The increase primarily reflected increases in consumer spending and government spending that were partly offset by a decrease in investment. Imports, which are a subtraction in the calculation of GDP, decreased.
The quarter-on-quarter (QoQ) deceleration in real GDP in Q4 2024 primarily reflected downturns in investment and exports. Imports turned down.
The price index for gross domestic purchases increased by 2.2 per cent in Q4 2024 compared with an increase of 1.9 per cent in Q3, a BEA release said.
Real GDP increased by 2.8 per cent in 2024 compared with an increase of 2.9 per cent in 2023. This rise reflected increases in consumer spending, investment, government spending and exports. Imports increased.
The price index for gross domestic purchases increased by 2.3 per cent in 2024 compared with an increase of 3.3 per cent in 2023.
ALCHEMPro News Desk (DS)
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