Q2 2026, Third Estimate

Released September 30, 2026

+2.22 percent
Change in real GDP
Q1 2026 to Q2 2026, annualized

+8.49 percent
Change in current-dollar GDP
Q1 2026 to Q2 2026, annualized

$32.563T
Current-dollar GDP
Q2 2026

From Q1 2026 to Q2 2026:

• Real GDP increased by 2.22 percent annualized.
• Current-dollar nominal GDP increased by 8.49 percent annualized, or $656.756 billion, to a level of $32.563 trillion, the current size of the U.S. economy.
• The ratio of debt held by the public to GDP increased by 0.25 percentage points to 99.62 percent, and the ratio of total national debt to GDP decreased by -0.30 percentage points to 123.38 percent.

• Real GDP growth was revised upward by 0.74 percentage points from the previous estimate.
• Current-dollar GDP growth was revised upward by 0.47 percentage points from the previous estimate.

Table 1. Gross domestic product

	Q2 2026	Q1 2026	Chg. from Q1 2026	Q2 2025	Chg. from Q2 2025
Size of the U.S. Economy
Nominal GDP	$32,563.0B	$31,906.3B	$656.8B	$30,630.2B	$1,932.9B
Real GDP	$24,408.0B	$24,274.4B	$133.6B	$23,884.6B	$523.4B

Table 2. Contributions to real gross domestic product growth

	Q2 2026	Q1 2026	Chg. from Q1 2026
Quarterly growth rate, annualized (pp)
Nominal GDP	8.5	5.8	2.7pp
– GDP deflator	6.3	3.3	3.0pp
= Real GDP	2.2	2.5	-0.3pp
Contribution of subcomponents (pp)
Consumer spending	2.5	0.5	2.0pp
Nonresidential fixed investment	1.2	1.4	-0.2pp
Residential investment	0.1	-0.3	0.4pp
Change in private inventories	-0.5	0.2	-0.7pp
Net exports	-1.1	0.0	-1.1pp
Government spending	0.0	0.8	-0.8pp
Total real GDP growth	2.2	2.5	-0.3pp
Subcomponent growth rates (pp)
Consumption	3.8	0.7	3.1pp
Investment	4.7	7.2	-2.5pp
Exports	5.0	13.9	-8.9pp
Imports	12.6	11.5	1.1pp
Government expenditures	-0.1	4.7	-4.8pp

Upcoming releases

Date	Time	Release	Data source
Oct 02	08:30 AM	Monthly Employment Update, September 2026	Bureau of Labor Statistics
Oct 06	08:30 AM	Monthly Trade Update, August 2026	Bureau of Economic Analysis
Oct 07	10:00 AM	Monthly Debt Update, October 2026	U.S. Treasury
Oct 14	08:30 AM	Monthly Inflation Update, September 2026	Bureau of Labor Statistics
Oct 14	10:00 AM	Monthly Fiscal Update, September 2026	U.S. Treasury
Oct 20	10:00 AM	State Employment and Unemployment, September 2026	Bureau of Labor Statistics
Oct 29	08:30 AM	Monthly Expenditures Update, September 2026	Bureau of Economic Analysis
Oct 29	08:30 AM	Monthly GDP Update, Q3 2026 Advance 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.