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Thursday, April 25, 2024 Contact: Connie O’Connell, (301) 278-9003 Gross Domestic Product, First Quarter 2024 (Advance Estimate) Real gross domestic product (GDP) increased at an annual rate of 1.6 percent in the first quarter of 2024, according to the “advance” estimate. In the fourth quarter of 2023, real GDP increased 3.4 percent. The increase in the first quarter primarily reflected increases in consumer spending and housing investment that were partly offset by a decrease in inventory investment. Imports, which are a subtraction in the calculation of GDP, increased. Contributions to Percent Change in Real GDP, First Quarter 2024 Real GDP increased 1.6 percent Percentage point contributions 2.00 1.50 1.00 0.50 -0.01 0.00 -0.50 -1.00 Real GDP, percent change Consumer spending Housing investment * Business State and local investment government spending Exports Federal government spending Inventory investment Imports Note. Imports are a subtraction in the calculation of GDP; thus, an increase in imports results in a negative contribution to GDP. U.S. Bureau of Economic Analysis Seasonally adjusted annual rates • The increase in consumer spending reflected an increase in services that was partly offset by a decrease in goods. Within services, the leading contributors to the increase were health care as well as financial services and insurance. Within goods, the leading contributors to the decrease were motor vehicles and parts as well as gasoline and other energy goods. • The increase in housing investment was led by brokers’ commissions and other ownership transfer costs as well as new single-family housing construction. • The decrease in inventory investment was led by decreases in wholesale trade and manufacturing. Compared to the fourth quarter, the deceleration in real GDP in the first quarter primarily reflected decelerations in consumer spending, exports, and state and local government spending and a downturn in federal government spending. These movements were partly offset by an acceleration in housing investment. Imports accelerated. BEA data—including GDP, personal income, the balance of payments, foreign direct investment, the input-output accounts, and regional economic data—are available at www.bea.gov. Email alerts are also available. The “second” estimate of GDP for the first quarter of 2024, along with a preliminary estimate of Corporate Profits, will be released on May 30, 2024. Prices Gross domestic purchases prices, the prices of goods and services purchased by U.S. residents, increased 3.1 percent in the first quarter after increasing 1.9 percent in the fourth quarter. Excluding food and energy, prices increased 3.2 percent after increasing 2.1 percent. Quarter-to-Quarter Change in Prices Percent Change Gross Domestic Purchases Price Index PCE Price Index Gross Domestic Purchases, Excluding Food and Energy PCE, Excluding Food and Energy 5.5 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2022:Q4 2023:Q1 2023:Q2 2023:Q3 2023:Q4 U.S. Bureau of Economic Analysis 2024:Q1 Seasonally adjusted annual rates Personal consumption expenditures (PCE) prices increased 3.4 percent in the first quarter after increasing 1.8 percent in the fourth quarter. Excluding food and energy, the PCE “core” price index increased 3.7 percent, after increasing 2.0 percent. Current-dollar DPI increased 4.5 percent in the first quarter, following an increase of 3.8 percent in the fourth quarter. The increase in the first quarter primarily reflected increases in compensation and government social benefits that were partly offset by an increase in personal current taxes, which are a subtraction in the calculation of DPI. Quarter-to-Quarter Change in Disposable Personal Income Real DPI (chained) Current-Dollar DPI 6.0 5.0 Percent Change Personal income and saving Real disposable personal income (DPI)— personal income adjusted for taxes and inflation—increased 1.1 percent in the first quarter after increasing 2.0 percent in the fourth quarter. 4.0 3.0 2.0 1.0 0.0 2023:Q2 U.S. Bureau of Economic Analysis 2023:Q3 2023:Q4 2024:Q1 Seasonally adjusted annual rates Personal saving as a percentage of DPI was 3.6 percent in the first quarter, compared with 4.0 percent in the fourth quarter. Page 2 of 2
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