The US economy grew by 2.4 percent in the fourth quarter of 2024, surpassing expectations. The US Department of Commerce released the final Gross Domestic Product (GDP) data for the October-December 2024 period. According to the data, the US GDP increased by 2.4 percent on an annualized basis in the last quarter of the previous year. There was an upward revision in the GDP data for that period. The preliminary data released in January and the second estimate released in February had projected a 2.3 percent growth in the economy for the final quarter of the previous year. The US economy had grown by 1.6 percent in the first quarter, 3 percent in the second quarter, and 3.1 percent in the third quarter of 2024. The economy expanded by 2.8 percent overall in 2024. In 2023, the US economy had recorded a 2.9 percent growth. The increase in consumer spending and government expenditures primarily drove the growth in the US economy in the fourth quarter of the previous year. However, investments and imports decreased during the same period. The downward revision in imports was a determining factor in the revision of the GDP for the fourth quarter of the previous year. The increase in the price index of personal consumption expenditures was maintained at 2.4 percent for the same period. The price index of personal consumption expenditures had risen by 1.5 percent in the third quarter of the previous year. Excluding food and energy expenditures, the core personal consumption expenditures price index was revised from 2.7 percent to 2.6 percent for that period. The core personal consumption expenditures price index had increased by 2.2 percent in the previous quarter.