The US economy grew by 2.4 percent in the fourth quarter of 2024, exceeding expectations. The US Department of Commerce released the final Gross Domestic Product (GDP) data for the October-December 2024 period. According to the data, the US GDP increased by 2.4 percent annually in the last quarter of the previous year. There was an upward revision in the GDP data for that period. The preliminary data released in January and the second estimate released in February had forecasted a 2.3 percent growth in the economy in the final quarter of the previous year. The US economy had grown by 1.6 percent in the first quarter, 3 percent in the second quarter, and 3.1 percent in the third quarter of the previous year. Overall in 2024, the country’s economy grew by 2.8 percent. In 2023, the US economy had recorded a growth of 2.9 percent. The increase in consumer spending and government spending mainly drove the growth in the US economy in the last quarter of the previous year. Meanwhile, investments and imports decreased during that period. The revision in the GDP for the last quarter of the previous year was largely influenced by a downward revision in imports. The increase in the price index for personal consumption expenditures remained at 2.4 percent during that period. The price index for personal consumption expenditures had increased by 1.5 percent in the third quarter of the previous year, excluding food and energy expenditures. The core personal consumption expenditures price index was revised from 2.7 percent to 2.6 percent during this period when food and energy expenditures were excluded. In the previous quarter, the core personal consumption expenditures price index had increased by 2.2 percent.