Q2 2025, Second Estimate

Released August 28, 2025

+3.29 percent
Change in real GDP
Q1 2025 to Q2 2025, annualized

+5.33 percent
Change in current-dollar GDP
Q1 2025 to Q2 2025, annualized

$30.354T
Current-dollar GDP
Q2 2025

From Q1 2025 to Q2 2025:

• Real GDP increased by 3.29 percent annualized.
• Current-dollar nominal GDP increased by 5.33 percent annualized, or $391.855 billion, to a level of $30.354 trillion, the current size of the U.S. economy.
• The ratio of debt held by the public to GDP increased by 0.66 percentage points to 97.37 percent, and the ratio of total national debt to GDP increased by 0.76 percentage points to 121.62 percent.

• Real GDP was revised upward by 0.32 percentage points annualized, or $18.495 billion.
• Current-dollar nominal GDP was revised upward by 0.32 percentage points annualized, or $22.785 billion.

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	$30,353.9B	$29,962.0B	$391.9B	$29,016.7B	$1,337.2B
Real GDP	$23,703.8B	$23,512.7B	$191.1B	$23,223.9B	$479.9B

Table 2. Contributions to real gross domestic product growth

	Q2 2025	Q1 2025	Chg. from Q1 2025
Quarterly growth rate, annualized (pp)
Nominal GDP	5.3	3.2	2.1pp
– GDP deflator	2.0	3.7	-1.7pp
= Real GDP	3.3	-0.5	3.8pp
Contribution of subcomponents (pp)
Consumer spending	1.1	0.3	0.8pp
Nonresidential fixed investment	0.8	1.4	-0.6pp
Residential investment	-0.2	0.0	-0.2pp
Change in private inventories	-3.3	2.6	-5.9pp
Net exports	5.0	-4.6	9.6pp
Government spending	0.0	-0.1	0.1pp
Total real GDP growth	3.3	-0.5	3.8pp
Subcomponent growth rates (pp)
Consumption	1.6	0.5	1.1pp
Investment	-13.8	23.8	-37.6pp
Exports	-1.3	0.4	-1.7pp
Imports	-29.8	38.0	-67.8pp
Government expenditures	-0.2	-0.6	0.4pp

Upcoming releases

Date	Time	Release	Data source
Aug 29	08:30 AM	Monthly Expenditures Update, July 2025	Bureau of Economic Analysis
Sep 04	08:30 AM	Monthly Trade Update, July 2025	Bureau of Economic Analysis
Sep 05	08:30 AM	Monthly Employment Update, August 2025	Bureau of Labor Statistics
Sep 08	10:00 AM	Monthly Debt Update, September 2025	U.S. Treasury
Sep 11	08:30 AM	Monthly Inflation Update, August 2025	Bureau of Labor Statistics
Sep 12	10:00 AM	Monthly Fiscal Update, August 2025	U.S. Treasury
Sep 19	10:00 AM	State Employment Update, August 2025	Bureau of Labor Statistics
Sep 25	08:30 AM	Monthly GDP Update, Q2 2025 Third Estimate	Bureau of Economic Analysis
Sep 26	08:30 AM	Monthly Expenditures Update, August 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.