Q3 GDP Holds Steady at 2.8% in Second Estimate

Washington, DC, November 27, 2024-Real gross domestic product (GDP) increased at an annual rate of 2.8% in Q3 2024, according to the second estimate released by the U.S. Bureau of Economic Analysis. In Q2, real GDP increased 3.0%.

The GDP estimate released today is based on more complete source data than were available for the advance estimate issued last month. In the advance estimate, the increase in real GDP was also 2.8%. The update primarily reflected upward revisions to private inventory investment and nonresidential fixed investment as well as downward revisions to exports and consumer spending. Imports, which are a subtraction in the calculation of GDP, were revised down.