Q2 2025, Advance Estimate

Released July 30, 2025


+2.97 percent
Change in real GDP
Q1 2025 to Q2 2025, annualized
+5.02 percent
Change in current-dollar GDP
Q1 2025 to Q2 2025, annualized
$30.331T
Current-dollar GDP
Q2 2025


From Q1 2025 to Q2 2025:

  • Real GDP increased by 2.97 percent annualized.
  • Current-dollar nominal GDP increased by 5.02 percent annualized, or $369.070 billion, to a level of $30.331 trillion, the current size of the U.S. economy.
  • The ratio of debt held by the public to GDP decreased by -1.03 percentage points to 95.53 percent, and the ratio of total national debt to GDP decreased by -1.48 percentage points to 119.39 percent.




Table 1. Gross domestic product

Q2 2025 Q1 2025 Chg. from Q1 2025 Q2 2024 Chg. from Q2 2024
Size of the U.S. Economy
Nominal GDP $30.331T $29.962T $369.070B $29.017T $1.314T
Real GDP $23.685T $23.513T $172.570B $23.224T $461.381B


Table 2. Contributions to real gross domestic product growth

Q2 2025 Q1 2025 Chg. from Q1 2025
Quarterly growth rate, annualized (pp)
Nominal GDP 5.0 3.2 1.8pp
– GDP deflator 2.0 3.7 -1.7pp
= Real GDP 3.0 -0.5 3.5pp
Contribution of subcomponents (pp)
Consumer spending 1.0 0.3 0.7pp
Nonresidential fixed investment 0.3 1.4 -1.1pp
Residential investment -0.2 0.0 -0.2pp
Change in private inventories -3.2 2.6 -5.8pp
Net exports 5.0 -4.6 9.6pp
Government spending 0.1 -0.1 0.2pp
Total real GDP growth 3.0 -0.5 3.5pp
Subcomponent growth rates (pp)
Consumption 1.4 0.5 0.9pp
Investment -15.6 23.8 -39.4pp
Exports -1.8 0.4 -2.2pp
Imports -30.2 38.0 -68.2pp
Government expenditures 0.4 -0.6 1.0pp


Upcoming releases


Date Time Release Data source
Jul 31 08:30 AM Monthly Expenditures Update, June 2025 Bureau of Economic Analysis
Aug 01 08:30 AM Monthly Employment Update, July 2025 Bureau of Labor Statistics
Aug 05 08:30 AM Monthly Trade Update, June 2025 Bureau of Economic Analysis
Aug 07 10:00 AM Monthly Debt Update, August 2025 U.S. Treasury
Aug 12 08:30 AM Monthly Inflation Update, July 2025 Bureau of Labor Statistics
Aug 13 10:00 AM Monthly Fiscal Update, July 2025 U.S. Treasury
Aug 19 10:00 AM State Employment Update, July 2025 Bureau of Labor Statistics
Aug 28 08:30 AM Monthly GDP Update, Q2 2025 Second Estimate Bureau of Economic Analysis
Aug 29 08:30 AM Monthly Expenditures Update, July 2025 Bureau of Economic Analysis


Notes


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.