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.




  • 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.