US Fourth-Quarter GDP Revised Up to 2.4%

The U.S. economy's GDP growth for the fourth quarter of 2024 has been revised upward to an annualized rate of 2.4%, slightly above the previous estimate of 2.3%. This growth reflects increases in consumer and government spending, though it is a deceleration from the 3.1% growth recorded in the third quarter. The upward revision was primarily attributed to a downward adjustment in imports, which are subtracted in GDP calculations. However, concerns persist regarding potential tariff impacts and their effects on business confidence. Inflation metrics showed stability, with the Personal Consumption Expenditure price index rising by 2.4%. Economists anticipate that GDP growth may slow further in the first quarter of 2025, with estimates ranging from 1% to 2%.