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August 28, 2025 2025Q2 (Second Estimate) Comparisons -- Percent Change from Preceding Period in Real Gross Domestic Product and Related Measures [Percent] Seasonally adjusted at annual rates Gross domestic product (GDP) Personal consumption expenditures Goods Durable goods Nondurable goods Services Gross private domestic investment Fixed investment Nonresidential Structures Equipment Intellectual property products Residential Change in private inventories Net exports of goods and services Exports Goods Services Imports Goods Services Government consumption expenditures and gross investment Federal National defense Nondefense State and local Addenda: Final sales of domestic product Gross domestic purchases Final sales to domestic purchasers Final sales to private domestic purchasers Gross domestic income (GDI) Average of GDP and GDI Gross national product (GNP) Disposable personal income Current-dollar measures: GDP Final sales of domestic product Gross domestic purchases Final sales to domestic purchasers Final sales to private domestic purchasers GDI Average of GDP and GDI GNP Disposable personal income Chain-type price measures: Gross domestic purchases Gross domestic purchases excluding food and energy GDP GDP excluding food and energy GDP implicit price deflator PCE PCE excluding food and energy Market-based PCE Market-based PCE excluding food and energy Source: U.S. Bureau of Economic Analysis 2025Q2 % change 3.3 1.6 2.4 2.6 2.3 1.2 -13.8 3.3 5.7 -8.9 7.4 12.8 -4.7 ............................ ............................ -1.3 -4.0 3.8 -29.8 -34.6 -6.0 -0.2 -4.7 1.5 -12.5 2.6 Last period with Last period with Last period with equal value larger value smaller value 2018Q1 3.3 2023Q3 4.4 2025Q1 -0.5 2015Q4 1.6 2024Q4 4.0 2025Q1 0.5 1991Q3 2.4 2024Q4 6.2 2025Q1 0.1 2015Q4 2.6 2024Q4 12.4 2025Q1 -3.7 2020Q4 2.3 2024Q4 3.1 2025Q1 2.1 1961Q3 1.2 2024Q4 3.0 2025Q1 0.6 ................ ................ 2025Q1 23.8 2020Q2 -45.1 1962Q3 3.3 2025Q1 7.6 2024Q4 -1.1 2022Q4 5.7 2025Q1 10.3 2024Q4 -3.0 2008Q4 -8.9 2025Q1 -2.4 2021Q4 -9.5 1965Q2 7.4 2025Q1 23.7 2024Q4 -8.7 2016Q1 12.8 2021Q2 13.8 2025Q1 6.0 1977Q4 -4.7 2025Q1 -1.3 2022Q4 -22.8 .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. 1999Q1 -1.3 2025Q1 0.4 2023Q2 -4.8 2012Q4 -4.0 2025Q1 6.5 2024Q4 -4.6 1981Q2 3.8 2024Q4 8.5 2025Q1 -9.7 1951Q3 -29.8 2025Q1 37.9 2020Q2 -52.8 ................. ................. 2025Q1 51.6 2020Q2 -48.6 ................. ................. 2024Q4 10.9 2025Q1 -6.3 2005Q2 -0.2 2024Q4 3.1 2025Q1 -0.6 ................. ................. 2025Q1 -4.6 2022Q1 -8.5 2018Q1 1.5 2024Q4 4.8 2025Q1 -7.1 ................. ................. 2025Q1 -1.2 2021Q2 -14.3 2017Q4 2.6 2024Q3 2.9 2025Q1 2.0 6.8 -1.6 1.6 1.9 4.8 4.0 3.1 3.0 1992Q1 1956Q1 2019Q1 2025Q1 1962Q4 2005Q1 2023Q4 1998Q4 6.8 -1.6 1.6 1.9 4.8 4.0 3.1 3.0 2021Q2 2025Q1 2024Q4 2024Q4 2024Q4 2023Q4 2024Q4 2024Q1 8.7 4.1 3.0 2.9 5.2 4.1 3.3 5.6 2025Q1 2020Q2 2025Q1 2022Q4 2025Q1 2025Q1 2025Q1 2025Q1 -3.1 -27.4 1.5 0.6 0.2 -0.1 -1.0 2.5 5.3 8.9 0.2 3.4 3.5 6.8 6.1 5.2 5.0 2017Q3 2023Q1 2001Q3 2014Q1 2017Q2 2005Q3 1999Q1 2006Q4 2017Q4 5.3 8.9 0.2 3.4 3.5 6.8 6.1 5.2 5.0 2024Q2 2022Q2 2025Q1 2025Q1 2025Q1 2024Q4 2024Q4 2024Q4 2025Q1 5.6 12.0 7.6 4.9 5.1 7.6 6.2 5.7 6.2 2025Q1 2025Q1 2020Q2 2020Q2 2020Q2 2025Q1 2025Q1 2025Q1 2024Q4 3.2 0.6 -28.2 -24.7 -30.7 4.0 3.6 2.7 4.9 1.8 2.1 2.0 2.1 2.0 2.0 2.5 2.1 2.6 1996Q3 2016Q2 2019Q2 2019Q2 2013Q3 2020Q4 2012Q1 2024Q4 2008Q1 1.8 2.1 2.0 2.1 2.0 2.0 2.5 2.1 2.6 2025Q1 2025Q1 2025Q1 2025Q1 2025Q1 2025Q1 2025Q1 2025Q1 2025Q1 3.4 3.3 3.8 3.7 3.8 3.7 3.5 3.1 2.9 2023Q4 2023Q4 2024Q3 2020Q2 2024Q3 2024Q3 2024Q3 2024Q3 2024Q4 1.7 1.9 1.9 -0.6 1.9 1.5 2.2 1.3 2.3 August 28, 2025 2025Q2 (Second Estimate) Comparisons -- Contributions to Percent Change in Real Gross Domestic Product 2025Q2 contribution Percent change at annual rate: Gross domestic product Percentage points at annual rates: Personal consumption expenditures Goods Durable goods Nondurable goods Services Gross private domestic investment Fixed investment Nonresidential Structures Equipment Intellectual property products Residential Change in private inventories Net exports of goods and services Exports Goods Services Imports Goods Services Government consumption expenditures and gross investment Federal National defense Nondefense State and local Source: U.S. Bureau of Economic Analysis Last period with equal value Last period with larger value Last period with smaller value 3.3 2018Q1 2023Q3 4.4 2025Q1 -0.5 1.07 0.51 0.19 0.31 0.57 -2.70 0.59 0.78 -0.28 0.39 0.67 -0.19 -3.29 4.95 -0.14 -0.28 0.14 5.09 4.92 0.18 -0.03 -0.31 0.05 -0.36 0.28 2011Q1 2003Q1 2015Q4 1995Q2 1950Q4 ................ 1956Q2 1994Q3 1991Q1 1963Q1 ................. 1989Q1 ................. ................ 1999Q1 ................. 2014Q4 ................. ................. 2025Q1 2006Q2 2025Q1 2012Q3 ................. 2017Q4 1.07 2024Q4 2.70 0.51 2024Q4 1.30 0.19 2024Q4 0.87 0.31 2024Q4 0.42 0.57 2024Q4 1.41 ................ 2025Q1 3.90 0.59 2025Q1 1.31 0.78 2025Q1 1.36 -0.28 2025Q1 -0.07 0.39 2025Q1 1.11 ................. 2021Q2 0.70 -0.19 2025Q1 -0.05 ................. 2025Q1 2.59 ................ ................ ................ -0.14 2025Q1 0.04 ................. 2025Q1 0.44 0.14 2024Q4 0.32 ................. 2020Q2 9.56 ................. 2020Q2 6.97 0.18 2022Q4 0.21 -0.03 2024Q4 0.52 -0.31 2024Q4 0.25 0.05 2024Q4 0.18 ................. 2025Q1 -0.03 0.28 2024Q3 0.31 2025Q1 2025Q1 2025Q1 2025Q1 2025Q1 2020Q2 2024Q4 2024Q4 2020Q2 2024Q4 2025Q1 2022Q4 2020Q2 2025Q1 2023Q2 2024Q4 2025Q1 2025Q1 2025Q1 2024Q4 2025Q1 2022Q1 2025Q1 2021Q2 2025Q1 0.31 0.01 -0.28 0.29 0.30 -8.87 -0.20 -0.41 -1.42 -0.47 0.32 -1.12 -3.67 -4.61 -0.54 -0.33 -0.39 -4.66 -4.84 -0.30 -0.10 -0.58 -0.27 -0.47 0.21 3.3 August 28, 2025 2025Q2 (Preliminary Estimate) Comparisons -- Corporate Profits: Level Change and Percent Change Last period with 2025Q2 change equal value Dollar change from preceding quarter Corporate profits with IVA and CCAdj Profits after tax with IVA and CCAdj Profits before tax without IVA and CCAdj Profits after tax without IVA and CCAdj Net cash flow with IVA Corporate profits with IVA and CCAdj Profits after tax with IVA and CCAdj Profits before tax without IVA and CCAdj Profits after tax without IVA and CCAdj Net cash flow with IVA Corporate profits with IVA and CCAdj Profits after tax with IVA and CCAdj Profits before tax without IVA and CCAdj Profits after tax without IVA and CCAdj Net cash flow with IVA IVA Inventory valuation adjustment CCAdj Capital consumption adjustment Source: U.S. Bureau of Economic Analysis Last period with larger value Last period with smaller value 2024Q4 2024Q4 2024Q4 2024Q4 2024Q4 204.7 183.5 249.6 228.4 217.8 2025Q1 2025Q1 2025Q1 2025Q1 2025Q1 -90.6 -108.5 -10.9 -28.8 -172.0 1.7 2.0 1.2 1.4 4.8 2024Q4 2024Q4 2024Q4 2024Q4 2024Q4 5.4 5.9 6.1 6.7 5.8 2025Q1 2025Q1 2025Q1 2025Q1 2025Q1 -2.3 -3.3 -0.3 -0.8 -4.3 4.3 2009Q3 4.3 4.0 ................. ................. 6.9 ................. ................. 7.0 ................. ................. 6.5 2025Q1 6.5 2025Q1 2025Q1 2025Q1 2025Q1 2024Q4 6.3 5.5 8.9 8.7 8.5 2023Q2 2023Q3 2023Q3 2023Q3 2024Q1 3.8 3.8 5.2 4.3 3.3 65.5 ................ ................ 62.6 ................. ................. 53.6 ................. ................. 50.8 ................. ................. 181.4 ................. ................. Percent change from preceding quarter (quarterly rates) 1.7 2019Q3 2.0 2019Q3 1.2 2019Q2 1.4 2019Q3 4.8 2024Q2 Percent change from quarter one year ago