Q1 2026, Second Estimate | Released May 28, 2026


+1.62 percent
Change in real GDP
Q4 2025 to Q1 2026, annualized
+5.15 percent
Change in current-dollar GDP
Q4 2025 to Q1 2026, annualized
$31.819T
Current-dollar GDP
Q1 2026


From Q4 2025 to Q1 2026:

  • Real GDP increased by 1.62 percent annualized.
  • Current-dollar nominal GDP increased by 5.15 percent annualized, or $396.938 billion, to a level of $31.819 trillion, the current size of the U.S. economy.




  • Real GDP growth was revised downward by 0.37 percentage points from the previous estimate.
  • Current-dollar GDP growth was revised downward by 0.49 percentage points from the previous estimate.


Table 1. Gross domestic product

Q1 2026 Q4 2025 Chg. from Q4 2025 Q1 2025 Chg. from Q1 2025
Size of the U.S. Economy
Nominal GDP $31,819.5B $31,422.5B $396.9B $30,042.1B $1,777.4B
Real GDP $24,152.7B $24,055.7B $96.9B $23,548.2B $604.4B


Table 2. Contributions to real gross domestic product growth

Q1 2026 Q4 2025 Chg. from Q4 2025
Quarterly growth rate, annualized (pp)
Nominal GDP 5.1 4.2 0.9pp
– GDP deflator 3.5 3.7 -0.2pp
= Real GDP 1.6 0.5 1.1pp
Contribution of subcomponents (pp)
Consumer spending 0.9 1.3 -0.4pp
Nonresidential fixed investment 1.4 0.3 1.1pp
Residential investment -0.2 -0.1 -0.1pp
Change in private inventories 0.1 0.1 0.0pp
Net exports -1.2 -0.2 -1.0pp
Government spending 0.7 -1.0 1.7pp
Total real GDP growth 1.6 0.5 1.1pp
Subcomponent growth rates (pp)
Consumption 1.4 1.9 -0.5pp
Investment 7.0 2.3 4.7pp
Exports 13.1 -3.2 16.3pp
Imports 21.1 -1.0 22.1pp
Government expenditures 4.3 -5.6 9.9pp


Upcoming releases


Date Time Release Data source
Jun 05 08:30 AM Monthly Employment Update, May 2026 Bureau of Labor Statistics
Jun 05 10:00 AM Monthly Debt Update, June 2026 U.S. Treasury
Jun 09 08:30 AM Monthly Trade Update, April 2026 Bureau of Economic Analysis
Jun 10 08:30 AM Monthly Inflation Update, May 2026 Bureau of Labor Statistics
Jun 11 10:00 AM Monthly Fiscal Update, May 2026 U.S. Treasury
Jun 23 10:00 AM State Employment and Unemployment, May 2026 Bureau of Labor Statistics
Jun 25 08:30 AM Monthly Expenditures Update, May 2026 Bureau of Economic Analysis
Jun 25 08:30 AM Monthly GDP Update, Q1 2026 Third 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.