March 27 (UPI) -- U.S. Gross Domestic Product was revised up to an annual rate of 2.4% in fourth quarter 2024, according to a Thursday report from the Bureau of Economic Analysis.
Real GDP was revised up 0.1 percentage point in the third estimate of U.S. economic growth measured by GDP.
"The increase in real GDP in the fourth quarter primarily reflected increases in consumer spending and government spending that were partly offset by a decrease in investment," the BEA said in a statement. "Imports, which are a subtraction in the calculation of GDP, decreased."
Third quarter GDP was higher than the fourth quarter.
"Compared to the third quarter, the deceleration in real GDP in the fourth quarter primarily reflected downturns in investment and exports that were partly offset by an acceleration in consumer spending," the BEA statement added. "Imports turned down."
According to the BEA private goods-producing industries had GDP growth of 2.3%. Private services-producing industries saw a 2.4% increase.
Government had a GDP increase of 2.7%.
Real GDP rose 2.8% for 2024 compared 2023 GDP.
The BEA said corporate profits, adjusted for inventory valuation and capital consumption, "increased $204.7 billion in the fourth quarter, in contrast to a decrease of $15.0 billion in the third quarter."
In February the BEA had estimated the fourth quarter GDP increase to be 2.3%.
