Economists expect that real GDP grew about 2.3% in the period, below the third quarter’s growth rate, due to a trade deficit in goods.

The U.S. grew at a mild 2.3% annual pace in the final three months of 2024, but the details of the report showed an economy on strong footing as the Biden administration handed off to the Trump White House.

U.S. economic growth likely slowed in the fourth quarter as imports surged and a strike at Boeing hurt spending on aircraft, though strong domestic demand will probably keep the Federal Reserve on a shallow interest rate cut path this year.

U.S. economic growth was strong in 2024, but GDP probably slowed toward the end of the year, as households and businesses braced for new tariffs.

Economic growth in the US slowed at the end of last year, as trade declined more sharply than expected and the country was hit by hurricanes and labour strikes. The economy expanded at an annual rate of 2.3% between October and December, down from 3.1% in the three months before, according to the US Commerce Department.