First Quarter 2025, Advance Estimate

Released April 30, 2025


From Q4 2024 to Q1 2025:




Table 1. Gross domestic product

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


Table 2. Contributions to real gross domestic product growth

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


Upcoming releases


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


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.