Q2 2025, Third Estimate

Released September 25, 2025

+3.84 percent
Change in real GDP
Q1 2025 to Q2 2025, annualized

+6.04 percent
Change in current-dollar GDP
Q1 2025 to Q2 2025, annualized

$30.486T
Current-dollar GDP
Q2 2025

From Q1 2025 to Q2 2025:

• Real GDP increased by 3.84 percent annualized.
• Current-dollar nominal GDP increased by 6.04 percent annualized, or $443.616 billion, to a level of $30.486 trillion, the current size of the U.S. economy.
• The ratio of debt held by the public to GDP increased by 1.92 percentage points to 98.38 percent, and the ratio of total national debt to GDP increased by 1.73 percentage points to 122.27 percent.

• Real GDP growth was revised upward by 0.55 percentage points from the previous estimate.
• Current-dollar GDP growth was revised upward by 0.70 percentage points from the previous estimate.

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	$30,485.7B	$30,042.1B	$443.6B	$29,147.0B	$1,338.7B
Real GDP	$23,771.0B	$23,548.2B	$222.8B	$23,286.5B	$484.5B

Table 2. Contributions to real gross domestic product growth

	Q2 2025	Q1 2025	Chg. from Q1 2025
Quarterly growth rate, annualized (pp)
Nominal GDP	6.0	2.9	3.1pp
– GDP deflator	2.2	3.5	-1.3pp
= Real GDP	3.8	-0.6	4.4pp
Contribution of subcomponents (pp)
Consumer spending	1.7	0.4	1.3pp
Nonresidential fixed investment	1.0	1.2	-0.2pp
Residential investment	-0.2	0.0	-0.2pp
Change in private inventories	-3.4	2.6	-6.0pp
Net exports	4.8	-4.7	9.5pp
Government spending	0.0	-0.2	0.2pp
Total real GDP growth	3.8	-0.6	4.4pp
Subcomponent growth rates (pp)
Consumption	2.5	0.6	1.9pp
Investment	-13.8	23.3	-37.1pp
Exports	-1.8	0.2	-2.0pp
Imports	-29.3	38.0	-67.3pp
Government expenditures	-0.1	-1.0	0.9pp

Upcoming releases

Date	Time	Release	Data source
Sep 26	08:30 AM	Monthly Expenditures Update, August 2025	Bureau of Economic Analysis
Oct 03	08:30 AM	Monthly Employment Update, September 2025	Bureau of Labor Statistics
Oct 07	10:00 AM	Monthly Debt Update, October 2025	U.S. Treasury
Oct 07	08:30 AM	Monthly Trade Update, August 2025	Bureau of Economic Analysis
Oct 10	10:00 AM	Monthly Fiscal Update, September 2025	U.S. Treasury
Oct 15	08:30 AM	Monthly Inflation Update, September 2025	Bureau of Labor Statistics
Oct 21	10:00 AM	State Employment Update, September 2025	Bureau of Labor Statistics

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.