| Q1 2025 | Q4 2024 | Chg. from Q4 2024 | Q1 2024 | Chg. from Q1 2024 | |
|---|---|---|---|---|---|
| Size of the U.S. Economy | |||||
| Nominal GDP | $29.962T | $29.724T | $238.183B | $28.624T | $1.338T |
| Real GDP | $23.513T | $23.542T | -$29.632B | $23.054T | $459.172B |
| Q1 2025 | Q4 2024 | Chg. from Q4 2024 | |
|---|---|---|---|
| Quarterly growth rate, annualized (pp) | |||
| Nominal GDP | 3.2 | 4.8 | -1.6pp |
| – GDP deflator | 3.7 | 2.3 | 1.4pp |
| = Real GDP | -0.5 | 2.5 | -3.0pp |
| Contribution of subcomponents (pp) | |||
| Consumer spending | 0.3 | 2.7 | -2.4pp |
| Nonresidential fixed investment | 1.4 | -0.4 | 1.8pp |
| Residential investment | 0.0 | 0.2 | -0.2pp |
| Change in private inventories | 2.6 | -0.8 | 3.4pp |
| Net exports | -4.6 | 0.3 | -4.9pp |
| Government spending | -0.1 | 0.5 | -0.6pp |
| Total real GDP growth | -0.5 | 2.4 | -2.9pp |
| Subcomponent growth rates (pp) | |||
| Consumption | 0.5 | 4.0 | -3.5pp |
| Investment | 23.8 | -5.6 | 29.4pp |
| Exports | 0.4 | -0.2 | 0.6pp |
| Imports | 38.0 | -1.9 | 39.9pp |
| Government expenditures | -0.6 | 3.1 | -3.7pp |
| Date | Time | Release | Data source |
|---|---|---|---|
| Jun 27 | 08:30 AM | Monthly Expenditures Update, May 2025 | Bureau of Economic Analysis |
| Jul 03 | 08:30 AM | Monthly Employment Update, June 2025 | Bureau of Labor Statistics |
| Jul 03 | 08:30 AM | Monthly Trade Update, May 2025 | Bureau of Economic Analysis |
| Jul 08 | 10:00 AM | Monthly Debt Update, July 2025 | U.S. Treasury |
| Jul 14 | 10:00 AM | Monthly Fiscal Update, June 2025 | U.S. Treasury |
| Jul 15 | 08:30 AM | Monthly Inflation Update, June 2025 | Bureau of Labor Statistics |
| Jul 18 | 10:00 AM | State Employment Update, June 2025 | Bureau of Labor Statistics |
Source: Bureau of Economic Analysis; U.S. Treasury; JEC Republicans calculations
“pp” = percentage points
“Real” values are expressed in chained 2017 dollars.
Discrepancy in change figures is possible due to rounding.