US economy grows 2.4% in 4th quarter 2024, surpassing estimates

​​​​​​​By Tuba Ongun

The US economy grew 2.4% in the fourth quarter, slightly higher than the previous estimates of 2.3%, according to the Commerce Department's third estimate released on Thursday.

Growth slowed compared to the 3.1% recorded in the third quarter, primarily due to a downward revision in imports, the department said.

The October-December GDP growth was mainly driven by increases in consumer and government spending, partially offset by a decline in investment. Additionally, imports saw a reduction during the same period.

In current-dollar terms, GDP rose at an annualized rate of 2.4% in the fourth quarter, reaching $29.72 trillion.

For the full year 2024, the US economy grew by 2.8%, supported by robust consumer spending, higher investment, increased government expenditures, and a rise in exports.