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The U.S. economy grew by slightly more than previously estimated in the fourth quarter of 2024, according to revised data released by the Commerce Department on Thursday.
The report said gross domestic product surged by 2.4 percent in the fourth quarter compared to the previously reported 2.3 percent jump. Economists had expected the pace of GDP growth to be unrevised.
The Commerce Department said the upward revision primarily reflected a downward revision to imports, which are a subtraction in the calculation of GDP. A downward revision to consumer spending limited the upside.
Despite the upward revision, the GDP growth in the fourth quarter still reflects a slowdown from the 3.1 percent surge in the third quarter.
The deceleration in GDP in the fourth quarter primarily reflected downturns in investment and exports that were partly offset by an acceleration in consumer spending, the Commerce Department said.
On the inflation front, the report said the jump in consumer prices in the fourth quarter was unrevised at 2.4 percent.
The surge in core consumer prices, which exclude food and energy prices, was downwardly revised to 2.6 percent from 2.7 percent.
