Washington: The US gross domestic product (GDP) increased at an annual rate of 2.3 percent in the fourth quarter of 2024, according to the advance estimate released Thursday by the US Bureau of Economic Analysis. According to Kuwait News Agency, the increase in real GDP in the fourth quarter primarily reflected rises in consumer spending and government spending, although these were partly offset by a decrease in investment. Imports, which are subtracted in the calculation of GDP, decreased during this period. In the third quarter, real GDP had increased by 3.1 percent. The report highlighted that compared to the third quarter, the deceleration in real GDP growth in the fourth quarter was mainly due to downturns in investment and exports, while imports experienced a decline. The price index for gross domestic purchases rose by 2.2 percent in the fourth quarter, up from an increase of 1.9 percent in the third quarter. Meanwhile, the personal consumption expenditures (PCE) price index increased by 2.3 percent , compared to a 1.5 percent increase in the previous quarter. Excluding food and energy prices, the PCE price index saw an increase of 2.5 percent, up from a 2.2 percent rise in the third quarter.
