États-Unis Croissance Du Pib

The US economy expanded an annualized 2.3% in Q4 2024, the slowest growth in three quarters, down from 3.1% in Q3 and forecasts of 2.6%, according to the advance estimate from the BEA. Personal consumption remained the main driver of growth, increasing 4.2%, the most since Q1 2023 (vs 3.7% in Q3 2024). Spending rose faster for both goods (6.6% vs 5.6%) and services (3.1% vs 2.8%). On the other hand, fixed investment contracted for the first time since Q1 2023 (-0.6% vs 2.1%), due to equipment (7.8% vs 10.8%) and structures (-1.1% vs -5%). However, investment in intellectual property products continued to rise (2.6% vs 3.1%) and residential investment rebounded (5.3% vs -4.3%). Also, private inventories were a big drag, cutting 0.93 pp from the growth. Both exports (-0.8% vs 9.6%) and imports (-0.8% vs 10.7%) contracted, leaving the contribution from net trade little changed. Government expenditure rose at a slower pace (2.5% vs 5.1%). Considering full 2024, the economy advanced 2.8%.