US Commerce Department: Three percent increase in the fourth quarter 2024 in real GDP

(Washington, DC) — The United States Commerce Department’s Bureau of Economic Analysis (BEA) has released their fourth quarter report on Friday.

The BEA reported a three percent increase in the fourth quarter in real gross domestic product (GDP). The bureau reported that the growth in GDP was “in large part due to an increase in Americans making and spending more.”

“Consumer confidence continues to remain strong,” the BEA said. “Today’s report shows consumer spending in both goods and services beat expectations in both November and December.”

Retail sales increased by nearly five percent in 2023, while real disposal personal income increased by more than four percent.