Gross Domestic Product, Second Quarter 2024 (Advance Estimate)

Historical release narrative reproduced from the official public-domain U.S. Bureau of Economic Analysis source. Statistical tables, charts, standard technical appendices and administrative material are omitted; formatting is adapted for reading. Figures retain the release's original vintage and may have been revised. Consult the linked source for the complete release and current data.

Real gross domestic product (GDP) increased at an annual rate of 2.8 percent in the second quarter of 2024 (table 1), according to the "advance" estimate released by the U.S. Bureau of Economic Analysis. In the first quarter, real GDP increased 1.4 percent.

The GDP estimate released today is based on source data that are incomplete or subject to further revision by the source agency (refer to “Source Data for the Advance Estimate” on page 3). The “second” estimate for the second quarter, based on more complete source data, will be released on August 29, 2024.

The increase in real GDP primarily reflected increases in consumer spending, private inventory investment, and nonresidential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased (table 2).

The increase in consumer spending reflected increases in both services and goods. Within services, the leading contributors were health care, housing and utilities, and recreation services. Within goods, the leading contributors were motor vehicles and parts, recreational goods and vehicles, furnishings and durable household equipment, and gasoline and other energy goods. The increase in private inventory investment primarily reflected increases in wholesale trade and retail trade industries that were partly offset by a decrease in mining, utilities, and construction industries. Within nonresidential fixed investment, increases in equipment and intellectual property products were partly offset by a decrease in structures. The increase in imports was led by capital goods, excluding automotive.

Compared to the first quarter, the acceleration in real GDP in the second quarter primarily reflected an upturn in private inventory investment and an acceleration in consumer spending. These movements were partly offset by a downturn in residential fixed investment.

Current‑dollar GDP increased 5.2 percent at an annual rate, or $360.0 billion, in the second quarter to a level of $28.63 trillion. In the first quarter, GDP increased 4.5 percent, or $312.2 billion (tables 1 and 3).

The price index for gross domestic purchases increased 2.3 percent in the second quarter, compared with an increase of 3.1 percent in the first quarter (table 4). The personal consumption expenditures (PCE) price index increased 2.6 percent, compared with an increase of 3.4 percent. Excluding food and energy prices, the PCE price index increased 2.9 percent, compared with an increase of 3.7 percent.

Personal Income

Current-dollar personal income increased $237.6 billion in the second quarter, compared with an increase of $396.8 billion in the first quarter. The increase primarily reflected increases in compensation and personal current transfer receipts (table 8).

Disposable personal income increased $186.3 billion, or 3.6 percent, in the second quarter, compared with an increase of $240.2 billion, or 4.8 percent, in the first quarter. Real disposable personal income increased 1.0 percent, compared with an increase of 1.3 percent.

Personal saving was $720.5 billion in the second quarter, compared with $777.3 billion in the first quarter. The personal saving rate—personal saving as a percentage of disposable personal income—was 3.5 percent in the second quarter, compared with 3.8 percent in the first quarter.

The GDP estimate released today is based on source data that are incomplete or subject to further revision by the source agency. Information on the source data and key assumptions used in the advance estimate is provided in a Technical Note and a detailed "Key Source Data and Assumptions" file posted with the release. The "second" estimate for the second quarter, based on more complete data, will be released on August 29, 2024. For information on updates to GDP, refer to the "Additional Information" section that follows.

BEA will release results from the 2024 annual update of the National Economic Accounts, which include the National Income and Product Accounts as well as the Industry Economic Accounts, on September 26, 2024. The update will present revised statistics for GDP, GDP by Industry, and gross domestic income. For details, refer to Information on 2024 Annual Updates to the National, Industry, and State and Local Economic Accounts.