Q2 GDP Steady at 3% in Third Estimate

Washington, DC, September 26, 2024-Real gross domestic product (GDP) increased at an annual rate of 3.0% in Q2 2024, according to the third estimate released by the U.S. Bureau of Economic Analysis. In Q1, real GDP increased 1.6%.

The GDP estimate released today is based on more complete source data than were available for the second estimate issued last month. In the second estimate, the increase in real GDP was also 3.0%. The update primarily reflected upward revisions to private inventory investment and federal government spending that were offset by downward revisions to nonresidential fixed investment and exports. Imports, which are a subtraction in the calculation of GDP, were revised up.