US Economy Outstripped China in 2024 for Third Year in a Row
- Figures are boosted by inflation, as China battles price drops
- Faster US growth pulled in imports, widening trade deficit
This article is for subscribers only.
The US tightened its grip on the title of world’s biggest economy in 2024 as an irrepressible American consumer helped it pull away from China for a third straight year — at least by one measure.
US gross domestic product increased 5.3% last year before adjusting for inflation, according to Bureau of Economic Analysis data released Thursday. In comparison, China’s nominal GDP growth clocked in at 4.2%, the country’s National Bureau of Statistics reported two weeks ago.