U.S. GDP reported as expected

Note: This section contains information in English only.
Source: Dukascopy Bank SA
In the fourth quarter of 2024, the U.S. economy grew at an annual rate of 2.3%, down from 3.1% in the third quarter. This growth was mainly driven by increased consumer and government spending, though it was partly offset by a decrease in investment. Imports, which subtract from GDP, also decreased.

The GDP estimate was revised slightly upward by less than 0.1 percentage point. The revision reflected higher government spending and exports, but was partly offset by lower consumer spending and investment. The slowdown compared to the third quarter was due to weaker investment and exports, while consumer spending accelerated.

Inflation in the fourth quarter showed a modest rise. The price index for gross domestic purchases increased by 2.3%, and the personal consumption expenditures (PCE) price index rose by 2.4%. Excluding food and energy, the PCE price index increased by 2.7%.

For 2024, real GDP grew by 2.8%, in line with earlier estimates. This growth was driven by increases in consumer spending, investment, government spending, and exports, though imports also rose. The overall price index for gross domestic purchases increased by 2.4% for the year, and the PCE index rose by 2.5%, with the core index (excluding food and energy) at 2.8%.
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