Q2 2026, Advance Estimate

Released July 30, 2026


+1.50 percent
Change in real GDP
Q1 2026 to Q2 2026, annualized
+7.87 percent
Change in current-dollar GDP
Q1 2026 to Q2 2026, annualized
$32.475T
Current-dollar GDP
Q2 2026


From Q1 2026 to Q2 2026:

  • Real GDP increased by 1.5 percent annualized.
  • Current-dollar nominal GDP increased by 7.87 percent annualized, or $609.489 billion, to a level of $32.475 trillion, the current size of the U.S. economy.
  • The ratio of debt held by the public to GDP decreased by -1.08 percentage points to 97.63 percent, and the ratio of total national debt to GDP decreased by -1.08 percentage points to 121.52 percent.




Table 1. Gross domestic product

Q2 2026 Q1 2026 Chg. from Q1 2026 Q2 2025 Chg. from Q2 2025
Size of the U.S. Economy
Nominal GDP $32,475.2B $31,865.7B $609.5B $30,485.7B $1,989.5B
Real GDP $24,270.6B $24,180.4B $90.2B $23,771.0B $499.6B


Table 2. Contributions to real gross domestic product growth

Q2 2026 Q1 2026 Chg. from Q1 2026
Quarterly growth rate, annualized (pp)
Nominal GDP 7.9 5.8 2.1pp
– GDP deflator 6.4 3.7 2.7pp
= Real GDP 1.5 2.1 -0.6pp
Contribution of subcomponents (pp)
Consumer spending 2.1 0.4 1.7pp
Nonresidential fixed investment 1.1 1.4 -0.3pp
Residential investment 0.0 -0.3 0.3pp
Change in private inventories -0.7 0.2 -0.9pp
Net exports -1.0 -0.4 -0.6pp
Government spending -0.1 0.7 -0.8pp
Total real GDP growth 1.5 2.1 -0.6pp
Subcomponent growth rates (pp)
Consumption 3.2 0.5 2.7pp
Investment 3.0 7.9 -4.9pp
Exports 4.5 10.9 -6.4pp
Imports 11.5 11.8 -0.3pp
Government expenditures -0.8 4.4 -5.2pp


Upcoming releases


Date Time Release Data source
Aug 04 08:30 AM Monthly Trade Update, June 2026 Bureau of Economic Analysis
Aug 07 08:30 AM Monthly Employment Update, July 2026 Bureau of Labor Statistics
Aug 07 10:00 AM Monthly Debt Update, August 2026 U.S. Treasury
Aug 12 08:30 AM Monthly Inflation Update, July 2026 Bureau of Labor Statistics
Aug 13 10:00 AM Monthly Fiscal Update, July 2026 U.S. Treasury
Aug 21 10:00 AM State Employment and Unemployment, July 2026 Bureau of Labor Statistics
Aug 26 08:30 AM Monthly Expenditures Update, July 2026 Bureau of Economic Analysis
Aug 26 08:30 AM Monthly GDP Update, Q2 2026 Second Estimate 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.