GDP Research Brief

Key GDP growth contributors post positive results. Real gross domestic product increased at an annual rate of 1.6 percent during the first quarter of 2024. While this is a deceleration from the 3.4 percent rate from the final quarter of last year, the economy still grew in several areas. U.S. residents continued to spend robustly, with final sales to private domestic purchasers up 6.1 percent annualized, the best mark in a year. Residential and non-residential fixed investment also climbed, largely driven by single-family home construction and new intellectual property. A 7.2 percent surge in imports countered some of these figures, contributing to the smaller gain in the overall GDP measure.