Real gross domestic product (GDP) increased 0.6% in the fourth quarter, after rising 0.5% in the third quarter. Growth in the fourth quarter was driven by higher household final consumption expenditures and increased exports and business investment. Drawdowns of business inventories and higher imports moderated the overall growth.
On a per capita basis, real GDP rose 0.2% in the fourth quarter, after falling 0.1% in the previous quarter. In 2024, GDP per capita fell 1.4%, following a decline of 1.3% in 2023.
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