Core Report | March 1, 2024

The second estimate for Q4 GDP showed annual growth of 3.2%, down slightly from the initial growth estimate of 3.3%. The second estimate reflects a downward revision to inventory investment. This downward revision was partly offset by upward revisions to state and local government spending and consumer spending. The increase in GDP reflected increases in consumer spending, exports, state and local government spending, non-residential spending, federal government spending, and residential investment. These increases were partly offset by a decline in inventory investment. Imports, which are a subtraction for GDP, increased.