Q3 2024 GDP and GDI revisions
Real GDP ended Q3 at a 3% Q/Q annualized rate, same rate for an annual increase.
The annual revision revealed a better alignment between Gross Domestic Income (GDI) and Gross Domestic Product (GDP), effectively closing the gap that had previously existed between the two. This adjustment indicates that the current economy is in a robust state, this was largely driven by significant revisions to income data.
Additionally, the two negative quarters recorded in 2022 have been revised upward, eliminating the classification of a technical recession for that year in the latest data
- Real GDP increased at an average annual rate of 2.3 percent from 2018 to 2023, 0.2 percentage points higher than the previously published
- Real GDI increased at an average annual rate of 2.2 percent, 0.4 percentage points higher than previously published
Private goods-producing industries increased 6.9 percent, private services-producing industries increased 2.4 percent, and government increased 0.8 percent
