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September 25, 2025 2025Q2 (Third 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 3.8 2.5 2.2 2.3 2.2 2.6 -13.8 4.4 7.3 -7.5 8.5 15.0 -5.1 ............................ ............................ -1.8 -4.7 3.5 -29.3 -35.0 -1.2 -0.1 -5.3 0.9 -13.0 3.1 7.5 -1.0 2.4 2.9 3.8 3.8 3.6 3.1 Last period with Last period with Last period with equal value larger value smaller value 2004Q3 3.8 2023Q3 4.7 2025Q1 -0.6 2010Q4 2.5 2024Q4 3.9 2025Q1 0.6 2023Q4 2.2 2024Q4 6.9 2025Q1 0.2 2018Q2 2.3 2024Q4 13.0 2025Q1 -3.4 2025Q1 2.2 2024Q4 3.8 2024Q1 -1.6 2018Q1 2.6 2024Q3 3.0 2025Q1 0.8 ................ ................ 2025Q1 23.3 2020Q2 -45.2 2015Q2 4.4 2025Q1 7.1 2024Q4 -1.9 1956Q2 7.3 2025Q1 9.5 2024Q4 -3.7 2012Q4 -7.5 2025Q1 -3.1 2024Q4 -8.1 1964Q2 8.5 2025Q1 21.4 2024Q4 -4.3 ................. ................. 1999Q3 17.4 2025Q1 6.5 1948Q1 -5.1 2025Q1 -1.0 2023Q1 -6.6 .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. 2008Q3 -1.8 2025Q1 0.2 2023Q2 -5.3 ................. ................. 2025Q1 6.3 2023Q2 -10.4 2002Q4 3.5 2024Q4 4.6 2025Q1 -9.7 ................. ................. 2025Q1 38.0 2020Q2 -52.3 ................. ................. 2025Q1 52.0 2020Q2 -48.2 ................. ................. 2024Q4 11.5 2025Q1 -5.8 2006Q2 -0.1 2024Q4 3.3 2025Q1 -1.0 ................. ................. 2024Q4 4.4 2025Q1 -5.6 ................. ................. 2024Q4 4.6 2025Q1 -6.9 ................. ................. 2025Q1 -3.8 2021Q2 -14.6 1985Q4 3.1 2024Q3 3.6 2025Q1 1.9 1984Q2 2011Q1 2017Q3 1991Q2 2002Q2 1996Q1 2015Q1 2013Q2 7.5 -1.0 2.4 2.9 3.8 3.8 3.6 3.1 2021Q2 2025Q1 2024Q4 2024Q3 2023Q4 2023Q4 2023Q3 2024Q1 9.1 4.0 2.8 3.4 5.8 4.6 4.6 4.2 2025Q1 2020Q2 2025Q1 2025Q1 2025Q1 2025Q1 2025Q1 2025Q1 -3.2 -27.3 1.4 1.9 1.0 0.2 -1.1 2.3 6.0 2010Q2 6.0 9.7 ................. ................. 1.0 2001Q1 1.0 4.4 1970Q2 4.4 4.6 2022Q4 4.6 6.0 2003Q4 6.0 6.0 2010Q2 6.0 5.8 2019Q3 5.8 5.3 2023Q4 5.3 2024Q2 2022Q2 2025Q1 2025Q1 2025Q1 2024Q4 2023Q4 2024Q2 2025Q1 6.3 12.5 7.2 4.6 4.8 6.2 6.3 6.2 5.8 2025Q1 2025Q1 2020Q2 2020Q2 2020Q2 2025Q1 2025Q1 2025Q1 2024Q4 2.9 0.3 -28.2 -24.6 -30.6 4.6 3.8 2.4 4.6 2.0 2.3 2.1 2.3 2.1 2.1 2.6 2.2 2.8 2025Q1 2025Q1 2025Q1 2025Q1 2025Q1 2025Q1 2025Q1 2025Q1 2024Q1 3.1 3.0 3.6 3.5 3.6 3.4 3.3 3.0 3.1 2024Q3 2023Q4 2024Q3 2020Q2 2024Q3 2024Q3 2024Q3 2024Q3 2024Q4 1.9 2.0 1.8 -0.7 1.7 1.7 2.4 1.4 2.4 1991Q2 2024Q3 2023Q2 2020Q4 2023Q2 2020Q4 2018Q1 2024Q4 2025Q1 2.0 2.3 2.1 2.3 2.1 2.1 2.6 2.2 2.8 September 25, 2025 2025Q2 (Third 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 3.8 2004Q3 2023Q3 4.7 2025Q1 -0.6 1.68 0.47 0.17 0.30 1.21 -2.66 0.77 0.98 -0.23 0.44 0.78 -0.21 -3.44 4.83 -0.20 -0.33 0.13 5.03 4.99 0.04 -0.01 -0.35 0.03 -0.38 0.33 2010Q4 2023Q4 2018Q2 2025Q1 2007Q3 ................ 2019Q3 ................. 2021Q4 2024Q2 ................. 2021Q2 ................. ................ ................. ................. 2014Q1 ................. ................. 2023Q3 2021Q4 ................. 1979Q1 1998Q3 1991Q4 1.68 2024Q4 2.61 0.47 2024Q4 1.43 0.17 2024Q4 0.92 0.30 2024Q4 0.52 1.21 2024Q3 1.38 ................ 2025Q1 3.79 0.77 2025Q1 1.21 ................. 2025Q1 1.24 -0.23 2025Q1 -0.10 0.44 2025Q1 1.00 ................. ................. ................. -0.21 2025Q1 -0.04 ................. 2025Q1 2.58 ................ ................ ................ ................. 2025Q1 0.02 ................. 2025Q1 0.42 0.13 2024Q4 0.18 ................. 2020Q2 9.45 ................. 2020Q2 6.87 0.04 2025Q1 0.18 -0.01 2024Q4 0.57 ................. 2024Q4 0.28 0.03 2024Q4 0.17 -0.38 2025Q1 -0.11 0.33 2024Q3 0.38 2025Q1 2025Q1 2025Q1 2024Q1 2025Q1 2020Q2 2024Q4 2024Q4 2024Q4 2024Q4 2025Q1 2023Q1 2020Q2 2025Q1 2023Q2 2023Q2 2025Q1 2025Q1 2025Q1 2024Q4 2025Q1 2025Q1 2025Q1 2021Q2 2025Q1 0.42 0.04 -0.26 -0.22 0.37 -8.92 -0.34 -0.51 -0.26 -0.22 0.34 -0.28 -3.69 -4.68 -0.60 -0.81 -0.40 -4.70 -4.88 -0.32 -0.17 -0.37 -0.27 -0.48 0.20 3.8 September 25, 2025 2025Q2 (Revised 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 214.9 192.1 268.2 245.5 199.2 2025Q1 2025Q1 2025Q1 2025Q1 2025Q1 -47.8 -18.2 -383.3 -353.7 -78.6 0.2 0.2 0.5 0.6 3.0 2024Q4 2024Q4 2024Q4 2024Q4 2024Q4 5.7 6.2 6.5 7.1 5.8 2025Q1 2025Q1 2025Q1 2025Q1 2025Q1 -1.2 -0.6 -8.7 -9.6 -2.1 3.6 2017Q2 3.6 4.8 ................. ................. -3.0 ................. ................. -3.3 2011Q3 -3.3 7.3 ................. ................. 2025Q1 2025Q1 2025Q1 2025Q1 2025Q1 6.4 7.5 -1.2 -1.7 8.1 2024Q3 2024Q4 2020Q2 2020Q2 2024Q4 2.9 4.4 -9.2 -9.8 6.9 6.8 ................ ................ 7.0 ................. ................. 19.9 ................. ................. 20.1 ................. ................. 109.0 ................. ................. Percent change from preceding quarter (quarterly rates) 0.2 2023Q2 0.2 2013Q2 0.5 1995Q4 0.6 1997Q4 3.0 2010Q1 Percent change from quarter one year ago