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March 27, 2025 2024Q4 (Third Estimate) Comparisons -- Percent Change from Preceding Period in Real Gross Domestic Product and Related Measures [Percent] Seasonally adjusted at annual rates Gross domestic product (GDP) Personal consumption expenditures Goods Durable goods Nondurable goods Services Gross private domestic investment Fixed investment Nonresidential Structures Equipment Intellectual property products Residential Change in private inventories Net exports of goods and services Exports Goods Services Imports Goods Services Government consumption expenditures and gross investment Federal National defense Nondefense State and local Addenda: Final sales of domestic product Gross domestic purchases Final sales to domestic purchasers Final sales to private domestic purchasers Gross domestic income (GDI) Average of GDP and GDI Gross national product (GNP) Disposable personal income Current-dollar measures: GDP Final sales of domestic product Gross domestic purchases Final sales to domestic purchasers Final sales to private domestic purchasers GDI Average of GDP and GDI GNP Disposable personal income Chain-type price measures: Gross domestic purchases Gross domestic purchases excluding food and energy GDP GDP excluding food and energy GDP implicit price deflator PCE PCE excluding food and energy Market-based PCE Market-based PCE excluding food and energy Source: U.S. Bureau of Economic Analysis 2024Q4 % change 2.4 4.0 6.2 12.4 3.1 3.0 -5.6 -1.1 -3.0 2.9 -8.7 -0.5 5.5 ............................ ............................ -0.2 -4.6 8.5 -1.9 -4.9 10.9 3.1 4.0 4.8 2.9 2.5 Last period with Last period with Last period with equal value larger value smaller value 2023Q2 2.4 2024Q3 3.1 2024Q1 1.6 2014Q3 4.0 2023Q1 4.9 2024Q3 3.7 1987Q3 6.2 2023Q1 7.4 2024Q3 5.6 ................. ................. 2023Q1 17.1 2024Q3 7.6 2023Q3 3.1 2024Q3 4.6 2024Q2 1.7 1995Q3 3.0 2024Q1 3.4 2024Q3 2.8 ................ ................ 2024Q3 0.8 2023Q1 -8.9 2019Q4 -1.1 2024Q3 2.1 2022Q4 -1.9 ................. ................. 2024Q3 4.0 2020Q2 -28.5 1977Q4 2.9 2024Q1 6.3 2024Q3 -5.0 2019Q4 -8.7 2024Q3 10.8 2021Q3 -10.6 ................. ................. 2024Q3 3.1 2020Q2 -9.5 ................. ................. 2024Q1 13.7 2024Q3 -4.3 .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. ................. ................. 2024Q3 9.6 2023Q2 -4.8 ................. ................. 2024Q3 10.3 2023Q2 -10.9 1994Q2 8.5 2023Q2 8.8 2024Q3 8.4 1988Q1 -1.9 2024Q3 10.7 2023Q2 -3.1 ................. ................. 2024Q3 10.7 2023Q2 -5.0 ................. ................. 2024Q3 11.0 2024Q2 4.3 2024Q2 3.1 2024Q3 5.1 2024Q1 1.8 2002Q3 4.0 2024Q3 8.9 2024Q1 -0.4 1996Q2 4.8 2024Q3 13.9 2024Q1 -2.5 2022Q3 2.9 2023Q3 3.4 2024Q3 2.6 1977Q2 2.5 2024Q3 2.9 2024Q2 2.3 3.3 2.1 3.0 2.9 4.5 3.5 3.3 1.9 2024Q3 2002Q3 2015Q3 2024Q1 1997Q1 2023Q3 2019Q2 2019Q4 3.3 2.1 3.0 2.9 4.5 3.5 3.3 1.9 2023Q4 2024Q3 2024Q3 2024Q3 2023Q4 2023Q4 2023Q3 2024Q1 3.7 3.4 3.7 3.4 5.1 4.1 4.3 5.6 2024Q2 2022Q3 2024Q2 2024Q2 2024Q3 2024Q3 2024Q3 2024Q3 1.9 0.2 2.8 2.7 1.4 2.2 2.4 0.2 4.8 5.7 4.4 5.2 5.2 6.9 5.9 5.7 4.3 2023Q4 1996Q1 2015Q2 2000Q3 2003Q1 2017Q4 2010Q3 2013Q3 2017Q3 4.8 5.7 4.4 5.2 5.2 6.9 5.9 5.7 4.3 2024Q3 2023Q3 2024Q3 2024Q3 2024Q3 2022Q3 2023Q3 2023Q3 2024Q1 5.0 6.3 5.4 5.7 5.3 8.6 6.8 7.6 9.2 2024Q1 2024Q3 2023Q2 2023Q2 2023Q3 2024Q3 2024Q3 2024Q3 2024Q3 4.7 5.3 4.1 4.4 5.0 3.3 4.2 4.4 1.8 2.2 2.3 2.3 2.6 2.3 2.4 2.6 2.1 2.3 2012Q4 2006Q4 2015Q2 2020Q4 2015Q2 2017Q4 2018Q1 2024Q2 2024Q2 2.2 2.3 2.3 2.6 2.3 2.4 2.6 2.1 2.3 2024Q2 2024Q3 2024Q2 2024Q2 2024Q2 2024Q2 2024Q2 2024Q1 2024Q1 2.4 2.4 2.5 2.7 2.5 2.5 2.8 2.8 3.1 2024Q3 2023Q4 2024Q3 2024Q3 2024Q3 2024Q3 2024Q3 2024Q3 2024Q3 1.9 1.9 1.9 2.5 1.9 1.5 2.2 1.3 2.0 March 27, 2025 2024Q4 (Third Estimate) Comparisons -- Contributions to Percent Change in Real Gross Domestic Product 2024Q4 contribution Percent change at annual rate: Gross domestic product Percentage points at annual rates: Personal consumption expenditures Goods Durable goods Nondurable goods Services Gross private domestic investment Fixed investment Nonresidential Structures Equipment Intellectual property products Residential Change in private inventories Net exports of goods and services Exports Goods Services Imports Goods Services Government consumption expenditures and gross investment Federal National defense Nondefense State and local Source: U.S. Bureau of Economic Analysis Last period with equal value Last period with larger value Last period with smaller value 2.4 2023Q2 2.4 2024Q3 3.1 2024Q1 1.6 2.70 1.30 0.87 0.42 1.41 -1.03 -0.20 -0.41 0.09 -0.47 -0.03 0.22 -0.84 0.26 -0.01 -0.33 0.32 0.27 0.57 -0.30 0.52 0.25 0.18 0.08 0.27 1986Q2 ................. ................. 2018Q1 ................. ................ ................. 1958Q3 1980Q3 1954Q2 1970Q1 2019Q3 ................. ................ 2005Q3 ................. 1996Q2 1969Q3 2023Q2 2008Q4 2024Q2 ................. 1979Q4 2016Q1 1998Q4 2.70 ................. ................. 0.42 ................. ................ ................. -0.41 0.09 -0.47 -0.03 0.22 ................. ................ -0.01 ................. 0.32 0.27 0.57 -0.30 0.52 ................. 0.18 0.08 0.27 2023Q1 2023Q1 2023Q1 2024Q3 2024Q1 2024Q3 2024Q3 2024Q3 2024Q1 2024Q3 2024Q3 2024Q1 2024Q3 2023Q1 2024Q3 2024Q3 2022Q2 2023Q2 2022Q3 2024Q3 2024Q3 2024Q3 2024Q3 2023Q3 2024Q3 3.27 1.59 1.24 0.63 1.55 0.16 0.38 0.55 0.20 0.54 0.17 0.53 -0.22 0.33 1.01 0.70 0.56 0.44 1.08 -0.29 0.86 0.55 0.48 0.09 0.31 2024Q3 2024Q3 2024Q3 2024Q2 2024Q3 2023Q1 2022Q4 2020Q2 2024Q3 2021Q3 2020Q2 2024Q3 2023Q1 2024Q3 2023Q2 2023Q2 2024Q3 2024Q3 2024Q3 2023Q4 2024Q1 2024Q1 2024Q1 2024Q3 2024Q2 2.48 1.18 0.54 0.23 1.31 -1.63 -0.36 -4.09 -0.16 -0.54 -0.49 -0.18 -2.16 -0.43 -0.54 -0.86 0.31 -1.44 -1.14 -0.38 0.30 -0.02 -0.09 0.07 0.25 March 27, 2025 2024Q4 Comparisons -- Corporate Profits: Level Change and Percent Change Corporate profits with IVA and CCAdj Profits after tax with IVA and CCAdj Profits before tax without IVA and CCAdj Profits after tax without IVA and CCAdj Net cash flow with IVA Last period with 2024Q4 change equal value Dollar change from preceding quarter 204.7 ................ ................ 183.5 ................. ................. 249.6 ................. ................. 228.4 ................. ................. 217.8 ................. ................. Percent change from preceding quarter (quarterly rates) Last period with larger value Last period with smaller value 2021Q2 2021Q2 2021Q2 2021Q2 2023Q1 267.6 202.5 344.9 279.8 226.8 2024Q3 2024Q3 2024Q3 2024Q3 2024Q3 -15.0 -13.1 -12.0 -10.0 15.6 Corporate profits with IVA and CCAdj Profits after tax with IVA and CCAdj Profits before tax without IVA and CCAdj Profits after tax without IVA and CCAdj Net cash flow with IVA 5.4 1972Q1 5.4 5.9 2010Q1 5.9 6.1 2022Q2 6.1 6.7 ................. ................. 5.8 1981Q3 5.8 Percent change from quarter one year ago 2022Q2 2022Q2 2021Q2 2021Q2 2023Q1 5.9 6.3 11.1 10.3 7.1 2024Q3 2024Q3 2024Q3 2024Q3 2024Q3 -0.4 -0.4 -0.3 -0.3 0.4 Corporate profits with IVA and CCAdj Profits after tax with IVA and CCAdj Profits before tax without IVA and CCAdj Profits after tax without IVA and CCAdj Net cash flow with IVA IVA Inventory valuation adjustment CCAdj Capital consumption adjustment Source: U.S. Bureau of Economic Analysis 6.9 1964Q4 6.9 6.8 ................. ................. 11.3 2012Q4 11.3 12.1 1976Q4 12.1 8.5 1983Q2 8.5 2024Q2 2024Q2 2024Q2 2024Q2 2024Q2 10.8 10.8 13.7 14.2 11.1 2024Q3 2024Q3 2024Q3 2024Q3 2024Q3 6.0 5.9 8.7 9.2 6.5 March 27, 2025 2024 (Third Estimate) Comparisons -- Percent Change from Preceding Period in Real Gross Domestic Product and Related Measures [Percent] Last period with Last period with Last period with 2024 % change equal value larger value smaller value Gross domestic product (GDP) 2.8 2006 2.8 2023 2.9 2022 2.5 Personal consumption expenditures 2.8 2014 2.8 2022 3.0 2023 2.5 Goods 2.4 ................. ................. 2021 11.3 2023 1.9 Durable goods 3.3 2019 3.3 2023 3.9 2022 -1.9 Nondurable goods 1.9 1992 1.9 2021 8.6 2023 0.8 Services 2.9 2023 2.9 2022 5.0 2020 -5.8 Gross private domestic investment 4.0 1989 4.0 2022 6.0 2023 0.1 Fixed investment 3.7 ................. ................. 2021 7.3 2023 2.4 Nonresidential 3.6 ................. ................. 2023 6.0 2020 -4.6 Structures 3.5 ................. ................. 2023 10.8 2021 -2.6 Equipment 3.4 ................. ................. 2023 3.5 2020 -10.1 Intellectual property products 3.9 1994 3.9 2023 5.8 2010 2.7 Residential 4.2 ................. ................. 2021 10.9 2023 -8.3 Change in private inventories ............................ .................. .................. .................. .................. .................. .................. Net exports of goods and services ............................ .................. .................. .................. .................. .................. .................. Exports 3.3 1993 3.3 2022 7.5 2023 2.8 Goods 2.2 1998 2.2 2023 2.3 2020 -10.1 Services 5.4 2005 5.4 2022 11.1 2023 3.8 Imports 5.3 1971 5.3 2022 8.6 2023 -1.2 Goods 4.8 ................. ................. 2022 6.7 2023 -1.8 Services 7.4 ................. ................. 2022 17.8 2023 1.6 Government consumption expenditures and gross investment 3.4 2020 3.4 2023 3.9 2022 -1.1 Federal 2.6 1935 2.6 2023 2.9 2022 -3.2 National defense 3.1 ................. ................. 2023 3.2 2022 -3.9 Nondefense 1.8 ................. ................. 2023 2.5 2022 -2.3 State and local 3.9 2019 3.9 2023 4.4 2022 0.2 Addenda: Final sales of domestic product 2.7 2015 2.7 2023 3.3 2022 1.9 Gross domestic purchases 3.1 2018 3.1 2021 7.1 2023 2.3 Final sales to domestic purchasers 3.0 2018 3.0 2021 6.9 2023 2.7 Final sales to private domestic purchasers 3.0 2022 3.0 2021 8.5 2023 2.5 Gross domestic income (GDI) 3.0 2018 3.0 2021 6.6 2023 1.7 Average of GDP and GDI 2.9 1967 2.9 2021 6.3 2023 2.3 Gross national product (GNP) 2.6 1961 2.6 2023 2.7 2022 2.4 Disposable personal income 2.7 2012 2.7 2023 5.1 2022 -5.5 Current-dollar measures: GDP 5.3 2018 5.3 2023 6.6 2020 -0.9 Final sales of domestic product 5.3 1995 5.3 2023 7.0 2020 -0.4 Gross domestic purchases 5.5 1990 5.5 2023 5.8 2020 -0.6 Final sales to domestic purchasers 5.5 1956 5.5 2023 6.2 2020 -0.1 Final sales to private domestic purchasers 5.4 1956 5.4 2023 6.3 2020 -1.3 GDI 5.5 ................. ................. 2022 10.1 2023 5.3 Average of GDP and GDI 5.4 ................. ................. 2023 6.0 2020 -1.0 GNP 5.1 2007 5.1 2023 6.4 2020 -1.2 Disposable personal income 5.3 1996 5.3 2023 9.0 2022 0.7 Chain-type price measures: Gross domestic purchases 2.4 2011 2.4 2023 3.3 2020 1.3 Gross domestic purchases excluding food and energy 2.5 2007 2.5 2023 3.5 2020 1.5 GDP 2.4 1993 2.4 2023 3.6 2020 1.3 GDP excluding food and energy 2.7 2007 2.7 2023 3.9 2020 1.5 GDP implicit price deflator 2.4 1993 2.4 2023 3.6 2020 1.3 PCE 2.5 2011 2.5 2023 3.8 2020 1.1 PCE excluding food and energy 2.8 ................. ................. 2023 4.1 2020 1.3 Market-based PCE 2.2 ................. ................. 2023 3.6 2020 1.0 Market-based PCE excluding food and energy 2.5 ................. ................. 2023 4.0 2020 1.3 Source: U.S. Bureau of Economic Analysis March 27, 2025 2024 (Third Estimate) Comparisons -- Contributions to Percent Change in Real Gross Domestic Product 2024 contribution Percent change at annual rate: Gross domestic product Percentage points at annual rates: Personal consumption expenditures Goods Durable goods Nondurable goods Services Gross private domestic investment Fixed investment Nonresidential Structures Equipment Intellectual property products Residential Change in private inventories Net exports of goods and services Exports Goods Services Imports Goods Services Government consumption expenditures and gross investment Federal National defense Nondefense State and local Source: U.S. Bureau of Economic Analysis Last period with equal value Last period with larger value Last period with smaller value 2.8 2006 2.8 2023 2.9 2022 2.5 1.87 0.51 0.25 0.27 1.35 0.73 0.66 0.49 0.11 0.17 0.21 0.17 0.06 -0.37 0.36 0.16 0.20 -0.73 -0.53 -0.20 0.58 0.16 0.11 0.05 0.41 ................ ................. ................. 2002 ................. ................ ................. ................. ................. 1951 2006 1937 1972 ................ 1976 1962 1999 1943 2017 2006 1989 ................. 2005 2004 1984 ................ ................. ................. 0.27 ................. ................ ................. ................. ................. 0.17 0.21 0.17 0.06 ................ 0.36 0.16 0.20 -0.73 -0.53 -0.20 0.58 ................. 0.11 0.05 0.41 2022 2021 2023 2021 2022 2022 2021 2023 2023 2023 2023 2021 2022 2023 2022 2023 2022 2023 2023 2023 2023 2023 2023 2023 2023 2.06 2.50 0.31 1.24 2.20 1.07 1.28 0.81 0.32 0.18 0.31 0.48 0.59 0.49 0.82 0.17 0.38 0.17 0.22 -0.05 0.66 0.19 0.12 0.07 0.47 2023 2023 2022 2023 2023 2023 2023 2020 2022 2020 2015 2023 2023 2022 2023 2020 2023 2022 2022 2022 2022 2022 2022 2022 2022 1.72 0.42 -0.16 0.12 1.30 0.02 0.43 -0.64 0.10 -0.58 0.20 -0.37 -0.41 -0.42 0.31 -0.75 0.14 -1.24 -0.81 -0.43 -0.20 -0.22 -0.15 -0.07 0.02 March 27, 2025 2024 Comparisons -- Corporate Profits: Level Change and Percent Change Last period with 2024 change equal value Dollar change from preceding year Corporate profits with IVA and CCAdj Profits after tax with IVA and CCAdj Profits before tax without IVA and CCAdj Profits after tax without IVA and CCAdj Net cash flow with IVA Corporate profits with IVA and CCAdj Profits after tax with IVA and CCAdj Profits before tax without IVA and CCAdj Profits after tax without IVA and CCAdj Net cash flow with IVA IVA Inventory valuation adjustment CCAdj Capital consumption adjustment Source: U.S. Bureau of Economic Analysis 281.3 ................ 232.9 ................. 420.2 ................. 371.8 ................. 255.6 ................. Percent change from preceding year 7.9 8.0 11.4 12.1 7.3 ................ ................. ................. ................. 2022 Last period with larger value Last period with smaller value ................ ................. ................. ................. ................. 2021 2021 2021 2021 2023 666.3 513.9 828.8 676.4 431.7 2023 2023 2023 2023 2022 229.8 184.3 163.6 118.2 207.8 ................ ................. ................. ................. 7.3 2021 2021 2021 2021 2023 27.6 24.5 32.8 30.6 14.1 2023 2023 2023 2023 2020 6.9 6.7 4.6 4.0 -3.9