Released April 30, 2025
Q1 2025 | Q4 2024 | Chg. from Q4 2024 | Q1 2024 | Chg. from Q1 2024 | |
---|---|---|---|---|---|
Size of the U.S. Economy | |||||
Nominal GDP | $29.978T | $29.724T | $253.768B | $28.624T | $1.354T |
Real GDP | $23.526T | $23.542T | -$16.264B | $23.054T | $472.540B |
Q1 2025 | Q4 2024 | Chg. from Q4 2024 | |
---|---|---|---|
Quarterly growth rate, annualized (pp) | |||
Nominal GDP | 3.5 | 4.8 | -1.3pp |
– GDP deflator | 3.8 | 2.3 | 1.5pp |
= Real GDP | -0.3 | 2.5 | -2.8pp |
Contribution of subcomponents (pp) | |||
Consumer spending | 1.2 | 2.7 | -1.5pp |
Nonresidential fixed investment | 1.3 | -0.4 | 1.7pp |
Residential investment | 0.0 | 0.2 | -0.2pp |
Change in private inventories | 2.2 | -0.8 | 3.0pp |
Net exports | -4.8 | 0.3 | -5.1pp |
Government spending | -0.2 | 0.5 | -0.7pp |
Total real GDP growth | -0.3 | 2.4 | -2.7pp |
Subcomponent growth rates (pp) | |||
Consumption | 1.8 | 4.0 | -2.2pp |
Investment | 21.9 | -5.6 | 27.5pp |
Exports | 1.8 | -0.2 | 2.0pp |
Imports | 41.3 | -1.9 | 43.2pp |
Government expenditures | -1.4 | 3.1 | -4.5pp |
Date | Time | Release | Data source |
---|---|---|---|
May 02 | 08:30 AM | Monthly Employment Update, April 2025 | Bureau of Labor Statistics |
May 06 | 08:30 AM | Monthly Trade Update, March 2025 | Bureau of Economic Analysis |
May 07 | 10:00 AM | Monthly Debt Update, May 2025 | U.S. Treasury |
May 13 | 08:30 AM | Monthly Inflation Update, April 2025 | Bureau of Labor Statistics |
May 13 | 10:00 AM | Monthly Fiscal Update, April 2025 | U.S. Treasury |
May 21 | 10:00 AM | State Employment Update, April 2025 | Bureau of Labor Statistics |
May 29 | 08:30 AM | Monthly GDP Update, Q1 2025 Second Estimate | Bureau of Economic Analysis |
May 30 | 08:30 AM | Monthly Expenditures Update, April 2025 | Bureau of Economic Analysis |
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.