Q3 GDP Advance Estimate: Real GDP at 2.8%, Below Forecast

The U.S. economy grew slower than expected during the third quarter of this year. Real gross domestic product increased at an annual rate of 2.8% in Q3 2024, according to the advance estimate. The latest estimate is below the forecasted 3.0% growth and is below the Q2 2024 GDP final estimate of 3.0%.

Here is the opening text from the Bureau of Economic Analysis news release:

Real gross domestic product (GDP) increased at an annual rate of 2.8 percent in the third quarter of 2024, according to the "advance" estimate released by the U.S. Bureau of Economic Analysis. In the second quarter, real GDP increased 3.0 percent.

The GDP estimate released today is based on source data that are incomplete or subject to further revision by the source agency. The “second” estimate for the third quarter, based on more complete source data, will be released on November 27, 2024.

Gross Domestic Product (GDP)

Real gross domestic product (GDP) measures how fast or slowly the economy is growing and measures the inflation-adjusted value of all goods and services produced by the economy. It is considered the broadest measure of economic activity and the primary indicator of an economy's health. The Bureaus of Economic Analysis (BEA) releases real GDP data on a monthly basis. There are 3 versions released a month apart, advance, second, and final, each incorporating data that was previously unavailable. Economists can use GDP to determine whether an economy is growing or experiencing a recession.