The US economy grew by 2.4% in the last quarter of 2024, while inflation pressures continue.

According to the final data from the U.S. Department of Commerce, the country's economy grew by 2.4% on an annualized basis in the fourth quarter of 2024. This is slightly above the previously announced forecast of 2.3%. Economic growth was particularly supported by a surge in consumer spending towards the end of the year. Household expenditures rose by 4% in the fourth quarter, surpassing the 3.7% increase seen in the third quarter.

However, business investments weakened during the same period. Equipment investments experienced a sharp decline of 8.7%, while the reduction in business inventories contributed negatively to growth by 0.84 percentage points. Overall, the U.S. economy grew by 2.8% in 2024, indicating a 0.1 percentage point decrease compared to 2023.