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.

The US economy expanded at a solid pace at the end of 2024, fueled by a generous tailwind from consumer spending that more than offset drags from a strike at Boeing Co. and much leaner inventory investment.

U.S. economic growth slowed in the fourth quarter as a strike at Boeing depressed business investment in equipment, but consumer spending increased at its fastest pace in nearly two years, underscoring strong domestic demand that probably keeps the Federal Reserve on a slow interest rate cut path this year.

The Spanish Economy Ministry is set on Tuesday to raise its gross domestic product growth target for this year above the current 2.4%, Economy Minister Carlos Cuerpo said, in stark contrast with growth in other large euro zone economies.