -5.7 8.0 10.1 0.7 3.6 8.3 0.8 -5.7 7 8 Fixed investment 2.7 2.4 3.7 9.4 8.5 3.5 6.5 2.3 2.1 -1.4 8 7.0 6.0 3.6 4.0 -3.2 9 3.6 10.8 3.4 6 Services 9 Nonresidential 10 Structures 11 Equipment 12 Intellectual property products 13 14 Residential 5.4 13.9 10.4 4.7 3.5 5.8 -8.9 1.6 2.9 2.0 -1.8 -1.9 3.1 8.6 2.6 9.6 8.9 -1.8 8.8 3.4 13.6 7.3 7.7 5.7 5.3 9.9 1.1 3.8 4.5 3.9 0.6 -3.8 -9.5 10.9 8.8 9.2 9.8 14.9 16.4 1.7 6.5 6.3 0.2 -5.0 5.3 8.7 -10.6 1.1 6.6 1.1 0.9 12.5 -1.1 0.7 0.3 9.8 10.8 -9.0 11 8.6 12.4 12.6 12.7 8.0 7.9 4.5 3.9 2.8 5.2 7.5 0.7 3.1 0.0 12 1.2 -4.5 -11.6 -25.2 -22.8 -4.3 4.5 7.7 2.5 13.7 -2.8 -4.3 5.4 13 4.4 3.5 3.3 5.8 3.9 14.3 13.8 4.2 2.4 5.5 -2.1 11.2 -8.6 -8.3 0.4 8.7 -3.7 -3.4 1.5 16.4 1.1 10 Change in private inventories ......... ......... .......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 14 15 Net exports of goods and services ......... ......... .......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 15 16 17 18 19 20 Exports Goods Services Imports 2.8 3.2 2.3 2.2 -1.2 0.3 11.1 3.2 0.9 25.5 -4.6 12.7 14.5 -1.1 2.0 -4.8 4.9 6.2 1.2 -2.7 27.6 -9.4 10.9 20.3 -5.4 5.3 -10.9 7.5 5.3 -0.2 6.9 16.8 2.6 8.7 -4.5 1.9 1.0 9.6 -0.5 16 0.9 10.3 -4.8 17 3.8 5.3 3.3 7.4 8.9 21.1 8.8 0.0 8.0 6.1 1.2 8.6 -1.2 5.4 8.3 8.3 8.6 20.8 13.4 5.9 -5.4 -4.5 -0.8 -3.1 4.7 4.2 6.1 7.6 10.7 -1.2 19 6.7 -1.8 5.3 0.9 21.7 13.6 3.1 -8.2 -4.0 5.1 7.7 18 4.8 8.0 1.8 6.5 8.4 10.7 -5.0 20 17.8 1.6 7.7 9.9 25.5 55.3 16.6 12.4 20.4 8.1 -6.9 -4.8 5.0 2.6 14.8 4.8 4.3 11.0 15.3 21 -1.1 3.9 3.4 5.2 -4.2 -1.5 -0.3 -3.4 -1.5 1.6 5.4 5.1 2.9 5.7 1.8 3.1 5.1 23 -3.2 2.9 2.6 17.2 -8.0 -7.5 3.1 -8.5 -3.3 -0.4 9.0 4.6 -1.1 5.3 -0.3 -0.4 4.3 8.9 4.0 23 National defense -3.9 3.2 3.1 -7.9 -2.8 -4.6 -3.7 -11.2 7.6 4.9 6.7 -1.3 -2.5 6.4 13.9 4.7 24 25 Nondefense -2.3 2.5 1.8 63.0 -14.3 -11.3 13.0 -5.0 -9.7 2.9 10.8 4.3 -3.5 3.4 0.9 2.6 1.5 2.6 2.9 25 26 State and local 0.2 4.4 3.9 -1.6 -1.8 2.7 5.3 5.9 6.1 3.1 2.3 2.9 2.2 26 Federal 2.0 -2.9 2.3 -2.3 -0.1 -0.4 3.4 0.1 -5.0 8.4 21 Services 22 Government consumption expenditures and gross investment 24 Goods 7.5 5.9 0.8 5.4 3.6 2.9 22 Addenda: 27 Gross domestic income (GDI) 1 2.8 1.7 .......... 4.2 5.3 4.4 6.4 1.7 -0.3 3.9 -1.4 1.7 2.1 2.7 5.1 3.0 2.0 1.4 ......... 27 28 Average of GDP and GDI 2.7 2.3 .......... 4.9 5.9 3.9 6.9 0.3 0.0 3.3 1.0 2.3 2.3 3.5 4.1 2.3 2.5 2.2 ......... 28 29 Final sales of domestic product 1.9 3.3 2.7 7.8 8.7 0.4 3.2 -0.9 2.3 3.5 1.9 5.1 2.6 3.0 3.7 2.1 1.9 3.3 3.2 29 30 Gross domestic purchases 2.8 2.3 3.1 6.5 7.0 4.4 7.4 1.4 -0.2 0.2 2.7 2.4 2.5 4.4 3.0 2.2 3.8 3.4 2.2 30 31 32 Final sales to domestic purchasers 2.3 2.7 3.0 8.7 9.2 1.4 3.4 1.5 1.8 0.9 1.3 4.6 2.6 3.1 3.5 2.7 2.8 3.7 3.0 31 3.0 2.5 3.0 9.5 12.3 2.0 4.1 2.5 2.4 0.8 0.6 4.6 2.5 2.6 3.5 2.9 2.7 3.4 3.0 32 33 Final sales to private domestic purchasers Gross national product (GNP) 2.4 2.7 .......... 5.5 3.5 7.8 -1.8 0.9 2.9 2.8 2.1 2.5 4.3 3.1 1.4 2.7 2.4 ......... 33 34 Disposable personal income -5.5 5.1 2.7 57.6 -27.7 -4.5 -4.5 -10.9 -1.8 6.6 3.8 10.9 3.4 1.4 3.2 5.6 1.0 0.2 2.5 34 6.6 5.3 11.1 13.2 4.8 35 5.4 Current-dollar measures: 35 GDP 9.8 36 GDI 10.1 37 Average of GDP and GDI 10.0 6.0 .......... 10.3 12.6 10.3 14.5 8.7 38 Final sales of domestic product 9.2 7.0 5.2 13.5 15.6 39 Gross domestic purchases 9.9 5.8 5.5 11.4 13.4 10.4 15.1 9.6 40 41 Final sales to domestic purchasers 9.3 6.2 5.5 13.8 15.7 7.4 10.7 10.0 6.3 5.4 14.0 18.8 42 Final sales to private domestic purchasers GNP 43 Disposable personal income 5.3 .......... 7.3 9.7 7.4 7.2 6.6 4.3 7.7 4.8 4.7 5.6 5.0 9.6 12.0 10.8 14.0 10.2 9.8 15.1 9.1 8.6 2.3 5.5 4.0 6.0 6.7 6.1 4.6 3.3 ......... 36 9.4 8.0 4.7 6.0 4.2 6.8 5.8 5.4 5.1 4.2 ......... 37 7.5 12.0 8.2 5.8 8.9 4.7 6.3 5.3 5.2 4.5 5.3 5.6 38 8.4 5.0 6.4 5.8 4.1 7.1 4.8 5.3 6.4 5.4 4.5 39 9.8 10.6 5.7 5.1 8.0 4.4 5.8 5.3 5.8 5.3 5.7 5.3 40 5.3 41 6.7 10.5 8.1 11.5 10.9 10.7 6.1 4.6 8.6 4.9 5.0 5.3 5.9 5.3 5.3 9.7 6.4 .......... 10.9 12.0 9.9 15.5 7.6 6.6 5.9 4.4 7.6 4.7 4.5 5.3 4.4 ......... 42 0.7 9.0 0.9 7.9 15.3 6.4 4.1 4.9 9.2 3.6 1.8 5.3 64.8 -23.1 6.5 10.4 2.0 -4.0 5.6 11.7 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2024. 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. Source: U.S. Bureau of Economic Analysis Page 6 of 16 5.0 43 February 27, 2025 Table 2. Contributions to Percent Change in Real Gross Domestic Product Q1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 Percent change at annual rate: Gross domestic product Percentage points at annual rates: Personal consumption expenditures Goods Durable goods Motor vehicles and parts Furnishings and durable household equipment Recreational goods and vehicles Other durable goods Nondurable goods Food and beverages purchased for off-premises consumption Clothing and footwear Gasoline and other energy goods Other nondurable goods Services Household consumption expenditures (for services) Housing and utilities Health care Transportation services Recreation services Food services and accommodations Financial services and insurance Other services Final consumption expenditures of nonprofit institutions serving households Gross output of nonprofit institutions Less: Receipts from sales of goods and services by nonprofit institutions Gross private domestic investment Fixed investment Nonresidential Structures Equipment Information processing equipment Industrial equipment Transportation equipment Other equipment Intellectual property products Software Research and development Entertainment, literary, and artistic originals Residential Change in private inventories Farm 42 Nonfarm 43 Net exports of goods and services 44 Exports 45 Goods 46 Services 47 Imports 48 Goods 49 Services 50 Government consumption expenditures and gross investment 51 Federal 52 National defense 53 Consumption expenditures 54 Gross investment 55 Nondefense 56 Consumption expenditures 57 Gross investment 58 State and local 59 Consumption expenditures 60 Gross investment Seasonally adjusted at annual rates 2022 2023 2021 2022 2023 2024 r Line Q2 Q3 2.5 2.9 2.8 5.6 6.4 3.5 2.06 -0.14 -0.16 -0.20 -0.07 0.06 1.72 0.42 0.31 0.08 0.03 0.18 1.87 0.51 0.24 -0.03 0.07 0.15 6.10 3.80 2.26 1.18 0.52 0.35 9.04 3.19 1.20 0.48 0.06 0.42 2.11 -2.38 -2.43 -1.91 -0.28 -0.25 0.04 0.01 0.05 0.02 0.12 0.27 0.20 1.54 -0.11 -0.01 0.02 0.13 2.20 2.03 0.34 0.46 0.20 0.28 0.42 -0.01 0.35 -0.08 0.02 0.02 0.16 1.30 1.41 0.06 0.66 0.01 0.10 0.19 0.20 0.19 0.07 0.72 0.03 0.52 -0.01 0.17 0.18 0.14 1.36 2.30 1.21 2.76 0.12 0.46 0.61 -0.14 0.07 0.20 0.05 0.56 0.06 0.78 0.14 0.24 0.15 0.66 Q4 Q2 Q3 Q4 Q1 Q2 Q3 2024 Q4 Q1 Q2 Line Q3 Q4 r 0.3 2.7 3.4 2.8 2.4 4.4 3.2 1.6 3.0 3.1 2.3 1 1.71 -0.37 -0.18 -0.13 -0.01 -0.11 1.02 -0.54 -0.15 -0.16 -0.04 0.06 0.81 -0.15 -0.16 -0.05 0.01 -0.03 3.27 1.59 1.24 0.75 0.10 0.33 0.65 -0.08 -0.03 -0.19 -0.03 0.21 1.72 0.76 0.32 -0.16 0.09 0.34 2.33 0.73 0.22 -0.15 0.07 0.21 1.30 -0.25 -0.13 -0.20 0.00 -0.04 1.90 0.63 0.40 0.16 0.13 0.11 2.48 1.18 0.54 0.22 0.15 0.16 2.79 1.27 0.86 0.44 0.09 0.30 2 3 4 5 6 7 0.24 0.01 0.15 -0.03 0.07 -0.01 -0.09 0.05 -0.01 0.05 0.09 0.10 0.00 0.02 0.03 2.00 0.05 0.36 -0.42 -0.19 -0.38 0.01 0.36 -0.05 0.44 0.51 -0.12 0.23 0.63 0.41 8 9 0.33 0.66 0.44 0.57 5.85 6.35 0.19 1.38 1.01 0.82 2.09 0.01 0.86 -0.05 -0.14 0.18 0.06 4.48 4.40 0.34 0.78 0.95 0.66 0.75 0.09 0.82 7.4 -1.0 3.00 1.05 0.69 0.16 0.01 0.38 0.03 -0.02 0.05 0.30 1.95 1.68 0.19 0.58 0.19 0.44 -0.01 0.16 0.13 0.64 -0.41 0.01 0.08 -0.11 0.07 -0.17 -0.17 -0.10 0.02 1.05 0.69 0.67 0.05 -0.05 0.04 -0.06 -0.22 0.26 -0.28 0.12 -0.12 0.10 2.09 1.79 0.33 0.14 -0.01 0.23 0.98 -0.11 0.23 -0.27 -0.05 -0.06 -0.01 1.55 1.48 -0.05 0.61 -0.01 0.05 0.20 0.18 0.50 -0.07 0.00 0.01 0.06 0.96 1.17 0.30 0.79 -0.02 0.14 -0.04 0.11 -0.10 -0.10 0.09 0.13 0.25 1.67 2.00 -0.22 1.04 0.02 0.16 0.31 0.29 0.41 -0.04 -0.11 0.02 0.08 0.73 0.81 0.06 0.31 0.05 -0.01 -0.11 0.46 0.04 0.09 0.09 -0.07 0.32 0.96 0.95 0.25 0.35 0.00 0.08 0.28 0.07 -0.06 0.08 0.07 0.05 0.32 1.60 1.63 -0.03 0.85 0.11 0.02 0.27 -0.01 0.42 -0.01 0.05 -0.14 -0.02 1.55 1.27 0.09 0.76 0.01 0.07 -0.12 0.31 0.16 0.11 -0.06 0.11 0.07 1.27 0.94 0.23 0.35 0.31 0.05 -0.01 -0.04 0.05 0.14 0.03 0.05 0.41 1.31 1.14 0.10 0.79 -0.10 0.01 0.07 0.21 0.07 0.09 0.09 -0.03 0.26 1.53 1.41 0.13 0.43 0.04 0.10 0.17 0.19 0.35 10 11 12 13 14 15 16 17 18 19 20 21 22 0.18 -0.11 0.15 -0.46 -0.51 0.08 0.28 0.37 0.30 0.08 -0.21 -0.33 -0.08 0.01 -0.03 0.28 0.33 0.17 0.11 23 0.26 0.15 0.37 -0.53 0.41 0.25 0.53 -0.01 0.08 0.55 0.28 -0.08 0.04 0.05 0.38 0.64 0.17 0.61 0.34 24 0.08 1.07 0.48 0.90 0.10 0.22 0.13 0.04 0.00 0.05 0.58 0.32 0.24 0.03 -0.42 0.59 -0.04 0.26 0.02 0.43 0.81 0.32 0.18 -0.08 0.01 0.25 -0.01 0.31 0.16 0.14 0.01 -0.37 -0.41 0.04 0.22 0.73 0.66 0.49 0.11 0.17 0.09 0.02 0.06 0.00 0.21 0.15 0.07 0.00 0.17 0.07 0.05 -0.07 -0.28 1.65 1.25 0.21 0.31 0.22 -0.02 0.08 0.03 0.72 0.49 0.26 -0.03 0.40 -1.93 0.24 0.91 -1.01 0.99 1.17 0.01 0.46 -0.01 0.20 0.33 -0.05 0.70 0.35 0.33 0.02 -0.18 -2.00 -0.09 0.16 2.73 -0.38 -0.21 -0.11 -0.54 -0.08 0.07 -0.51 -0.03 0.44 0.22 0.18 0.04 -0.17 3.10 0.00 0.25 4.68 0.53 0.47 -0.26 0.10 0.49 0.06 -0.42 -0.02 0.63 0.26 0.32 0.05 0.06 4.14 -0.08 -0.38 1.34 1.44 1.66 0.28 0.75 0.34 0.07 0.13 0.20 0.63 0.45 0.20 -0.02 -0.22 -0.10 0.01 -0.21 -1.67 0.35 0.94 0.24 0.05 -0.15 -0.06 0.22 0.05 0.65 0.31 0.27 0.06 -0.59 -2.01 -0.09 0.48 -1.05 -0.33 1.01 0.26 0.33 0.14 -0.06 0.27 -0.03 0.42 0.22 0.16 0.05 -1.34 -0.72 -0.05 0.49 1.08 -0.36 0.76 0.28 0.05 -0.33 0.08 0.32 -0.01 0.42 0.27 0.16 -0.01 -1.12 1.44 0.12 0.25 -1.63 0.53 0.71 0.43 0.04 -0.07 0.02 0.15 -0.06 0.24 0.06 0.18 0.00 -0.18 -2.16 -0.10 0.12 1.42 1.48 1.30 0.49 0.61 -0.07 0.01 0.61 0.06 0.21 0.11 0.09 0.01 0.17 -0.06 0.28 0.04 1.80 0.45 0.16 0.06 -0.05 -0.04 -0.03 0.03 -0.01 0.15 0.14 0.01 0.00 0.30 1.34 0.05 0.41 0.16 0.62 0.52 0.20 0.04 0.16 0.01 -0.17 0.03 0.28 0.21 0.10 -0.02 0.10 -0.47 -0.05 0.36 0.64 1.14 0.61 0.20 0.02 0.06 0.09 -0.15 0.02 0.40 0.24 0.16 0.00 0.53 -0.49 -0.02 -0.16 1.47 0.42 0.53 0.01 0.49 0.13 -0.05 0.41 0.00 0.04 0.05 -0.01 -0.01 -0.11 1.05 0.17 0.44 0.16 0.38 0.55 -0.16 0.54 0.29 0.06 0.25 -0.06 0.17 0.06 0.11 0.00 -0.18 -0.22 0.04 0.23 -1.05 -0.24 -0.45 0.04 -0.49 -0.14 -0.01 -0.25 -0.09 0.00 0.06 -0.06 0.00 0.21 -0.81 0.01 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 0.63 -0.42 0.82 0.45 0.38 -1.24 -0.81 -0.43 -0.45 0.49 0.31 0.17 0.14 0.17 0.22 -0.05 0.02 -0.38 0.35 0.16 0.20 -0.74 -0.53 -0.21 -2.16 -1.14 0.00 -0.10 0.10 -1.14 -0.94 -0.20 -1.91 -0.82 0.33 0.09 0.24 -1.15 -0.64 -0.51 3.11 -1.10 0.09 -0.19 0.29 -1.19 -0.12 -1.07 4.23 -0.22 2.54 1.87 0.67 -2.77 -2.38 -0.39 -0.11 -2.40 -0.51 -0.74 0.23 -1.90 -1.60 -0.29 -1.92 0.50 1.40 0.84 0.56 -0.90 -0.40 -0.50 -0.67 2.50 1.63 1.53 0.09 0.87 1.08 -0.21 1.32 0.56 -0.12 -0.43 0.31 0.68 0.48 0.21 -2.06 0.33 0.23 0.39 -0.17 0.10 -0.04 0.14 -0.34 -0.11 -0.54 -0.86 0.31 0.44 0.57 -0.13 1.29 -0.10 0.53 0.53 0.00 -0.63 -0.56 -0.07 -0.42 0.09 0.66 0.37 0.29 -0.57 -0.19 -0.38 -0.47 -0.61 0.21 -0.02 0.23 -0.82 -0.69 -0.13 0.88 -0.90 0.12 0.07 0.05 -1.01 -0.90 -0.12 -0.26 -0.43 1.01 0.70 0.31 -1.44 -1.14 -0.29 -0.82 0.12 -0.05 -0.34 0.29 0.17 0.58 -0.41 42 43 44 45 46 47 48 49 -0.20 -0.22 -0.15 -0.15 0.00 -0.07 -0.09 0.03 0.02 0.09 -0.07 0.66 0.19 0.12 0.06 0.05 0.07 0.03 0.04 0.47 0.31 0.16 0.57 0.16 0.11 0.08 0.03 0.05 0.04 0.01 0.41 0.20 0.21 0.95 1.14 -0.33 -0.14 -0.19 1.47 1.40 0.07 -0.19 -0.01 -0.17 -0.78 -0.58 -0.11 -0.09 -0.02 -0.47 -0.53 0.06 -0.20 0.08 -0.28 -0.28 -0.53 -0.18 -0.18 0.00 -0.35 -0.40 0.05 0.26 0.44 -0.19 -0.04 0.21 -0.14 -0.18 0.04 0.35 0.32 0.03 -0.25 -0.12 -0.13 -0.60 -0.58 -0.43 -0.35 -0.08 -0.15 -0.16 0.01 -0.01 -0.04 0.03 -0.27 -0.22 0.07 0.00 0.07 -0.29 -0.30 0.01 -0.05 0.07 -0.12 0.26 -0.04 -0.11 -0.02 -0.09 0.07 0.05 0.02 0.29 0.27 0.02 0.90 0.54 0.26 0.03 0.24 0.28 0.20 0.07 0.36 0.29 0.07 0.84 0.28 0.17 0.18 -0.01 0.11 0.03 0.07 0.56 0.44 0.12 0.48 -0.08 0.03 -0.04 0.07 -0.11 -0.14 0.03 0.56 0.28 0.29 0.94 0.33 0.24 0.22 0.01 0.09 0.10 -0.01 0.62 0.28 0.33 0.61 -0.02 -0.05 -0.05 0.00 0.02 -0.01 0.03 0.63 0.21 0.42 0.30 -0.02 -0.09 -0.01 -0.08 0.07 0.09 -0.02 0.32 0.18 0.14 0.52 0.27 0.23 0.10 0.13 0.04 0.03 0.01 0.25 0.16 0.09 0.86 0.55 0.48 0.32 0.16 0.07 0.06 0.01 0.31 0.22 0.09 0.49 0.25 0.17 0.14 0.03 0.08 0.06 0.02 0.23 0.18 0.06 50 51 52 53 54 55 56 57 58 59 60 r Revised Source: U.S. Bureau of Economic Analysis Q1 Page 7 of 16 February 27, 2025 Table 3. Gross Domestic Product: Level and Change from Preceding Period--Continues Billions of dollars Billions of chained (2017) dollars Seasonally adjusted at annual rates Line 2024 r 2023 Q4 Seasonally adjusted at annual rates 2024 2024 Q1 Q2 Q3 r Q4 r r 2023 Q4 2024 Q1 Q2 Q3 r Q4 r Change from preceding period Line 2024 r 2024 r r Q3 Q4 Gross domestic product (GDP) 29,183.8 28,297.0 28,624.1 29,016.7 29,374.9 29,719.6 23,303.5 22,960.6 23,053.5 23,223.9 23,400.3 23,536.3 632.4 176.4 136.0 2 Personal consumption expenditures 19,827.2 19,170.2 19,424.8 19,682.7 19,938.4 20,262.7 16,053.9 15,781.4 15,856.9 15,967.3 16,113.0 16,278.5 432.2 145.8 165.4 2 1 3 4 5 6 Goods Durable goods 6,174.8 6,148.9 6,204.6 6,265.1 6,352.5 5,449.9 5,378.5 5,362.8 5,402.1 5,476.7 5,558.1 126.2 74.6 81.4 3 2,167.1 2,139.3 2,127.3 2,141.8 2,168.4 2,230.9 2,049.3 2,004.5 1,995.7 2,022.3 2,059.8 2,119.5 65.1 37.4 59.7 4 728.4 730.7 711.9 715.6 723.2 762.9 582.0 573.7 562.5 571.5 584.0 610.2 -5.0 12.5 26.2 5 Furnishings and durable household equipment 486.0 479.1 478.3 480.5 489.3 495.9 437.3 424.5 424.6 432.9 442.9 448.6 18.3 9.9 5.8 6 663.0 289.7 648.2 281.2 651.7 285.5 658.4 287.4 665.3 290.6 676.8 295.3 770.6 297.8 753.7 289.2 750.7 296.7 760.0 296.4 773.1 298.1 798.7 300.1 46.9 14.8 13.0 1.7 25.6 2.1 7 8 4,075.7 4,035.4 4,021.5 4,062.8 4,096.7 4,121.6 3,410.6 3,381.7 3,374.5 3,388.6 3,427.0 3,452.2 63.4 38.4 25.3 9 1,481.9 522.7 1,457.6 514.5 1,464.9 517.3 1,471.4 521.2 1,487.3 523.4 1,504.1 528.8 1,166.8 501.9 1,157.2 498.5 1,156.8 502.2 1,163.0 498.2 1,171.1 500.6 1,176.3 506.7 14.7 8.1 8.0 2.4 Recreational goods and vehicles 8 Other durable goods Nondurable goods Food and beverages purchased for off-premises consumption 11 Clothing and footwear 12 Gasoline and other energy goods 13 Other nondurable goods 14 15 6,242.8 Motor vehicles and parts 7 9 10 1 Services Household consumption expenditures (for services) 5.3 10 6.1 11 439.8 464.0 443.3 456.2 436.6 423.1 315.9 317.7 310.6 316.3 319.1 317.4 -1.4 2.7 -1.6 12 1,631.3 1,599.4 1,596.2 1,614.0 1,649.3 1,665.6 1,438.1 1,419.2 1,417.7 1,422.0 1,447.9 1,464.8 45.1 25.9 16.9 13 13,584.4 12,995.4 13,275.9 13,478.1 13,673.3 13,910.2 10,623.6 10,423.6 10,511.3 10,582.7 10,656.7 10,743.7 304.9 74.0 87.1 14 12,956.9 12,433.4 12,688.9 12,856.8 13,029.8 13,252.2 10,190.3 10,025.3 10,097.7 10,151.0 10,215.7 10,296.8 3,552.8 3,421.2 3,479.7 3,534.0 3,575.3 3,622.1 2,635.4 2,617.1 2,621.9 2,634.2 2,639.3 2,646.2 272.8 24.8 64.8 5.1 81.1 15 6.9 16 26.6 17 16 Housing and utilities 17 Health care 3,312.4 3,148.8 3,233.6 3,274.3 3,344.0 3,397.7 2,814.5 2,720.9 2,767.3 2,789.0 2,837.5 2,864.1 147.5 48.5 18 Transportation services 655.7 632.0 637.6 659.4 654.4 671.4 497.2 486.1 486.8 503.7 498.1 500.3 16.1 -5.6 2.2 18 19 20 Recreation services 778.8 754.6 769.1 773.6 778.9 793.7 618.8 611.1 614.9 617.9 618.2 624.1 10.7 0.3 5.9 19 Food services and accommodations 1,428.9 1,403.4 1,409.4 1,417.5 1,431.5 1,457.4 1,067.7 1,070.4 1,063.9 1,063.2 1,067.1 1,076.4 14.1 3.9 9.3 20 21 Financial services and insurance 1,558.3 1,670.0 1,459.2 1,614.3 1,516.4 1,643.1 1,535.8 1,662.2 1,572.1 1,673.5 1,608.9 1,701.0 1,162.8 1,412.2 1,139.4 1,392.8 1,156.2 1,402.6 1,153.9 1,405.5 1,165.4 1,409.5 1,175.7 1,431.3 31.1 37.1 11.5 4.0 10.4 21 21.8 22 627.5 2,224.7 562.0 2,090.7 587.0 2,158.0 621.3 2,190.4 643.5 2,253.6 658.0 2,297.0 434.4 1,744.6 402.4 1,679.1 416.4 1,715.3 432.8 1,724.8 441.3 1,759.3 447.0 1,779.0 29.9 83.3 8.5 34.5 5.7 23 19.7 24 1,597.3 5,273.2 1,528.7 5,102.8 1,571.0 5,159.9 1,569.1 5,297.8 1,610.1 5,345.2 1,639.0 5,289.9 1,311.7 4,335.8 1,280.9 4,244.8 1,302.1 4,282.5 1,292.9 4,369.2 1,318.9 4,377.7 1,332.8 4,313.8 51.8 166.6 26.1 8.6 13.9 25 -63.9 26 22 23 Other services Final consumption expenditures of nonprofit institutions serving households 24 Gross output of nonprofit institutions Less: Receipts from sales of 25 goods and services by nonprofit institutions 26 Gross private domestic investment 27 Fixed investment 5,220.8 5,046.1 5,138.5 5,201.1 5,269.2 5,274.4 4,257.0 4,164.9 4,231.4 4,255.7 4,277.7 4,263.1 153.1 22.0 -14.6 27 28 Nonresidential 4,034.7 3,901.5 3,957.8 4,018.5 4,089.4 4,073.1 3,505.9 3,432.9 3,471.0 3,504.1 3,538.8 3,509.7 121.4 34.7 -29.1 28 29 Structures 912.6 905.8 914.9 916.0 908.6 910.6 676.3 669.7 679.9 680.2 671.6 673.5 22.0 -8.6 1.9 29 30 31 Equipment 1,505.7 1,443.9 1,458.8 1,499.7 1,548.1 1,516.1 1,328.1 1,294.6 1,295.7 1,326.5 1,361.0 1,329.3 42.9 34.5 -31.7 30 495.1 323.2 518.4 329.1 510.7 329.1 517.5 260.4 497.7 255.8 502.0 260.9 511.7 258.2 533.3 261.7 522.9 260.9 26.0 4.5 21.6 3.6 -10.4 31 -0.8 32 -15.8 33 Information processing equipment 32 Industrial equipment 502.0 326.4 475.3 314.5 483.7 324.0 33 Transportation equipment 349.3 327.6 320.6 349.8 372.4 354.2 305.8 292.4 282.7 308.3 324.1 308.2 15.6 15.8 34 Other equipment 328.0 326.6 330.4 331.5 328.2 322.0 252.9 254.7 256.0 255.8 252.4 247.2 0.0 -3.3 -5.2 34 1,616.5 1,551.7 1,584.1 1,602.7 1,632.8 1,646.4 1,502.8 1,468.3 1,495.0 1,497.7 1,509.2 1,509.1 56.9 11.5 -0.1 35 35 Intellectual property products 36 Software 697.3 660.6 675.2 690.7 707.3 716.0 767.8 741.8 760.9 765.3 769.9 775.0 45.6 4.7 5.1 36 37 38 Research and development 805.4 779.7 795.0 798.6 811.6 816.3 662.3 650.9 660.1 659.7 666.6 662.7 17.2 6.9 -3.9 37 113.9 1,186.1 111.5 1,144.7 113.9 1,180.7 113.5 1,182.6 113.8 1,179.7 114.2 1,201.3 92.0 794.8 92.2 775.5 92.4 800.8 91.9 795.2 91.8 786.5 91.8 796.9 -0.9 32.2 -0.1 -8.7 0.0 38 10.4 39 52.4 56.7 21.4 96.8 76.0 15.5 39.4 44.6 17.7 71.7 57.9 10.2 6.3 -13.8 -47.6 40 6.2 -2.9 -3.5 7.7 9.7 10.9 1.8 -3.8 -3.1 2.7 3.7 3.9 4.2 0.9 0.2 41 46.2 59.6 24.9 89.1 66.3 4.5 37.5 48.6 21.2 68.9 54.0 5.8 1.9 -15.0 -48.1 42 39 40 Entertainment, literary, and artistic originals Residential Change in private inventories 41 Farm 42 Nonfarm r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2024. 1. Real gross domestic income is gross domestic income deflated by the implicit price deflator for gross domestic product. Note. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component's relative importance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2. Source: U.S. Bureau of Economic Analysis Page 8 of 16 February 27, 2025 Table 3. Gross Domestic Product: Level and Change from Preceding Period--Table Ends Billions of dollars Billions of chained (2017) dollars Seasonally adjusted at annual rates Line 2024 r 2023 Q4 43 Net exports of goods and services 44 Exports 45 Goods 46 Services Seasonally adjusted at annual rates 2024 r 2024 Q1 Q2 Q3 r Q4 r 2023 Q4 -931.1 -1,035.8 -936.7 2024 Q1 Q2 Q3 r Q4 r Change from preceding period Line 2024 r 2024 Q3 r Q4 r -905.8 -791.2 -841.6 -906.9 -943.7 -33.6 7.8 43 3,179.7 3,091.7 3,125.4 3,154.3 3,220.3 3,218.6 2,605.8 2,559.6 2,571.8 -977.0 -1,035.7 -1,069.2 -1,061.4 -103.0 2,578.4 2,638.2 2,634.8 82.0 59.8 -3.4 44 2,059.0 2,034.3 2,037.0 2,053.4 2,088.3 2,057.2 1,731.4 1,713.6 1,712.5 1,716.5 1,759.0 1,737.5 37.1 42.5 -21.5 45 1,120.7 1,057.4 1,088.4 1,100.9 1,132.0 1,161.4 877.7 850.0 862.8 865.5 883.0 899.6 44.3 17.6 16.5 46 47 Imports 4,085.5 3,882.9 3,967.0 4,061.2 4,164.0 4,149.7 3,641.6 3,496.3 3,548.7 3,614.0 3,707.4 3,696.2 185.0 93.4 -11.2 47 48 Goods 3,261.0 3,106.5 3,170.1 3,252.8 3,331.8 3,289.4 2,963.4 2,846.1 2,891.1 2,949.9 3,025.6 2,986.8 135.2 75.7 -38.8 48 49 Services 50 Government consumption expenditures and gross investment 51 Federal 824.4 776.4 796.9 808.4 832.2 860.2 677.7 649.8 657.4 664.4 682.1 706.8 48.3 17.6 24.7 49 4,989.3 1,867.7 4,815.2 1,796.2 4,881.0 1,810.3 4,943.0 1,842.2 5,035.0 1,893.4 5,098.1 1,924.7 3,941.3 1,503.7 3,870.7 1,473.5 3,887.7 1,472.2 3,917.0 1,487.8 3,966.2 1,520.0 3,994.3 1,534.8 129.6 37.6 49.2 32.2 28.1 50 14.8 51 52 1,070.4 1,025.4 1,028.4 1,051.5 1,091.3 1,110.6 851.1 830.3 825.0 838.0 865.7 875.7 25.9 27.8 10.0 52 53 Consumption expenditures 838.1 802.7 810.8 823.7 851.2 866.5 652.2 637.3 636.8 642.5 660.7 668.9 18.4 18.3 8.2 53 54 Gross investment 232.4 222.7 217.6 227.8 240.1 244.0 200.1 194.1 188.9 196.7 206.5 208.3 7.7 9.8 1.7 54 797.2 770.8 781.9 790.7 802.1 814.2 652.5 643.2 647.3 649.8 654.0 658.7 11.6 4.2 4.8 55 567.8 544.3 556.6 562.7 571.5 580.2 454.4 445.4 450.5 452.2 455.6 459.1 9.7 3.4 3.5 56 55 56 57 58 National defense Nondefense Consumption expenditures Gross investment State and local 59 Consumption expenditures 60 Gross investment 61 Residual 229.5 226.5 225.3 228.0 230.6 233.9 198.8 198.7 197.5 198.3 199.0 200.2 1.8 0.7 1.2 57 3,121.6 3,019.0 3,070.7 3,100.9 3,141.6 3,173.3 2,436.5 2,395.9 2,414.0 2,427.9 2,445.3 2,458.7 91.4 17.4 13.4 58 2,510.9 2,434.7 2,472.7 2,495.7 2,525.0 2,550.3 1,980.0 1,954.6 1,964.6 1,973.4 1,985.8 1,996.0 46.0 12.3 10.2 59 610.7 584.3 598.0 605.1 616.6 623.1 453.8 439.1 446.8 451.7 456.7 459.8 43.6 4.9 3.1 60 ............... ............... ............... ............... ............... ............... -122.6 -120.8 -119.2 -114.1 -123.4 -133.7 ............ ............ ............ 61 Addenda: Gross domestic income (GDI) 1 Average of GDP and GDI ............... 28,082.7 28,499.2 28,821.9 29,055.4 ............... ............... 22,786.7 22,953.0 23,068.0 23,145.7 ............... ............ 77.8 ............ 62 63 ............... 28,189.8 28,561.6 28,919.3 29,215.1 ............... ............... 22,873.7 23,003.3 23,145.9 23,273.0 ............... ............ 127.1 ............ 63 64 Final sales of domestic product 29,131.4 28,240.3 28,602.7 28,919.9 29,298.9 29,704.2 23,226.1 22,881.9 23,003.2 23,113.1 23,302.4 23,485.9 619.6 189.3 183.5 64 65 Gross domestic purchases 30,089.6 29,088.1 29,465.6 29,923.6 30,318.6 30,650.7 24,321.1 23,887.4 24,017.2 24,242.6 24,446.9 24,577.7 728.0 204.3 130.9 65 66 Final sales to domestic purchasers 30,037.2 29,031.4 29,444.2 29,826.8 30,242.6 30,635.2 24,243.5 23,808.6 23,967.1 24,131.2 24,348.5 24,527.5 715.0 217.3 179.0 66 67 Final sales to private domestic purchasers 25,048.0 24,216.3 24,563.3 24,883.8 25,207.6 25,537.2 20,310.9 19,946.4 20,088.1 20,222.9 20,390.7 20,541.8 585.3 167.8 151.0 67 68 69 GDP 29,183.8 28,297.0 28,624.1 29,016.7 29,374.9 29,719.6 23,303.5 22,960.6 23,053.5 23,223.9 23,400.3 23,536.3 632.4 176.4 136.0 68 Plus: Income receipts from the rest of the world ............... 70 Less: Income payments to the rest of the world 71 72 62 1,454.2 1,493.0 1,504.0 1,442.0 ............... ............... 1,247.9 1,271.2 1,272.7 1,214.4 ............... ............ -58.3 ............ 69 Equals: Gross national product ............... 1,359.3 1,410.8 1,444.1 1,428.9 ............... ............... 1,166.8 1,201.5 1,222.3 1,203.6 ............... ............ ............... 28,391.8 28,706.3 29,076.6 29,388.1 ............... ............... 23,054.3 23,136.5 23,288.7 23,427.7 ............... ............ -18.7 ............ 70 139.0 ............ 71 Net domestic product 24,367.0 23,628.5 23,910.0 24,235.7 24,521.0 24,801.5 19,382.4 19,111.9 19,177.9 19,317.6 19,463.7 19,570.4 146.0 518.3 106.8 72 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2024. 1. Real gross domestic income is gross domestic income deflated by the implicit price deflator for gross domestic product. Note. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component's relative importance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2. Source: U.S. Bureau of Economic Analysis Page 9 of 16 February 27, 2025 Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change from Preceding Period Seasonally adjusted at annual rates Line 2022 2023 2024 r 2021 Q1 Q2 2022 Q3 Q4 Q1 Q2 2023 Q3 Q4 Q1 Q2 Line 2024 Q3 Q4 Q1 Q2 Q3 Q4 r Gross domestic product (GDP) 7.1 3.6 2.4 5.2 6.2 6.2 7.0 8.5 9.3 4.5 3.7 3.6 1.9 3.2 1.5 3.0 2.5 1.9 2.4 2 Personal consumption expenditures 6.6 3.8 2.5 4.6 6.4 5.6 6.8 7.7 7.6 4.7 4.0 3.9 2.9 2.7 1.7 3.4 2.5 1.5 2.4 2 3 8.6 1.2 -0.4 5.6 8.7 7.3 10.6 12.0 10.5 2.4 0.2 0.8 0.6 0.5 -1.6 -0.5 0.7 -1.6 -0.4 3 1 Goods 4 Durable goods 6.5 -0.8 -2.1 1.4 13.8 9.5 2.9 -1.4 -0.5 -0.3 -4.3 -3.2 -0.5 -2.6 -2.4 -0.1 4 5 Nondurable goods 9.9 2.3 0.5 8.0 5.9 6.1 11.2 13.7 16.0 2.2 1.1 1.4 1.1 3.2 -0.7 -0.5 2.5 -1.2 -0.5 5 6 6 Services 9.6 9.0 1.2 1 5.5 5.1 3.9 4.1 5.2 4.8 4.9 5.6 6.1 5.9 6.0 5.6 4.1 3.8 3.2 5.3 3.4 3.0 3.7 7 Gross private domestic investment 7.8 3.2 1.7 2.5 3.1 6.2 8.1 9.7 9.3 7.2 3.6 3.8 -1.0 1.7 2.2 0.9 2.5 3.0 1.8 7 8 Fixed investment 8.0 3.3 1.8 2.8 3.9 7.0 8.2 9.7 9.8 7.0 3.8 3.5 -0.1 1.4 2.3 0.9 2.6 3.2 1.8 8 6.8 6.9 8.0 0.5 1.7 1.3 2.3 3.1 1.7 9 3.4 -2.0 0.3 1.9 -0.3 10 9 Nonresidential 6.1 3.5 1.6 -0.2 0.3 4.3 6.5 3.4 5.5 10 Structures 16.1 5.5 -0.2 0.5 6.1 9.0 23.7 17.2 17.9 17.0 8.1 6.0 -1.1 -3.8 11 Equipment 6.2 4.6 2.2 2.3 -2.9 5.3 5.3 7.7 9.0 6.4 5.9 7.0 0.2 2.5 1.1 3.8 1.7 2.5 1.1 11 12 Intellectual property products 1.1 1.4 2.2 -3.1 1.0 0.5 1.2 2.3 1.3 -1.5 3.9 1.0 1.1 1.2 1.0 4.0 4.4 3.4 12 13.8 2.8 2.5 11.8 14.9 15.1 12.5 18.1 15.0 5.5 -2.9 -1.2 4.9 4.5 -0.4 3.5 3.5 2.0 13 13 14 Residential 0.4 8.7 0.2 Change in private inventories ........ ........ ......... ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ 14 15 Net exports of goods and services ........ ........ ......... ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ 15 16 17 18 19 20 Exports Goods Services Imports 6.1 4.2 9.7 6.7 18.0 19.9 -9.1 -5.9 -0.1 -3.6 4.1 -2.1 2.5 2.7 -0.9 -0.3 26.1 24.0 11.1 0.9 20.7 18.5 7.4 23.2 26.5 -13.9 -11.2 -3.0 -6.4 4.4 -3.4 0.8 2.3 -3.0 -1.1 17 3.3 10.3 7.4 6.6 2.5 6.3 6.1 3.1 0.3 16 7.5 6.7 5.3 2.0 3.5 0.3 5.8 3.4 7.2 -2.0 0.7 12.0 12.7 5.9 6.7 13.4 11.6 -4.7 -4.5 -1.6 -4.6 0.1 0.0 2.6 2.1 -0.2 -0.2 19 2.9 18 7.5 -3.2 0.5 13.3 13.6 5.7 7.2 15.5 12.2 -6.8 -7.0 -2.6 -5.6 0.1 0.3 1.8 2.3 -0.5 21 Services 22 Government consumption expenditures and gross investment 6.0 3.1 1.6 5.5 8.8 6.8 4.6 4.1 8.8 5.2 7.1 2.8 0.0 -1.2 5.9 1.5 1.1 -1.0 21 7.2 1.8 2.4 6.8 6.7 5.9 7.0 8.4 11.7 2.3 2.2 0.2 -1.0 4.0 3.7 2.1 2.4 23 5.8 4.3 3.3 3.1 4.4 4.8 5.0 6.6 7.5 5.3 4.1 4.3 3.5 3.8 3.8 3.6 2.8 2.4 2.7 23 6.5 4.4 3.6 4.3 4.7 4.7 5.2 8.7 9.5 3.9 3.8 3.6 4.4 4.5 4.9 3.8 2.7 1.9 2.4 24 5.2 2.4 3.0 24 Goods 9.8 -1.6 11.6 -4.3 Federal National defense 0.0 1.3 0.0 20 2.2 22 25 Nondefense 4.8 4.3 3.0 1.5 3.9 5.0 4.8 3.8 4.9 7.2 4.6 2.5 3.2 3.0 3.2 3.1 25 26 State and local 8.0 0.4 1.9 9.2 8.1 6.6 8.1 9.6 14.3 0.6 1.1 -2.1 -3.7 4.0 -0.1 3.9 1.6 2.4 1.9 26 2.4 27 Addenda: 27 Final sales of domestic product 7.2 3.6 2.4 5.3 6.3 6.3 7.1 8.5 9.4 4.5 3.8 3.6 2.0 3.2 1.5 3.0 2.5 2.0 28 Gross domestic purchases 6.9 3.3 2.4 4.6 5.9 5.8 7.0 8.2 8.5 4.7 3.6 3.3 1.6 2.7 1.7 3.0 2.4 1.9 2.3 28 29 Final sales to domestic purchasers 6.9 3.4 2.4 4.7 6.0 5.9 7.0 8.2 8.6 4.7 3.7 3.2 1.7 2.7 1.7 3.0 2.5 2.0 2.3 29 30 Final sales to private domestic purchasers 6.9 3.7 2.4 4.2 5.9 5.9 7.1 8.1 8.0 5.2 4.0 3.9 2.3 2.4 1.8 2.9 2.5 1.9 2.3 30 31 Gross national product (GNP) 7.1 3.6 ......... 5.2 6.2 6.2 7.0 8.5 9.3 4.5 3.7 3.6 1.9 3.2 1.5 3.0 2.5 1.9 ........ 31 32 33 GDP excluding food and energy 1 Gross domestic purchases excluding food and energy 1 6.3 3.9 2.7 4.2 5.9 5.6 6.5 7.0 7.4 5.3 4.1 4.2 2.5 2.8 2.4 3.1 2.7 2.5 2.7 32 6.2 3.5 2.5 3.9 5.6 5.4 6.2 7.2 7.0 5.0 4.0 3.6 2.2 2.5 1.9 3.2 2.6 2.4 2.4 33 34 PCE excluding food and energy 1 5.4 4.1 2.8 3.4 5.9 4.9 5.3 6.1 4.8 5.2 4.7 4.7 3.8 2.4 2.0 3.7 2.8 2.2 2.7 34 35 Market-based PCE 2 Market-based PCE excluding food and energy 1,2 6.4 3.6 2.2 4.0 5.7 5.1 6.5 7.8 7.9 4.6 3.6 3.8 2.6 2.6 1.9 2.8 2.1 1.3 2.1 35 5.0 4.0 2.5 2.5 5.0 4.2 4.8 5.9 4.8 5.2 4.3 4.7 3.7 2.1 2.4 3.1 2.3 2.0 2.3 36 36 Implicit price deflators: 37 GDP 7.1 3.6 2.4 5.2 6.3 6.1 7.1 8.4 9.4 4.6 3.7 3.7 1.8 3.2 1.6 3.0 2.5 1.9 2.4 37 38 Gross domestic purchases 6.9 3.4 2.4 4.6 6.0 5.7 7.1 8.1 8.6 4.8 3.6 3.3 1.5 2.7 1.7 3.0 2.5 1.9 2.2 38 39 GNP 7.1 3.6 ......... 5.2 6.3 6.1 7.1 8.4 9.4 4.6 3.7 3.7 1.8 3.2 1.6 3.0 2.5 1.9 ........ 39 r Revised 1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 2. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Source: U.S. Bureau of Economic Analysis Page 10 of 16 February 27, 2025 Table 5. Real Gross Domestic Product: Annual Percent Change Percent change from fourth quarter to fourth quarter one year ago Percent change from preceding year Line Line 2017 2018 2019 2020 2021 2022 2023 2024 r 2017 2018 2019 2020 2021 2022 2023 2024 r Gross domestic product (GDP) 1 2 Personal consumption expenditures (PCE) 3 Goods 2.5 3.0 2.6 -2.2 6.1 2.5 2.9 2.8 3.0 2.1 3.4 -1.0 5.7 1.3 3.2 2.5 2.6 2.7 2.1 -2.5 8.8 3.0 2.5 2.8 3.1 2.0 2.8 -0.8 7.7 1.6 3.0 3.1 2 4.1 4.0 3.1 4.6 11.3 -0.6 1.9 2.4 5.4 2.1 3.8 8.6 6.3 -1.5 3.4 3.3 3 1 4 Durable goods 6.8 6.6 3.3 7.1 16.6 -1.9 3.9 3.3 8.6 2.8 5.2 14.4 5.2 -1.5 5.8 5.7 4 5 Nondurable goods 2.8 2.6 3.0 3.4 8.6 0.1 0.8 1.9 3.8 1.8 3.1 5.6 6.8 -1.6 2.2 2.1 5 6 6 Services 7 Gross private domestic investment 1.9 2.2 1.7 -5.8 7.5 5.0 2.9 3.0 2.0 2.0 2.4 -5.1 8.4 3.2 2.8 3.1 4.4 5.8 3.2 -4.5 8.8 6.0 0.1 4.0 4.9 4.7 1.2 2.5 8.1 -0.5 2.2 1.6 7 7.3 2.7 2.4 3.7 5.5 3.3 2.9 1.1 3.8 1.6 4.4 2.4 8 9 8 Fixed investment 4.5 5.1 2.7 -1.9 9 Nonresidential 4.6 6.9 3.8 -4.6 6.0 7.0 6.0 3.6 5.6 5.6 3.1 -3.3 4.9 8.5 5.0 2.2 10 Structures 2.6 5.8 2.3 -9.2 -2.6 3.6 10.8 3.4 -0.4 3.5 5.9 -13.8 -1.2 9.7 9.7 0.6 10 11 Equipment 3.8 5.9 1.0 -10.1 6.7 4.4 3.5 3.3 7.5 3.3 -2.2 -3.5 1.0 6.1 3.1 2.7 11 12 Intellectual property products 6.9 8.9 8.2 4.5 10.2 11.2 5.8 3.9 7.2 9.9 7.8 3.3 12.3 10.3 4.1 2.8 12 4.3 -0.7 -0.9 7.7 10.9 -8.6 -8.3 4.2 5.1 -4.1 2.3 16.6 0.6 -16.4 2.5 2.8 13 13 Residential Change in private inventories .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 14 15 Net exports of goods and services .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 15 14 16 Exports 4.1 2.9 0.5 -13.1 6.5 7.5 2.8 3.2 6.1 0.3 1.1 -9.9 7.0 5.0 2.0 17 Goods 4.1 4.2 0.2 -10.1 7.7 5.9 2.3 2.2 6.1 1.6 0.2 -4.5 5.6 3.4 1.5 1.4 17 18 Services 4.1 0.3 1.2 -18.7 4.0 11.1 3.8 5.3 6.0 -1.9 2.7 -19.5 10.0 8.6 2.9 5.8 18 4.7 4.0 1.2 -9.0 14.7 8.6 -1.2 5.4 5.8 3.0 -1.8 0.0 11.4 2.0 1.2 5.7 19 4.5 5.1 0.5 -5.9 14.5 6.7 -1.8 4.8 5.5 3.7 -2.6 5.1 8.7 0.8 0.4 4.9 20 5.7 -0.6 4.0 -21.8 15.7 17.8 1.6 7.7 7.1 -0.1 1.5 -20.4 25.7 8.0 4.2 8.8 21 3.2 22 19 20 Imports Goods Services 21 22 Government consumption expenditures and gross investment 2.9 16 0.6 2.0 3.9 3.4 -0.3 -1.1 3.9 3.4 1.0 1.9 4.8 1.3 -0.3 0.5 4.3 0.5 3.5 3.8 6.3 1.8 -3.2 2.9 2.6 1.4 3.5 4.0 5.1 0.7 -1.0 2.1 4.2 23 National defense 1.0 3.5 5.4 3.0 -1.0 -3.9 3.2 3.1 2.1 4.5 4.3 4.2 -4.8 -1.4 2.7 5.5 24 25 Nondefense -0.2 3.4 1.6 11.2 5.8 -2.3 2.5 1.8 0.4 2.1 3.5 6.4 8.8 -0.5 1.2 2.4 25 26 State and local 0.6 1.1 3.9 1.7 -1.6 0.2 4.4 3.9 0.8 0.9 5.3 -1.0 -0.9 1.4 5.7 2.6 26 2.9 .......... 27 23 24 Federal Addenda: 27 Gross domestic income (GDI) 1 2.4 3.0 2.6 -2.4 6.6 2.8 1.7 .......... 3.0 2.8 2.6 0.1 5.1 1.0 28 Average of GDP and GDI 2.4 3.0 2.6 -2.3 6.3 2.7 2.3 .......... 3.0 2.4 3.0 -0.5 5.4 1.1 3.1 .......... 28 29 Final sales of domestic product 2.5 2.9 2.5 -1.7 5.8 1.9 3.3 2.7 3.1 1.9 3.7 -1.3 5.0 1.7 3.6 30 Gross domestic purchases 2.6 3.1 2.6 -1.9 7.1 2.8 2.3 3.1 3.0 2.5 2.9 0.1 6.4 1.0 3.1 2.9 30 31 Final sales to domestic purchasers 2.6 3.0 2.5 -1.4 6.9 2.3 2.7 3.0 3.1 2.2 3.2 -0.1 5.6 1.4 3.5 3.0 31 32 Final sales to private domestic purchasers 3.0 3.2 2.3 -2.4 8.5 3.0 2.5 3.0 3.6 2.3 2.9 -0.4 6.9 1.6 3.3 3.0 32 33 34 Gross national product 2.7 2.9 2.5 -2.5 5.7 2.4 2.7 .......... 3.3 1.8 3.2 -1.4 5.5 1.2 3.0 .......... 33 Real disposable personal income 3.1 3.6 3.1 6.3 3.4 -5.5 5.1 2.7 3.5 4.0 2.3 4.5 1.0 -0.8 4.6 2.3 34 2.6 29 Price indexes: 35 36 Gross domestic purchases Gross domestic purchases excluding food and energy 2 1.8 2.2 1.4 1.3 4.2 6.9 3.3 2.4 1.9 2.1 1.3 1.6 5.8 6.3 2.3 2.4 35 1.7 2.1 1.6 1.5 3.9 6.2 3.5 2.5 1.7 2.2 1.4 1.8 5.3 5.8 2.6 2.7 36 37 GDP 1.8 2.3 1.7 1.3 4.5 7.1 3.6 2.4 1.9 2.2 1.5 1.7 6.2 6.5 2.6 2.5 37 38 GDP excluding food and energy 2 1.8 2.3 1.8 1.5 4.1 6.3 3.9 2.7 1.9 2.4 1.6 1.8 5.5 6.0 3.0 2.8 38 39 PCE 1.7 2.0 1.4 1.1 4.1 6.6 3.8 2.5 1.7 2.0 1.4 1.2 5.8 6.0 2.8 2.5 39 40 PCE excluding food and energy 2 1.6 1.9 1.6 1.3 3.6 5.4 4.1 2.8 1.6 2.0 1.6 1.4 4.9 5.2 3.2 2.8 40 1.4 1.8 1.3 1.0 3.6 6.4 3.6 2.2 1.4 1.7 1.3 1.0 5.3 6.0 2.7 2.1 41 1.2 1.6 1.5 1.3 2.9 5.0 4.0 2.5 1.2 1.7 1.5 1.3 4.1 5.0 3.2 2.4 42 41 42 3 Market-based PCE Market-based PCE excluding food and energy 2,3 r Revised 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. 2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Note. Estimates under the Percent change from preceding year columns are calculated from annual data. Estimates under the Percent change from fourth quarter to fourth quarter columns are calculated from fourth quarter values relative to the same quarter one year prior. Source: U.S. Bureau of Economic Analysis Page 11 of 16 February 27, 2025 Table 6. Real Gross Domestic Product: Percent Change from Quarter One Year Ago 2021 Line 1 Q1 Gross domestic product (GDP) 2 Personal consumption expenditures (PCE) 3 Goods 4 Durable goods 5 Nondurable goods Q2 2022 Q3 Q4 Q1 Q2 2023 Q3 Q4 Q1 Q2 2024 Q3 Q4 Q1 Q2 Q3 r Q4 r Line 1.8 12.2 5.0 5.7 4.0 2.5 2.3 1.3 2.3 2.8 3.2 3.2 2.9 3.0 2.7 2.5 3.2 16.9 8.0 7.7 5.5 2.8 2.4 1.6 2.6 2.2 2.4 3.0 2.2 2.7 3.0 3.1 2 13.8 20.5 5.9 6.3 1.6 -2.2 -0.2 -1.5 0.7 1.0 2.4 3.4 1.3 2.1 2.7 3.3 3 2.5 28.3 33.3 4.3 5.2 -1.6 -5.4 2.9 4.5 5.8 1.2 2.6 3.5 5.7 4 6.8 14.2 6.8 6.8 3.4 -0.3 -1.0 -1.6 -0.3 -0.1 1.3 2.2 1.4 1.9 2.2 2.1 5 -1.7 15.0 9.2 8.4 7.7 2.8 2.4 2.8 2.7 2.9 3.1 3.1 6 7 Gross private domestic investment 4.5 19.4 4.7 8.1 10.7 10.0 4.4 -0.5 -4.5 -0.5 3.4 2.2 5.5 5.6 3.3 1.6 7 8 Fixed investment 4.2 14.6 7.0 3.8 3.6 2.8 4.4 5.3 3.7 3.6 2.4 8 6.8 4.9 9 6 Services 9 Nonresidential 10 Structures 11 Equipment 3.5 19.2 12 Intellectual property products 13 14 Residential 0.8 12.0 5.4 2.7 1.1 -1.5 1 3.7 3.2 3.5 1.6 0.3 1.9 3.0 6.5 7.1 5.9 5.5 7.9 8.5 5.4 5.0 4.8 3.3 4.1 2.2 1.7 -1.2 -0.7 1.3 4.5 9.7 10.6 12.5 10.5 9.7 7.6 3.6 1.9 0.6 10 4.7 1.7 6.2 6.1 2.4 5.2 3.2 3.1 3.0 2.4 5.3 2.7 11 5.3 11.5 11.7 12.3 11.8 11.5 11.4 10.3 8.2 6.1 4.8 4.1 4.9 4.0 4.1 2.8 12 0.6 -2.6 -4.7 -10.6 -16.4 -16.4 -12.8 -4.5 2.5 7.0 5.1 2.1 2.8 13 -10.9 1.0 15.2 22.9 7.3 1.0 3.5 Change in private inventories ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 14 15 Net exports of goods and services ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 15 16 Exports 17 Goods 18 Services 19 20 Imports Goods 21 Services 22 Government consumption expenditures and gross investment 23 Federal 24 National defense 25 Nondefense 26 State and local -5.8 20.4 7.3 7.0 5.7 8.0 11.5 5.0 6.8 2.4 0.2 2.0 2.0 3.5 4.6 -3.5 27.4 5.8 5.6 3.3 5.7 11.4 3.4 7.4 1.7 -1.2 1.5 0.1 3.3 4.0 1.4 17 8.3 10.4 10.0 10.9 13.3 11.6 8.6 5.6 3.7 3.1 2.9 5.7 3.8 5.9 5.8 18 8.2 2.0 -1.3 -3.5 -1.0 1.2 2.9 5.6 7.1 5.7 19 10.0 31.6 10.8 8.7 10.1 9.5 6.9 -11.6 24.1 31.0 25.7 26.4 25.1 14.3 0.8 -2.3 -4.3 -1.0 8.0 3.6 0.1 -1.2 0.4 4.2 2.0 6.7 5.4 6.5 6.8 8.7 4.9 20 8.8 21 -10.2 5.9 30.3 13.9 11.4 12.6 12.0 1.5 -1.7 -0.6 -0.3 -2.4 -1.7 -0.9 0.5 2.6 3.7 4.8 4.3 3.5 3.5 3.4 3.2 22 0.7 -5.3 -4.2 -2.4 -1.0 2.4 2.9 4.4 2.1 0.8 2.2 3.1 4.2 23 0.2 -0.9 -4.8 -5.6 -4.5 -4.1 -1.4 2.8 2.5 5.0 2.7 0.9 2.2 3.9 5.5 24 1.8 3.5 3.6 1.2 0.8 2.1 1.9 2.4 25 2.7 4.2 5.0 5.7 5.1 4.3 3.6 2.6 26 8.2 -1.3 1.5 2.9 16 18.2 -3.2 0.0 1.2 8.8 -4.9 -3.7 -0.1 -0.5 -2.4 -2.0 -0.9 -0.9 -0.5 -0.1 0.0 1.4 Addenda: 27 Gross domestic income (GDI) 1 1.7 12.9 7.2 5.1 4.5 3.0 2.9 1.0 1.0 1.6 1.3 2.9 3.2 3.2 2.9 ......... 27 28 Average of GDP and GDI 1.8 12.6 6.1 5.4 4.2 2.8 2.6 1.1 1.6 2.2 2.3 3.1 3.1 3.1 2.8 ......... 28 29 Final sales of domestic product 1.7 11.5 5.4 5.0 2.8 1.2 2.0 1.7 3.2 3.3 3.2 3.6 2.9 2.7 2.8 30 Gross domestic purchases 3.1 13.6 5.9 6.4 5.0 3.2 2.2 1.0 1.3 1.9 3.0 3.1 3.0 3.3 3.1 2.9 30 31 Final sales to domestic purchasers 3.1 12.9 6.3 5.6 3.8 2.0 1.9 1.4 2.2 2.4 2.9 3.5 3.0 3.0 3.2 3.0 31 32 Final sales to private domestic purchasers 3.4 16.4 7.8 6.9 5.1 2.8 2.5 1.6 2.1 2.1 2.5 3.3 2.9 2.9 3.1 3.0 32 33 Gross national product 1.3 11.9 4.6 5.5 3.7 2.5 2.4 1.2 2.2 2.6 2.9 3.0 2.8 2.9 2.4 ......... 33 16.3 -2.4 0.0 1.0 -12.5 -5.5 -2.9 -0.8 4.8 6.1 4.8 4.6 3.4 2.8 2.5 2.3 34 34 Real disposable personal income 2.6 29 Price indexes: 35 36 Gross domestic purchases Gross domestic purchases excluding 2.3 4.0 4.7 5.8 6.7 7.4 7.1 6.3 5.0 3.3 2.8 2.3 2.3 2.5 2.3 2.4 35 2.2 3.7 4.3 5.3 6.1 6.4 6.3 5.8 4.9 3.7 3.1 2.6 2.4 2.6 2.5 2.7 36 37 food and energy 2 GDP 2.5 4.4 5.1 6.2 7.0 7.8 7.3 6.5 5.3 3.4 3.1 2.6 2.4 2.6 2.2 2.5 37 38 GDP excluding food and energy 2 2.3 4.0 4.6 5.5 6.2 6.6 6.5 6.0 5.3 4.0 3.4 3.0 2.7 2.8 2.7 2.8 38 39 PCE 2.0 4.0 4.6 5.8 6.6 6.9 6.7 6.0 5.0 3.9 3.4 2.8 2.7 2.6 2.3 2.5 39 40 PCE excluding food and energy 2 1.9 3.5 4.0 4.9 5.6 5.3 5.4 5.2 4.9 4.6 3.9 3.2 3.0 2.7 2.7 2.8 40 41 Market-based PCE 3 1.7 3.4 4.0 5.3 6.3 6.8 6.7 6.0 5.0 3.7 3.1 2.7 2.5 2.3 2.0 2.1 41 42 Market-based PCE excluding food and energy 2,3 1.5 2.7 3.2 4.1 5.0 4.9 5.2 5.0 4.7 4.5 3.7 3.2 2.8 2.5 2.4 2.4 42 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2024. 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. 2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Source: U.S. Bureau of Economic Analysis Page 12 of 16 February 27, 2025 Table 7. Relation of Gross Domestic Product, Gross National Product, and National Income [Billions of dollars] Seasonally adjusted at annual rates Line 2022 1 Gross domestic product (GDP) 2 Plus: Income receipts from the rest of the world 3 Less: Income payments to the rest of the world 4 Equals: Gross national product 5 Less: Consumption of fixed capital 6 Less: Statistical discrepancy 2023 2024 r 2023 Line 2024 Q3 r Q4 r 26,006.9 27,720.7 29,183.8 28,297.0 28,624.1 29,016.7 29,374.9 29,719.6 Q4 Q1 Q2 1 1,219.2 1,411.4 ............... 1,454.2 1,493.0 1,504.0 1,442.0 ............... 2 1,069.9 1,311.3 ............... 1,359.3 1,410.8 1,444.1 1,428.9 ............... 3 26,156.2 27,820.8 ............... 28,391.8 28,706.3 29,076.6 29,388.1 ............... 4,313.4 4,587.7 -75.6 4,816.8 4,668.5 4,714.1 4,781.0 244.6 ............... 214.3 124.9 194.8 4,853.9 4 4,918.2 5 319.6 ............... 6 7 Equals: National income 21,918.4 22,988.4 ............... 23,509.1 23,867.3 24,100.8 24,214.6 ............... 7 8 13,436.7 14,190.2 15,008.2 14,481.2 14,823.7 14,945.6 15,036.1 15,227.4 8 11,123.1 11,725.2 12,390.1 11,955.3 12,251.0 12,343.0 12,404.1 12,562.5 9 Compensation of employees 9 Wages and salaries 10 11 Supplements to wages and salaries 12 13 Proprietors' income with inventory valuation and capital consumption adjustments Rental income of persons with capital consumption adjustment Corporate profits with inventory valuation and capital consumption adjustments 2,313.6 2,464.9 2,618.1 2,525.9 2,572.8 2,602.6 2,632.0 2,664.9 10 1,873.6 870.3 1,949.0 989.1 2,005.8 1,056.9 1,970.1 1,013.6 1,972.1 2,002.3 2,013.5 1,046.1 1,053.4 1,055.7 2,035.3 11 1,072.3 12 14 Net interest and miscellaneous payments 3,316.7 461.5 3,546.5 ............... 319.9 202.8 3,749.9 273.1 3,684.8 228.3 3,817.2 203.8 3,802.2 ............... 13 181.9 197.1 14 15 Taxes on production and imports less subsidies 1,722.2 1,790.3 1,874.4 1,814.0 1,841.1 1,860.3 1,883.1 1,913.0 15 16 Business current transfer payments (net) 245.2 236.2 290.5 245.3 311.7 259.8 282.4 308.2 16 -7.9 -32.8 -40.5 -38.2 -40.5 -41.8 -40.2 -39.6 17 17 Current surplus of government enterprises Addenda: 18 Gross domestic income (GDI) 26,082.5 27,476.1 ............... 28,082.7 28,499.2 28,821.9 29,055.4 ............... 18 19 Average of GDP and GDI 26,044.7 27,598.4 ............... 28,189.8 28,561.6 28,919.3 29,215.1 ............... 19 20 Statistical discrepancy as a percentage of GDP -0.3 0.9 ............... r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2024. Source: U.S. Bureau of Economic Analysis Page 13 of 16 0.8 0.4 0.7 1.1 ............... 20 February 27, 2025 Table 8. Personal Income and Its Disposition [Billions of dollars] 22,088.9 23,402.5 24,665.5 13,436.7 14,190.2 15,008.2 11,123.1 11,725.2 12,390.1 9,499.0 9,992.5 10,535.0 1,744.2 1,847.2 1,924.2 1,034.9 1,084.0 1,115.4 7,754.7 8,145.2 8,610.8 1,717.9 1,797.8 1,870.6 6,036.9 6,347.5 6,740.2 1,624.2 1,732.8 1,855.2 2,313.6 2,464.9 2,618.1 1,548.3 1,643.9 1,762.2 765.3 821.0 855.8 Seasonally adjusted at annual rates 2023 2024 Q4 Q1 Q2 Q3 r Q4 r 23,807.8 24,344.2 24,574.0 24,716.7 25,027.0 14,481.2 14,823.7 14,945.6 15,036.1 15,227.4 11,955.3 12,251.0 12,343.0 12,404.1 12,562.5 10,174.7 10,434.7 10,499.7 10,537.5 10,668.0 1,884.0 1,928.3 1,910.6 1,919.9 1,937.8 1,102.8 1,123.2 1,107.1 1,112.1 1,119.0 8,290.7 8,506.4 8,589.1 8,617.6 8,730.2 1,823.9 1,858.5 1,870.4 1,867.8 1,885.8 6,466.8 6,648.0 6,718.7 6,749.7 6,844.4 1,780.7 1,816.2 1,843.3 1,866.6 1,894.5 2,525.9 2,572.8 2,602.6 2,632.0 2,664.9 1,687.4 1,722.7 1,750.3 1,776.6 1,799.3 838.5 850.1 852.3 855.4 865.6 1,873.6 95.9 1,777.6 870.3 3,474.0 1,634.9 1,839.2 4,139.2 4,013.8 1,211.5 935.0 814.4 23.8 168.8 860.3 125.4 1,704.8 3,244.9 18,844.0 18,277.9 17,690.8 5,939.1 2,078.0 3,861.0 11,751.8 334.4 252.6 131.5 121.1 566.1 3.0 1,970.1 50.2 1,920.0 1,013.6 3,919.1 1,965.3 1,953.8 4,276.5 4,156.5 1,374.0 1,035.3 856.2 35.3 206.7 649.1 120.0 1,852.8 2,894.3 20,913.5 19,971.3 19,170.2 6,174.8 2,139.3 4,035.4 12,995.4 532.2 268.9 136.9 132.0 942.2 4.5 2022 Line 1 Personal income 1 2 Compensation of employees 3 Wages and salaries 4 Private industries 5 Goods-producing industries 6 Manufacturing 7 Services-producing industries 8 Trade, transportation, and utilities 9 Other services-producing industries 10 Government 11 Supplements to wages and salaries 12 Employer contributions for employee pension and insurance funds 2 13 Employer contributions for government social insurance 14 Proprietors' income with inventory valuation and capital consumption adjustments 15 Farm 16 Nonfarm 17 Rental income of persons with capital consumption adjustment 18 Personal income receipts on assets 19 Personal interest income 20 Personal dividend income 21 Personal current transfer receipts 22 Government social benefits to persons 23 Social security 3 24 Medicare 4 25 Medicaid 26 Unemployment insurance 27 Veterans' benefits 28 Other 29 Other current transfer receipts, from business (net) 30 Less: Contributions for government social insurance, domestic 31 Less: Personal current taxes 32 Equals: Disposable personal income 33 Less: Personal outlays 34 Personal consumption expenditures 35 Goods 36 Durable goods 37 Nondurable goods 38 Services 39 Personal interest payments 5 40 Personal current transfer payments 41 To government 42 To the rest of the world (net) 43 Equals: Personal saving 44 Personal saving as a percentage of disposable personal income Addenda: 45 Personal income excluding current transfer receipts, billions of chained (2017) dollars 6 Disposable personal income: 46 Total, billions of chained (2017) dollars 6 Per capita: 47 Current dollars 48 Chained (2017) dollars 49 Population (midperiod, thousands) 7 2023 1,949.0 71.3 1,877.7 989.1 3,822.9 1,892.0 1,930.9 4,268.0 4,146.5 1,357.0 1,009.5 878.1 33.2 196.9 671.7 121.6 1,816.6 2,855.7 20,546.8 19,579.6 18,822.8 6,123.9 2,142.6 3,981.3 12,698.9 493.1 263.7 135.5 128.1 967.2 4.7 2024 r 2,005.8 45.7 1,960.1 1,056.9 3,949.4 1,967.4 1,982.0 4,542.4 4,409.5 1,446.9 1,081.3 929.9 35.4 219.1 696.9 133.0 1,897.3 3,031.0 21,634.5 20,652.8 19,827.2 6,242.8 2,167.1 4,075.7 13,584.4 551.8 273.9 139.7 134.2 981.7 4.5 1,972.1 38.5 1,933.6 1,046.1 3,938.9 1,951.0 1,988.0 4,446.1 4,314.6 1,426.5 1,049.2 904.8 34.9 211.7 687.4 131.5 1,882.9 2,965.6 21,378.6 20,230.5 19,424.8 6,148.9 2,127.3 4,021.5 13,275.9 534.4 271.4 137.9 133.5 1,148.1 5.4 2,002.3 41.1 1,961.2 1,053.4 3,950.2 1,966.2 1,984.0 4,512.3 4,380.1 1,439.7 1,067.1 924.7 34.9 216.7 696.8 132.3 1,889.9 3,005.4 21,568.6 20,507.5 19,682.7 6,204.6 2,141.8 4,062.8 13,478.1 551.7 273.1 139.0 134.1 1,061.1 4.9 2,013.5 46.4 1,967.1 1,055.7 3,938.8 1,966.3 1,972.4 4,570.4 4,437.8 1,453.1 1,090.2 932.4 35.7 221.5 704.8 132.6 1,897.7 3,054.2 21,662.6 20,773.6 19,938.4 6,265.1 2,168.4 4,096.7 13,673.3 560.5 274.7 140.3 134.4 889.0 4.1 2,035.3 56.8 1,978.5 1,072.3 3,969.8 1,986.2 1,983.6 4,640.9 4,505.4 1,468.2 1,118.5 957.6 36.1 226.3 698.7 135.5 1,918.7 3,098.8 21,928.2 21,099.6 20,262.7 6,352.5 2,230.9 4,121.6 13,910.2 560.5 276.5 141.7 134.8 828.6 3.8 Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 15,459.2 15,880.4 16,293.5 16,078.6 16,243.2 16,274.7 16,281.1 16,377.6 45 16,229.4 17,052.5 17,517.3 17,216.5 17,451.8 17,497.2 17,506.4 17,616.5 46 56,356 60,944 63,591 61,808 63,041 63,450 63,594 64,275 47 48,537 50,580 51,489 50,882 51,462 51,473 51,393 51,636 48 334,372 337,141 340,212 338,360 339,119 339,929 340,637 341,164 49 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2024. 1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies, contributions for government social insurance, net interest and miscellaneous payments, business current transfer payments (net), and current surplus of government enterprises, plus personal income receipts on assets, and personal current transfer receipts. 2. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 3. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 4. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 5. Consists of nonmortgage interest paid by households. Note that mortgage interest paid by households is an expense item in the calculation of rental income of persons. 6. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 7. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. Source: U.S. Bureau of Economic Analysis Page 14 of 16 February 27, 2025 Appendix Table A. Real Gross Domestic Product and Related Aggregates: Percent Change from Preceding Period and Contributions to Percent Change Seasonally adjusted at annual rates 2022 2023 2024 r Line 2021 Q1 Q2 2022 Q3 Q4 Q1 Q2 2023 Q3 Q4 Q1 Q2 2024 Q3 Q4 Q1 Q2 Line Q3 Q4 r Percent change from preceding period Gross domestic product (GDP) and related aggregates: 1 GDP 2.5 2.9 2.8 5.6 6.4 3.5 7.4 -1.0 0.3 2.7 3.4 2.8 2.4 4.4 3.2 1.6 3.0 3.1 2.3 1 2 Goods 3.0 3.2 2.1 5.4 5.6 0.8 18.6 -4.6 -3.6 6.7 6.8 0.3 1.6 7.1 2.5 -3.6 5.2 4.7 0.7 2 3 Services 3.3 3.0 2.8 5.9 8.6 6.1 3.7 0.7 3.3 2.9 3.4 3.9 1.7 2.5 2.8 3.2 2.4 3.2 3.0 3 4 Structures -4.6 1.0 5.3 4.6 -4.6 -4.5 -4.0 0.2 -5.4 -11.6 -8.3 4.4 11.2 7.5 8.6 9.9 -0.6 -2.9 3.8 4 5 6 Motor vehicle output -1.9 7.3 -2.2 20.1 -11.0 -41.8 32.6 -5.4 2.6 11.9 0.0 24.6 13.3 -8.2 -19.0 3.4 20.2 -18.3 5.1 5 2.6 2.8 2.9 5.2 7.0 5.0 6.8 -0.9 0.2 2.5 3.5 2.2 2.2 4.7 3.9 1.6 2.6 3.7 2.3 6 2.5 2.9 2.9 7.2 7.6 3.4 9.1 -2.0 -0.3 2.6 3.7 2.5 2.4 5.0 3.4 1.3 3.0 3.6 2.4 7 3.2 1.6 3.0 3.1 2.3 8 9 7 GDP excluding motor vehicle output Nonfarm business gross value added 1 Contributions to percent change in real gross domestic product Percent change at annual rate: 8 Gross domestic product 2.5 2.9 2.8 5.6 6.4 3.5 7.4 -1.0 0.3 2.7 3.4 2.8 2.4 4.4 Percentage points at annual rates: 9 Goods 0.94 1.01 0.65 1.80 1.84 0.32 5.51 -1.50 -1.14 2.09 2.12 0.14 0.53 2.22 0.80 -1.12 1.56 1.41 0.23 10 Services 2.00 1.80 1.68 3.45 5.04 3.56 2.26 1.74 2.00 2.29 1.01 1.50 1.67 1.91 1.48 1.92 1.79 10 11 Structures -0.42 0.09 0.46 0.38 -0.45 -0.42 -0.36 0.02 -0.50 -1.10 -0.77 0.36 0.91 0.64 0.73 0.85 -0.05 -0.26 0.33 11 12 Motor vehicle output -0.05 0.19 -0.06 0.60 0.35 -0.24 -0.56 0.09 0.12 12 0.50 -0.32 -1.40 0.44 0.72 -0.15 1.92 0.07 r Revised 1. Consists of GDP less gross value added of farm, of households and institutions, and of general government. Source: U.S. Bureau of Economic Analysis Page 15 of 16 0.30 0.00 0.47 -0.51 February 27, 2025 Appendix Table B. Not Seasonally Adjusted Real Gross Domestic Product: Level and Percent Change from Quarter One Year Ago Line Q3 1 2 3 4 5 6 7 Billions of chained (2017) dollars at quarterly rates 2023 2024 2022 Gross domestic product (GDP) Personal consumption expenditures Gross private domestic investment Net exports of goods and services Q4 Q1 Q2 Q3 Q4 Q1 Q2 2022 Q3 r Q4 r Q4 Percent change from quarter one year ago 2023 2024 Q1 Q2 Q3 Q4 Q1 Q2 Q3 r Line Q4 r 5,544.4 5,668.9 5,469.2 5,646.3 5,724.1 5,831.6 5,638.5 5,817.2 5,866.8 6,001.5 1.4 2.5 3.0 3.2 2.9 3.1 3.0 2.5 2.9 1 3,815.1 3,937.8 3,766.5 3,898.9 3,911.2 4,045.1 3,871.4 4,006.2 4,024.5 4,188.7 1.6 2.7 2.2 2.5 2.7 2.8 2.8 2.9 3.6 2 995.8 1,030.3 1,098.0 1,045.1 1,047.0 1,091.1 1,129.7 1,073.1 -1.1 -3.5 0.2 1.9 1.8 5.1 5.9 2.9 2.7 3 1,077.5 1,026.6 -271.1 -230.1 -211.9 -235.8 -254.2 -230.9 -225.9 -263.9 -289.9 -262.4 ......... ......... ......... ......... ......... ......... ......... ......... ......... 4 Exports 626.9 640.9 614.6 627.7 629.8 651.7 626.7 649.6 659.9 672.3 4.9 0.4 1.7 2.0 3.5 4.8 3.2 5 Imports 898.1 871.0 826.6 863.5 883.9 882.6 852.6 913.5 949.7 934.7 1.3 -1.2 -3.2 -1.6 1.3 3.2 5.8 7.4 5.9 6 920.3 934.2 918.7 952.3 968.3 972.5 946.6 981.4 997.8 999.8 0.8 2.6 3.5 5.2 4.1 3.0 3.1 3.0 2.8 7 Government consumption expenditures and gross investment 6.6 2.6 Addenda: Current dollar measures: (Billions of dollars) 8 GDP 6,614.8 6,794.8 6,639.8 6,897.7 7,029.1 7,159.3 6,997.8 7,290.5 7,364.7 7,557.1 8.0 8.2 6.5 6.3 5.4 5.4 5.7 4.8 5.6 8 9 Gross domestic income 6,594.5 6,743.4 6,872.3 6,729.3 6,803.5 7,071.0 7,245.5 7,120.8 7,166.6 ............. 5.8 8.2 5.3 3.2 4.9 5.4 5.8 5.3 ......... 9 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2024. Source: U.S. Bureau of Economic Analysis Page 16 of 16