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EMBARGOED UNTIL RELEASE AT 8:30 a.m. EST, Tuesday, December 23, 2025 Technical: Media: Lisa Mataloni (GDP) Kate Pinard (Corporate Profits) Connie O’Connell 301-278-9083 301-278-9417 301-278-9003 BEA 25–48 GDPNIWD@bea.gov CPNIWD@bea.gov Connie.OConnell@bea.gov Gross Domestic Product, 3rd Quarter 2025 (Initial Estimate) and Corporate Profits (Preliminary) Real gross domestic product (GDP) increased at an annual rate of 4.3 percent in the third quarter of 2025 (July, August, and September), according to the initial estimate released by the U.S. Bureau of Economic Analysis. In the second quarter, real GDP increased 3.8 percent. Due to the recent government shutdown, this initial report for the third quarter of 2025 replaces the release of the advance estimate originally scheduled for October 30 and the second estimate originally scheduled for November 26. Real GDP, Percent Change From Preceding Quarter 5.0 4.0 3.0 2.0 1.0 0.0 -1.0 Q2 Q3 2024 U.S. Bureau of Economic Analysis Q4 Q1 Q2 Q3 2025 Seasonally adjusted annual rates The increase in real GDP in the third quarter reflected increases in consumer spending, exports, and government spending that were partly offset by a decrease in investment. Imports, which are a subtraction in the calculation of GDP, decreased. For more information, refer to the “Technical Notes” below. Contributions to Percent Change in Real GDP, 3rd Quarter 2025 Real GDP Increased 4.3 Percent Percentage points 5.00 4.00 3.00 2.00 1.00 0.00 -0.02 -1.00 Real GDP, percent change Consumer spending Investment Government Exports Imports Note. Imports are a subtraction in the calculation of GDP; thus, a decrease in imports results in a positive contribution to GDP. U.S. Bureau of Economic Analysis Seasonally adjusted annual rates Compared to the second quarter, the acceleration in real GDP in the third quarter reflected a smaller decrease in investment, an acceleration in consumer spending, and upturns in exports and government spending. Imports decreased less in the third quarter. Real final sales to private domestic purchasers, the sum of consumer spending and gross private fixed investment, increased 3.0 percent in the third quarter, compared with an increase of 2.9 percent in the second quarter. The price index for gross domestic purchases increased 3.4 percent in the third quarter, compared with an increase of 2.0 percent in the second quarter. The personal consumption expenditures (PCE) price index increased 2.8 percent, compared with an increase of 2.1 percent. Excluding food and energy prices, the PCE price index increased 2.9 percent, compared with an increase of 2.6 percent. Quarter-to-Quarter Change in Prices Percent change 4.0 3.0 2.0 1.0 0.0 Q2 Q3 Q4 Q1 2024 Gross Domestic Purchases Price Index Q2 Q3 2025 PCE Price Index U.S. Bureau of Economic Analysis PCE, Excluding Food and Energy Seasonally adjusted annual rates Real gross domestic income (GDI) increased 2.4 percent in the third quarter, compared with an increase of 2.6 percent (revised) in the second quarter. The average of real GDP and real GDI increased 3.4 percent in the third quarter, compared with an increase of 3.2 percent (revised) in the second quarter. Page 2 of 20 Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) increased $166.1 billion in the third quarter, compared with an increase of $6.8 billion in the second quarter. Real GDP and Related Measures [Percent change from 2025 Q2 to Q3] Real GDP Current-dollar GDP Real final sales to private domestic purchasers Real GDI Average of real GDP and Real GDI Gross domestic purchases price index PCE price index PCE price index excluding food and energy Initial Estimate 4.3 8.2 3.0 2.4 3.4 3.4 2.8 2.9 Today’s release includes updated monthly data for April through September for personal income as well as updated monthly data for conventions, July through September for personal outlays consumer spending. The For definitions, statistical updates to GDP, and more, visit and “Additional Information.” updated statistics, reflecting newly available source data, are available in BEA’s iTables and API. Next release: January 22, 2026, at 8:30 a.m. EST Gross Domestic Product, 3rd Quarter 2025 (Updated Estimate), GDP by Industry, and Corporate Profits (Revised) Page 3 of 20 Technical Notes Lapse in federal government appropriations The federal government shutdown that occurred in October and November resulted in delays in many of the principal source data that are used to produce estimates of GDP. This initial estimate of GDP for the third quarter of 2025 reflects a combination of data and methods that are typically used for the advance and second current quarterly estimates. More information on the source data and BEA assumptions that underlie the third-quarter estimate is shown in the key source data and assumptions table. Sources of change for real GDP Real GDP increased at an annual rate of 4.3 percent (1.1 percent at a quarterly rate1) in the third quarter, reflecting increases in consumer spending, exports, and government spending that were partly offset by a decrease in investment. Imports, which are a subtraction in the calculation of GDP, decreased. • The increase in consumer spending reflected increases in both services and goods. Within services, the leading contributors were health care and other services. Within goods, the leading contributors were recreational goods and vehicles as well as other nondurable goods. o Within health care, both outpatient services as well as hospital and nursing home services increased, based primarily on newly available third-quarter Census Bureau Quarterly Services Survey (QSS) data. o Within other services, the leading contributors to the increase were international travel, based on data from BEA's International Transactions Accounts (ITAs), as well as professional and other services (mainly legal services), based on Census Bureau QSS data. o The increase in recreational goods and vehicles primarily reflected an increase in information processing equipment, based primarily on Census Bureau Monthly Retail Trade Survey (MRTS) data for all three months of the quarter. o The increase in other nondurable goods was mainly in prescription drugs reflecting Census Bureau MRTS data. • For both exports and imports, the estimates primarily reflected data from BEA’s ITAs, including updated information that will be publicly available with the U.S. International Transactions, 3rd Quarter 2025 release on January 14, 2026. o Within exports, both goods and services increased. The increase in goods was led by capital goods except automotive, as well as nondurable consumer goods. The increase in services was led by other business services, which includes professional and management consulting services. 1. Percent changes in quarterly seasonally adjusted series are displayed at annual rates, unless otherwise specified. For more information, refer to the FAQ Why does BEA publish percent changes in quarterly series at annual rates?. Page 4 of 20 o Within imports, a decrease in goods (led by nondurable consumer goods) was partly offset by an increase in services (led by other business services). • The increase in government spending reflected increases in both state and local government spending (led by consumption expenditures) as well as federal government spending (led by defense consumption expenditures). • The decrease in investment primarily reflected a decrease in private inventory investment (led by wholesale trade and manufacturing), based primarily on Census Bureau inventory book value data and BEA’s inventory valuation adjustment. Settlements recorded in the third quarter Estimates of corporate profits were reduced by several settlements that were finalized in the third quarter. Settlements are recorded in the National Income and Product Accounts (NIPAs) on an accrual basis in the quarter when the settlement is finalized, regardless of when they are recorded on a company's financial statement. Notably, in the third quarter: • • A domestic health insurance provider reached a settlement with multiple sectors totaling $2.8 billion ($11.2 billion at an annual rate), over allegations of antitrust violations. A domestic e-commerce company reached a settlement with the U.S. government in the amount of $2.5 billion ($10.0 billion at an annual rate), over allegations of deceptive enrollment practices. The estimate of GDI was not impacted because these settlements were recorded in the NIPAs as business current transfer payments, which offset the reduction to corporate profits. Page 5 of 20 News release tables Table 1. Real Gross Domestic Product and Related Measures: Percent Change from Preceding Period Table 2. Contributions to Percent Change in Real Gross Domestic Product Table 3. Gross Domestic Product: Level and Change from Preceding Period Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change from Preceding Period Table 5. Real Gross Domestic Product: Annual Percent Change Table 6. Real Gross Domestic Product: Percent Change from Quarter One Year Ago Table 7. Relation of Gross Domestic Product, Gross National Product, and National Income Table 8. Personal Income and Its Disposition Appendix Table A. Real Gross Domestic Product and Related Aggregates: Percent Change from Preceding Period and Contributions to Percent Change Appendix Table B. Not Seasonally Adjusted Real Gross Domestic Product: Level and Percent Change from Quarter One Year Ago Page 6 of 20 December 23, 2025 Table 1. Real Gross Domestic Product and Related Measures: Percent Change from Preceding Period 2022 2023 2024 2021 Line Q4 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 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 23 24 25 26 Federal National defense Nondefense State and local Addenda: Seasonally adjusted at annual rates 2023 2024 2022 Q1 Q2 Q3 Q4 Q1 2.5 2.9 2.8 7.0 -1.0 0.6 2.9 2.8 2.9 3.0 2.6 2.9 3.9 0.4 3.3 1.9 0.8 4.5 -0.6 1.7 2.8 3.6 -2.0 -0.4 -2.5 -2.3 7.2 -2.0 3.8 3.9 6.2 0.0 -1.3 -1.5 -4.8 18.0 0.2 0.6 2.3 2.1 -3.0 0.1 -3.0 -0.9 1.8 4.9 3.0 3.0 4.1 1.6 5.3 4.2 2.3 3.2 6.1 0.8 3.0 28.5 7.9 -8.6 -6.7 8.0 -7.1 2.5 3.4 3.0 3.1 6.7 1.9 -2.2 -0.5 4.9 6.5 7.3 2.9 3.1 12.2 7.0 6.0 7.1 8.5 3.5 16.7 1.1 -8.4 7.9 8.9 10.7 11.5 30.5 2.8 2.9 3.5 -0.5 12.9 0.7 2.7 2.5 -0.2 11.7 6.2 3.5 13.0 13.8 12.4 6.9 9.3 5.5 -8.1 -7.8 3.2 2.7 -6.9 -11.1 -23.0 -21.3 -6.6 ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 7.6 2.8 3.6 25.8 -4.1 13.1 15.0 -2.9 3.8 6.1 2.2 2.0 28.4 -8.4 12.8 16.9 -5.6 6.1 10.9 4.1 6.7 20.4 5.9 13.8 11.1 2.9 -0.8 8.5 -0.9 5.8 21.6 12.0 7.1 -5.8 -3.1 -1.0 6.7 -1.9 5.2 23.5 12.1 4.1 -8.9 -2.9 -1.3 17.1 3.8 8.2 13.2 11.4 22.9 9.4 -4.2 0.0 2025 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2.5 1.5 0.4 0.1 0.6 2.0 7.2 9.5 11.0 20.1 12.6 4.7 4.2 ......... ......... -5.3 -10.4 5.6 -2.1 -4.3 7.2 4.7 3.1 4.4 6.3 3.3 2.4 9.4 3.8 1.7 6.8 -2.6 2.9 11.5 ......... ......... 4.4 6.0 1.6 3.0 4.1 -1.3 3.4 3.0 2.2 0.2 3.2 3.4 3.6 4.6 5.5 11.3 3.3 4.2 1.5 ......... ......... 6.1 6.4 5.5 5.4 2.8 16.6 0.8 1.7 -1.3 -0.9 -1.6 3.2 -1.6 3.0 1.5 -5.0 0.5 6.7 8.2 ......... ......... 4.6 -0.1 13.8 6.9 7.4 4.9 3.6 3.9 5.5 7.8 4.3 3.2 8.2 1.4 2.5 -3.9 8.9 0.7 -2.0 ......... ......... 0.7 0.4 1.2 8.4 9.0 5.9 3.3 4.0 6.1 8.6 4.8 3.0 0.9 1.5 3.5 -2.2 8.2 2.6 -4.8 ......... ......... 8.9 8.4 9.8 10.1 8.9 15.3 1.9 3.9 6.9 13.0 3.8 2.5 -6.8 -1.9 -3.7 -8.1 -4.3 -0.6 4.3 ......... ......... -0.9 -3.9 4.6 -0.2 -3.1 11.5 -1.2 -3.3 -3.8 -2.7 0.0 3.5 3.3 3.7 2.8 3.6 3.8 0.0 -3.0 -1.4 1.7 4.1 3.8 3.4 -8.2 -3.7 -1.3 9.1 4.0 -3.0 -10.4 1.4 -4.2 8.3 3.6 12.4 -5.2 -10.1 2.5 10.1 3.8 -2.1 0.2 0.0 3.5 1.4 4.1 3.3 4.1 -0.1 4.6 2.4 3.6 -3.1 4.1 5.4 5.2 6.8 7.4 6.0 4.2 4.7 2.3 3.4 0.8 2.0 -2.6 5.2 5.5 5.4 3.2 3.3 5.4 4.3 8.6 6.9 13.5 0.9 2.4 2.8 3.6 3.3 4.4 4.6 4.1 2.7 3.6 -2.3 3.1 1.6 2.4 5.8 1.8 3.0 1.9 3.7 Q1 -0.6 0.6 0.2 -3.4 2.2 0.8 23.3 7.1 9.5 -3.1 21.4 6.5 -1.0 ......... ......... 0.2 6.3 -9.7 38.0 52.0 -5.8 Q2 r 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 Line Q3 4.3 3.5 3.1 1.6 3.9 3.7 -0.3 1.0 2.8 -6.3 5.4 5.4 -5.1 ......... ......... 8.8 7.4 11.2 -4.7 -7.5 6.3 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 -1.0 -0.1 2.2 22 -5.6 -5.3 2.9 23 -6.9 0.9 5.8 24 -3.8 -13.0 -1.1 25 1.9 3.1 1.8 26 27 Gross domestic income (GDI) 1 2.7 1.7 3.0 6.9 28 29 30 31 32 Average of GDP and GDI Final sales of domestic product Gross domestic purchases Final sales to domestic purchasers Final sales to private domestic purchasers Gross national product (GNP) Disposable personal income Current-dollar measures: GDP GDI Average of GDP and GDI Final sales of domestic product Gross domestic purchases Final sales to domestic purchasers Final sales to private domestic purchasers GNP Disposable personal income 2.6 1.9 2.8 2.2 2.3 3.4 2.4 2.9 2.9 2.8 3.1 3.1 7.0 0.1 2.8 -1.3 7.1 1.1 3.1 0.9 0.2 2.7 0.3 2.3 3.2 3.8 0.3 1.1 0.2 1.3 2.6 1.1 3.0 5.2 2.3 4.5 2.1 2.9 2.8 3.2 3.6 3.7 4.5 3.5 4.6 3.6 3.4 3.6 1.3 1.7 1.2 2.0 3.3 2.4 4.5 3.4 2.6 3.5 3.7 3.8 2.8 0.2 3.2 2.8 -3.2 7.5 1.9 4.0 -1.0 2.8 1.4 2.4 3.4 4.6 2.7 2.9 2.9 2.5 -5.6 2.7 2.7 5.7 3.0 3.7 1.7 3.0 2.4 7.6 -1.7 1.2 2.9 -4.4 -11.4 -2.0 1.0 3.0 6.5 0.5 4.6 2.2 2.4 4.1 12.2 3.1 2.4 4.3 3.2 4.6 2.0 3.4 2.4 3.5 2.0 0.3 4.2 3.4 3.5 2.4 3.4 2.8 1.2 2.7 1.9 3.1 -1.1 2.0 2.3 2.9 3.6 1.8 3.0 32 4.9 33 0.0 34 9.8 10.0 9.9 9.2 9.8 9.2 6.7 5.5 6.1 7.3 5.9 6.5 5.3 5.5 5.4 5.4 5.6 5.6 7.6 8.2 7.9 8.4 5.1 5.9 6.8 1.5 4.1 5.3 6.5 5.1 6.8 7.1 6.9 9.2 5.8 8.0 4.7 3.7 4.2 5.1 4.6 5.0 8.2 5.8 7.0 7.2 7.4 6.5 5.1 7.5 6.3 5.3 5.3 5.5 4.0 5.1 4.6 4.8 4.4 5.2 6.3 5.6 5.9 5.1 7.1 5.9 5.1 3.6 4.3 5.3 5.6 5.8 4.3 6.2 5.3 5.3 4.2 5.1 2.9 4.6 3.8 0.3 7.2 4.6 6.0 4.8 5.4 9.7 1.0 4.4 8.2 6.2 7.2 8.5 6.1 6.4 9.9 9.8 0.6 6.5 6.5 9.7 5.5 11.1 9.9 11.3 6.2 5.0 15.2 6.5 10.7 7.7 5.6 2.2 -4.5 5.4 11.5 4.6 8.4 6.2 6.3 8.4 16.6 5.5 4.6 7.4 5.7 8.0 4.8 5.4 4.1 5.3 5.0 3.5 7.9 6.1 6.2 5.1 5.4 4.5 3.0 5.1 5.6 4.6 4.8 2.4 5.8 4.6 5.8 4.0 6.4 41 8.8 42 2.8 43 33 34 35 36 37 38 39 40 41 42 43 14.6 14.4 14.5 10.1 14.7 10.3 1.2 -0.3 7.2 10.0 9.6 9.1 8.4 9.5 6.9 12.5 9.3 8.8 9.0 11.0 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2025. 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. Source: U.S. Bureau of Economic Analysis Page 7 of 20 1.0 2.6 2.4 27 28 29 30 31 35 36 37 38 39 40 December 23, 2025 Table 2. Contributions to Percent Change in Real Gross Domestic Product 2022 2023 2024 2021 Q4 Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Percent change at annual rate: Gross domestic product Percentage points at annual rates: Personal consumption expenditures Goods Durable goods Motor vehicles and parts Furnishings and durable household equipment Recreational goods and vehicles Other durable goods Nondurable goods Food and beverages purchased for off-premises consumption Clothing and footwear Gasoline and other energy goods Other nondurable goods Services Household consumption expenditures (for services) Housing and utilities Health care Transportation services Recreation services Food services and accommodations Financial services and insurance Other services Final consumption expenditures of nonprofit institutions serving households Gross output of nonprofit institutions Less: Receipts from sales of goods and services by nonprofit institutions Gross private domestic investment Fixed investment Nonresidential Structures Equipment Information processing equipment Industrial equipment Transportation equipment Other equipment Intellectual property products Software Research and development Entertainment, literary, and artistic originals Residential Change in private inventories Farm Nonfarm Net exports of goods and services Exports Goods Services Imports Goods Services Government consumption expenditures and gross investment Federal National defense Consumption expenditures Gross investment Nondefense Consumption expenditures Gross investment State and local Consumption expenditures Gross investment Source: U.S. Bureau of Economic Analysis 2.5 2.9 2.04 -0.14 -0.17 -0.20 -0.06 0.05 0.04 0.03 1.74 0.39 0.30 0.09 0.03 0.17 0.01 0.09 -0.12 0.00 0.01 0.13 2.18 2.00 0.32 0.46 0.20 0.28 0.42 -0.02 0.35 -0.10 0.02 0.01 0.15 1.35 1.46 0.16 0.65 0.01 0.10 0.18 0.16 0.19 2.8 7.0 Seasonally adjusted at annual rates 2023 2024 2022 Q1 -1.0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2025 Q3 0.6 2.9 2.8 2.9 2.5 4.7 3.4 0.8 3.6 3.3 2.00 2.63 0.22 2.19 0.61 0.81 -0.48 -0.11 0.29 0.50 -0.01 -0.11 -0.01 0.05 0.09 -0.12 0.09 -0.01 -0.10 0.02 0.16 0.32 0.04 -0.09 0.06 0.14 -0.03 0.08 0.32 0.30 -0.47 0.00 1.27 -0.58 -0.12 -0.08 -0.08 0.05 -0.02 -0.46 0.53 -0.52 -0.38 -0.14 -0.03 -0.09 -0.12 -0.14 2.99 1.55 1.29 0.78 0.11 0.35 0.05 0.26 1.02 0.09 0.01 -0.24 0.01 0.23 0.01 0.09 2.08 0.95 0.48 -0.04 0.08 0.37 0.07 0.47 2.04 0.47 0.02 -0.24 0.05 0.15 0.06 0.46 1.17 -0.29 -0.07 -0.18 0.04 -0.02 0.09 -0.22 2.61 1.14 0.56 0.17 0.17 0.20 0.03 0.59 2.66 1.27 0.61 0.29 0.15 0.14 0.03 0.66 Q4 Q1 1.9 -0.6 Q2 Line Q3 3.8 4.3 1 2.61 1.43 0.92 0.42 0.11 0.33 0.06 0.52 0.42 0.04 -0.26 -0.31 0.04 0.02 -0.01 0.30 1.68 0.47 0.17 0.23 -0.03 -0.06 0.03 0.30 2.39 0.66 0.12 -0.17 -0.07 0.33 0.03 0.54 2 3 4 5 6 7 8 9 0.08 -0.02 -0.18 -0.22 -0.30 -0.14 -0.13 0.00 0.08 0.05 -0.01 0.21 0.13 0.11 0.05 -0.01 -0.21 0.18 -0.03 -0.03 0.04 -0.05 0.15 0.05 -0.01 0.05 0.05 0.13 0.00 0.05 -0.07 -0.14 -0.10 0.03 0.12 0.01 -0.10 0.09 -0.13 0.12 0.06 -0.03 0.19 0.28 -0.01 0.17 -0.03 0.00 0.23 0.12 0.35 0.27 -0.07 0.20 0.42 0.31 1.38 1.82 0.70 2.30 1.85 1.05 1.44 0.92 1.13 1.57 1.46 1.47 1.38 1.17 1.29 1.59 0.30 1.99 1.73 1.31 1.72 0.98 1.19 1.54 1.27 1.25 1.21 1.34 0.19 0.13 0.61 0.28 0.02 0.38 -0.07 0.13 0.39 0.06 0.12 0.35 0.12 0.13 0.60 0.60 -0.02 0.12 0.69 0.81 0.92 0.38 0.39 0.81 0.73 0.38 0.72 0.39 0.10 0.20 -0.05 -0.01 -0.07 0.03 -0.01 0.03 0.08 0.06 0.02 0.40 -0.05 0.04 0.04 0.43 -0.10 0.40 0.08 0.18 0.06 0.06 0.06 -0.05 0.04 0.06 0.06 0.16 0.07 -0.04 -0.03 1.02 0.17 -0.12 0.34 -0.09 0.28 0.19 -0.04 0.00 0.08 0.09 0.13 0.13 -0.25 -0.12 0.25 0.07 0.18 0.44 -0.01 0.03 0.29 -0.02 0.14 0.17 0.17 0.13 0.13 0.30 0.60 -0.06 0.30 0.04 0.00 0.43 0.13 0.08 0.14 0.35 0.05 0.14 0.04 0.07 0.37 0.61 0.33 0.33 0.01 -0.18 -0.04 -0.01 0.16 0.01 0.10 -0.04 0.23 1.21 1.40 -0.03 0.54 0.16 0.10 0.28 0.26 0.08 0.10 0.12 0.02 0.30 1.74 1.64 0.03 0.76 0.07 0.17 0.06 0.14 0.40 10 11 12 13 14 15 16 17 18 19 20 21 22 0.18 -0.11 0.09 0.25 0.15 0.30 0.23 0.40 0.31 0.11 -0.26 -0.29 -0.06 -0.06 0.03 0.19 0.22 0.18 -0.17 -0.23 -0.19 0.10 23 0.46 -0.05 0.19 0.56 0.25 -0.10 0.09 -0.02 0.47 0.55 0.01 0.61 -0.13 -0.05 0.14 0.50 24 0.07 1.09 0.44 0.84 0.10 0.14 0.12 0.02 0.00 0.01 0.60 0.32 0.26 0.03 -0.40 0.65 -0.03 0.69 -0.39 0.83 0.46 0.37 -1.22 -0.81 -0.41 0.26 0.15 0.61 0.97 0.49 0.15 -0.07 0.00 0.23 -0.02 0.33 0.16 0.16 0.01 -0.35 -0.46 0.07 -0.53 0.45 0.32 0.17 0.15 0.13 0.23 -0.10 0.21 0.54 0.53 0.40 0.04 0.18 0.09 0.01 0.06 0.01 0.19 0.15 0.04 0.00 0.13 0.01 -0.01 0.02 -0.39 0.40 0.15 0.25 -0.79 -0.57 -0.23 0.23 4.71 0.56 0.43 -0.23 0.00 0.42 0.05 -0.44 -0.03 0.66 0.28 0.33 0.05 0.13 4.15 -0.08 4.24 -0.29 2.57 1.91 0.66 -2.86 -2.56 -0.31 -0.45 1.45 1.15 1.49 0.20 0.60 0.25 0.03 0.17 0.15 0.69 0.46 0.25 -0.02 -0.35 0.30 0.01 0.29 -2.15 -0.44 -0.65 0.20 -1.71 -1.44 -0.27 -0.12 -1.69 0.34 0.91 0.24 0.04 -0.05 -0.08 0.18 -0.02 0.63 0.31 0.27 0.06 -0.56 -2.03 -0.09 -1.95 0.38 1.45 0.98 0.47 -1.07 -0.52 -0.55 0.45 -1.26 -0.40 0.80 0.30 0.14 0.06 -0.08 0.23 -0.07 0.37 0.20 0.12 0.05 -1.20 -0.86 -0.04 -0.81 2.63 1.70 1.30 0.39 0.94 1.18 -0.24 0.51 1.43 -0.09 0.94 0.33 0.12 -0.26 0.10 0.30 -0.01 0.49 0.30 0.20 -0.01 -1.03 1.52 0.12 1.40 0.14 -0.33 -0.45 0.11 0.47 0.34 0.13 0.19 -1.33 0.85 1.13 0.84 -0.01 -0.07 0.00 0.13 -0.07 0.30 0.05 0.24 0.00 -0.28 -2.18 0.03 -2.21 0.58 0.43 0.46 -0.03 0.14 0.14 0.01 0.15 1.27 1.63 1.47 0.61 0.61 -0.08 0.04 0.62 0.03 0.25 0.09 0.15 0.01 0.16 -0.36 0.02 -0.39 -0.30 -0.60 -0.81 0.21 0.30 0.49 -0.19 0.04 1.66 0.69 0.25 0.22 -0.13 -0.03 -0.06 -0.03 -0.01 0.16 0.14 0.01 0.01 0.44 0.97 0.05 0.91 0.09 0.49 0.43 0.06 -0.40 -0.44 0.04 0.44 0.65 0.82 0.76 0.36 0.17 0.21 0.03 -0.15 0.09 0.23 0.22 0.02 -0.02 0.06 -0.17 -0.06 -0.12 -0.06 0.66 0.45 0.21 -0.72 -0.30 -0.42 0.36 -0.29 0.54 0.22 -0.17 0.03 -0.01 0.04 -0.05 0.05 0.35 0.24 0.11 0.01 0.32 -0.83 -0.27 -0.56 -0.42 0.49 -0.01 0.50 -0.91 -0.78 -0.13 -0.21 1.44 0.27 0.35 -0.13 0.44 0.18 -0.02 0.32 -0.04 0.04 0.08 -0.04 -0.01 -0.08 1.17 0.16 1.01 -1.04 0.08 0.03 0.05 -1.11 -0.95 -0.16 0.43 0.18 0.28 0.48 -0.07 0.41 0.24 0.06 0.14 -0.03 0.14 0.06 0.08 0.00 -0.20 -0.11 0.03 -0.14 -0.41 0.95 0.58 0.37 -1.36 -0.95 -0.41 0.04 -1.26 -0.34 -0.51 -0.26 -0.22 0.01 0.01 -0.15 -0.09 -0.03 0.07 -0.10 0.00 0.17 -0.91 0.00 -0.92 -0.06 -0.10 -0.28 0.18 0.03 0.35 -0.32 0.18 3.79 1.21 1.24 -0.10 1.00 0.89 0.05 0.05 0.00 0.34 0.41 -0.05 -0.02 -0.04 2.58 -0.02 2.61 -4.68 0.02 0.42 -0.40 -4.70 -4.88 0.18 0.33 -2.66 0.77 0.98 -0.23 0.44 0.22 0.07 0.27 -0.12 0.78 0.58 0.22 -0.02 -0.21 -3.44 0.08 -3.52 4.83 -0.20 -0.33 0.13 5.03 4.99 0.04 0.40 -0.02 0.19 0.40 -0.19 0.29 0.16 0.02 -0.03 0.13 0.30 0.07 0.23 -0.01 -0.21 -0.22 0.00 -0.21 1.59 0.92 0.50 0.42 0.67 0.84 -0.18 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 -0.22 -0.22 -0.14 -0.14 0.00 -0.08 -0.12 0.04 0.00 0.07 -0.07 0.59 0.21 0.13 0.09 0.04 0.08 0.09 -0.01 0.38 0.23 0.16 0.65 0.24 0.14 0.11 0.03 0.10 0.07 0.03 0.41 0.26 0.15 -0.01 0.22 -0.11 -0.16 0.05 0.33 0.28 0.05 -0.23 -0.07 -0.16 -0.54 -0.56 -0.40 -0.32 -0.08 -0.16 -0.21 0.05 0.02 -0.02 0.04 -0.26 -0.25 0.05 -0.03 0.08 -0.30 -0.31 0.01 -0.01 0.12 -0.13 0.28 -0.09 -0.15 -0.02 -0.13 0.06 0.08 -0.01 0.37 0.28 0.10 0.69 0.54 0.28 0.07 0.21 0.26 0.26 -0.01 0.15 0.13 0.02 0.69 0.25 0.16 0.19 -0.03 0.09 0.11 -0.02 0.44 0.25 0.19 0.56 -0.01 0.08 0.01 0.07 -0.09 -0.07 -0.02 0.56 0.23 0.33 0.87 0.42 0.26 0.24 0.02 0.16 0.18 -0.02 0.44 0.26 0.18 0.79 0.21 0.08 0.04 0.04 0.14 0.07 0.07 0.57 0.28 0.29 0.39 0.05 -0.10 0.00 -0.09 0.15 0.09 0.06 0.34 0.30 0.04 0.57 0.27 0.25 0.15 0.10 0.03 0.00 0.03 0.30 0.23 0.07 0.92 0.54 0.47 0.31 0.17 0.07 0.05 0.02 0.38 0.25 0.13 0.57 0.28 0.17 0.16 0.01 0.11 0.12 -0.01 0.29 0.16 0.12 -0.17 -0.37 -0.27 -0.31 0.04 -0.11 -0.08 -0.03 0.20 0.16 0.05 -0.01 -0.35 0.03 0.03 0.00 -0.38 -0.37 -0.01 0.33 0.20 0.13 0.39 0.19 0.21 0.19 0.03 -0.03 -0.02 -0.01 0.20 0.18 0.02 50 51 52 53 54 55 56 57 58 59 60 Page 8 of 20 December 23, 2025 Table 3. Gross Domestic Product: Level and Change from Preceding Period--Continues Billions of dollars Seasonally adjusted at annual rates Line 2024 2024 Q3 1 Gross domestic product (GDP) 2 Personal consumption expenditures 3 Goods 4 Durable goods 5 Motor vehicles and parts 6 Furnishings and durable household equipment 7 Recreational goods and vehicles 8 Other durable goods 9 Nondurable goods 10 Food and beverages purchased for off-premises consumption Clothing and footwear 11 Gasoline and other energy goods 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 Billions of chained (2017) dollars Other nondurable goods Services Household consumption expenditures (for services) Housing and utilities Health care Transportation services Recreation services Food services and accommodations Financial services and insurance Other services Final consumption expenditures of nonprofit institutions serving households Gross output of nonprofit institutions Less: Receipts from sales of goods and services by nonprofit institutions Gross private domestic investment Fixed investment Nonresidential Structures Equipment Information processing equipment Industrial equipment Transportation equipment Other equipment Intellectual property products Software Research and development Entertainment, literary, and artistic originals Residential Change in private inventories Farm Nonfarm Seasonally adjusted at annual rates 2024 2025 Q4 Q1 29,298.0 29,511.7 29,825.2 30,042.1 19,896.0 20,032.8 20,351.3 20,555.0 6,261.5 6,291.6 6,393.9 6,432.3 2,178.1 2,183.9 2,250.2 2,235.8 732.8 731.6 770.2 755.9 2024 2025 r r Q3 Q3 Q4 Q1 Q3 Q2 Q2 30,485.7 31,095.1 23,358.4 23,478.6 23,586.5 23,548.2 23,771.0 24,025.0 20,789.9 21,114.9 16,088.5 16,165.8 16,320.9 16,345.8 16,445.7 16,589.1 6,471.1 6,546.7 5,466.8 5,501.9 5,594.7 5,597.4 5,628.4 5,671.7 2,265.7 2,277.6 2,059.6 2,074.0 2,138.4 2,120.1 2,132.2 2,140.8 770.5 760.5 585.0 589.7 614.3 596.0 609.9 599.4 Change from preceding period Line 2025 2024 r Q3 Q2 634.7 460.7 150.5 76.8 -2.4 222.8 99.9 30.9 12.1 13.9 254.0 143.4 43.3 8.6 -10.6 1 2 3 4 5 450.0 828.5 309.5 3,541.8 22.4 50.8 16.0 76.0 -2.4 -5.1 2.3 19.0 -4.8 29.6 2.5 34.0 6 7 8 9 1,479.6 1,486.2 1,503.0 1,517.8 1,521.8 1,538.4 1,165.4 1,170.7 1,176.9 1,180.0 1,180.6 1,186.4 530.2 532.2 540.8 547.3 556.0 568.2 509.7 509.8 519.4 529.3 536.8 545.6 440.5 436.4 427.2 438.7 411.0 414.1 316.1 319.8 318.1 320.4 318.1 319.1 1,633.1 1,652.7 1,672.6 1,692.7 1,716.6 1,748.4 1,439.6 1,451.1 1,471.0 1,475.3 1,490.4 1,510.2 13,634.5 13,741.3 13,957.4 14,122.7 14,318.8 14,568.2 10,642.1 10,685.1 10,752.1 10,773.6 10,842.3 10,941.9 17.8 12.8 0.4 48.2 310.3 0.5 7.5 -2.3 15.1 68.7 5.9 8.8 1.0 19.8 99.6 10 11 12 13 14 13,021.4 13,109.0 13,331.4 13,510.3 13,721.3 13,961.0 10,221.3 10,254.0 10,331.2 10,366.4 10,446.6 10,541.2 3,603.6 3,630.2 3,677.9 3,742.1 3,785.6 3,817.9 2,671.8 2,677.8 2,685.0 2,703.2 2,701.7 2,703.5 3,315.0 3,346.8 3,403.7 3,448.3 3,514.6 3,594.7 2,814.1 2,836.1 2,860.6 2,881.4 2,915.3 2,963.4 660.5 662.3 678.6 683.5 697.0 710.7 500.9 504.3 506.5 507.1 515.8 519.8 777.0 778.2 797.7 799.7 811.5 825.1 616.7 616.8 626.2 615.7 621.6 631.6 290.9 40.0 144.7 21.4 8.5 80.2 -1.5 33.9 8.7 5.9 94.7 1.9 48.0 4.0 10.0 15 16 17 18 19 15.2 27.6 41.0 15.5 13.7 5.2 3.3 20 7.5 21 25.1 22 490.0 663.7 291.6 4,083.4 1,429.0 1,560.4 1,675.8 493.6 666.5 292.3 4,107.6 1,433.5 1,575.6 1,682.3 501.8 680.3 298.0 4,143.7 1,454.3 1,609.7 1,709.7 503.1 681.7 295.1 4,196.5 1,463.8 1,637.6 1,735.1 507.3 689.9 298.1 4,205.4 1,493.0 1,657.4 1,762.2 508.2 704.0 305.0 4,269.1 1,507.4 1,707.4 1,797.9 440.9 771.3 300.2 3,417.3 1,067.1 1,150.5 1,416.9 446.8 774.2 300.6 3,438.2 1,068.2 1,151.6 1,416.9 454.4 802.4 305.3 3,470.2 1,073.1 1,160.9 1,438.9 457.1 804.0 304.7 3,488.9 1,070.9 1,160.3 1,449.1 454.8 798.9 307.0 3,507.9 1,086.4 1,174.0 1,454.3 1,089.7 1,181.5 1,479.4 613.1 632.3 626.0 612.4 597.5 607.2 423.4 432.7 424.1 412.3 402.5 407.3 18.7 -9.8 4.8 23 2,205.7 2,240.6 2,250.8 2,265.5 2,287.5 2,338.4 1,727.9 1,747.2 1,739.9 1,736.8 1,744.6 1,773.4 67.5 7.8 28.8 24 1,592.6 5,259.3 5,205.8 4,022.9 934.8 1,484.3 1,608.3 5,330.2 5,247.0 4,069.2 934.7 1,515.7 1,624.8 5,261.8 5,244.0 4,046.4 916.0 1,502.2 1,653.0 5,556.2 5,344.0 4,137.8 911.2 1,579.1 1,690.0 5,358.6 5,404.4 4,207.5 891.3 1,625.0 1,731.3 5,418.6 5,485.9 4,291.6 884.7 1,669.9 1,307.2 4,346.5 4,264.0 3,518.9 694.0 1,311.5 1,316.5 4,392.2 4,281.3 3,547.6 693.9 1,335.0 1,319.1 4,315.6 4,260.3 3,514.4 679.5 1,320.6 1,330.0 4,547.9 4,333.6 3,595.4 674.2 1,386.0 1,349.8 4,382.8 4,380.5 3,659.3 661.2 1,414.7 1,374.2 4,379.7 4,391.7 3,685.0 650.5 1,433.4 501.1 319.0 339.3 324.9 1,603.9 693.0 796.5 513.9 321.7 354.8 325.2 1,618.8 702.9 801.4 516.8 323.2 342.9 319.3 1,628.3 710.2 803.0 585.2 329.1 344.6 320.2 1,647.5 726.0 806.3 606.5 338.0 366.7 313.8 1,691.2 745.9 829.8 629.4 346.4 363.9 330.0 1,737.0 765.5 855.9 517.3 254.9 298.9 250.4 1,511.0 771.9 666.0 529.4 256.3 310.8 250.1 1,517.1 774.7 669.5 530.2 256.8 301.0 245.0 1,515.0 780.1 663.4 598.8 259.5 304.6 245.1 1,539.0 814.3 660.2 615.6 263.6 322.2 238.2 1,593.8 863.8 673.7 628.1 264.9 320.0 245.8 1,614.8 870.3 687.7 114.4 1,182.8 53.5 0.6 53.0 114.5 1,177.8 83.3 2.7 80.5 115.0 1,197.7 17.8 6.4 11.3 115.2 1,206.2 212.2 4.4 207.8 115.5 1,196.9 -45.8 10.3 -56.0 115.6 1,194.4 -67.3 9.8 -77.2 92.4 790.4 43.5 0.3 43.3 92.3 782.5 69.4 3.3 66.2 92.4 790.7 17.1 5.6 10.9 91.5 788.8 172.0 7.6 164.1 90.2 778.5 -18.3 19.5 -43.0 89.8 768.3 -29.6 19.4 -56.9 48.6 19.8 127.0 -165.1 123.6 46.9 100.3 63.9 7.6 -13.0 44.5 28.6 24.4 -3.1 11.2 25.7 -10.7 18.7 25 26 27 28 29 30 16.8 4.1 17.7 -6.9 54.7 49.4 13.5 12.5 1.3 -2.2 7.6 21.1 6.5 14.0 31 32 33 34 35 36 37 -0.4 -1.3 24.3 -10.2 -4.0 -190.2 -6.5 11.9 2.7 -207.0 -0.4 -10.2 -11.4 -0.1 -13.9 38 39 40 41 42 27.2 3.4 14.3 2.7 51.0 48.7 9.0 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2025. 1. Real gross domestic income is gross domestic income deflated by the implicit price deflator for gross domestic product. Note. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component's relative importance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2. Source: U.S. Bureau of Economic Analysis Page 9 of 20 December 23, 2025 Table 3. Gross Domestic Product: Level and Change from Preceding Period--Table Ends Billions of dollars Billions of chained (2017) dollars Seasonally adjusted at annual rates Line 2024 2024 52 53 54 National defense Consumption expenditures Gross investment 55 Nondefense 56 Consumption expenditures 57 Gross investment 58 State and local 59 Consumption expenditures 60 Gross investment 61 Residual 2024 2025 2024 2025 Change from preceding period Line 2025 2024 Q3 Q2 r -898.5 3,215.4 -938.3 3,256.5 -938.7 -1,264.6 3,248.3 3,293.7 Q2 r -899.8 3,267.5 2,058.0 1,157.4 4,113.8 2,082.1 1,174.4 4,194.8 2,052.9 1,195.4 4,186.9 2,116.0 1,177.7 4,558.3 2,081.3 1,186.2 4,167.3 2,128.8 1,233.1 4,123.4 1,730.6 905.3 3,666.2 1,752.8 913.9 3,729.2 1,735.5 924.3 3,727.4 1,762.1 901.0 4,040.2 1,741.0 908.7 3,705.3 1,772.5 933.2 3,660.9 34.6 -21.0 56.7 7.7 200.0 -334.9 3,267.3 846.5 3,330.9 863.9 3,302.7 884.2 3,681.4 876.8 3,279.3 888.0 3,223.1 900.2 2,971.0 693.9 3,024.4 703.8 3,000.9 723.2 3,332.2 712.5 2,991.8 710.4 2,933.8 721.3 145.6 -340.5 52.8 -2.1 5,041.1 1,892.4 5,086.9 1,917.9 5,150.7 1,950.0 5,195.5 1,949.7 5,237.0 1,956.4 5,323.1 1,988.7 3,945.3 1,527.4 3,971.3 1,542.9 4,003.8 1,559.5 3,993.9 1,537.2 3,993.0 1,516.6 4,015.1 1,527.5 144.6 56.0 -0.9 -20.6 1,082.7 854.8 228.0 1,104.2 868.1 236.0 1,122.7 884.4 238.3 1,116.6 873.5 243.1 1,135.8 890.8 244.9 1,161.5 913.4 248.1 863.5 667.1 197.1 878.2 675.6 203.8 888.0 684.8 204.2 872.3 666.9 207.0 874.2 668.6 207.2 886.7 679.3 208.8 33.0 25.7 7.3 1.9 1.6 0.2 22.1 50 10.9 51 12.5 52 10.8 53 1.6 54 -1.7 55 Q3 43 Net exports of goods and services 44 Exports 45 Goods 46 Services 47 Imports 48 Goods 49 Services 50 Government consumption expenditures and gross investment 51 Federal Seasonally adjusted at annual rates Q4 Q1 Q2 r -761.4 -1,032.6 -1,064.9 -1,069.0 -1,380.7 -1,058.0 3,361.9 2,633.6 2,664.3 2,658.5 2,659.5 2,647.3 -957.2 -107.4 2,703.7 92.6 Q3 Q3 Q4 Q1 Q3 322.7 -12.2 809.7 813.7 827.2 833.1 820.7 827.2 663.9 664.6 671.2 664.7 642.0 640.3 23.0 -22.8 586.7 223.0 3,148.7 588.7 225.0 3,169.1 601.3 225.9 3,200.8 608.4 224.7 3,245.8 596.8 223.9 3,280.6 602.3 225.0 3,334.4 469.0 195.3 2,417.8 468.6 196.4 2,428.5 475.8 195.7 2,444.7 471.1 193.9 2,456.3 449.9 192.9 2,475.3 448.7 192.5 2,486.6 15.5 7.7 88.6 -21.2 -1.0 19.0 2,550.4 2,565.0 2,585.6 2,623.0 2,644.3 2,691.4 598.4 604.0 615.1 622.8 636.2 643.0 ............... ............... ............... ............... ............... ............... 1,971.1 445.2 -122.2 1,978.9 448.1 -122.8 1,988.2 454.7 -139.5 1,997.2 457.4 -130.2 2,008.7 464.7 -207.5 100.8 43 56.4 44 31.5 45 24.5 46 -44.4 47 -57.9 48 10.9 49 -1.3 56 -0.4 57 11.3 58 2,019.1 57.0 11.5 10.4 59 465.7 31.0 7.3 1.0 60 -237.8 ............ ............ ............ 61 Addenda: 62 63 64 65 66 67 68 69 70 71 72 Gross domestic income (GDI) 1 Average of GDP and GDI Final sales of domestic product Gross domestic purchases Final sales to domestic purchasers Final sales to private domestic purchasers GDP Plus: Income receipts from the rest of the world Less: Income payments to the rest of the world Equals: Gross national product Net domestic product 29,001.7 29,149.9 29,244.5 30,196.5 30,142.9 25,101.8 29,298.0 29,117.3 29,314.5 29,428.4 30,450.0 30,366.7 25,279.8 29,511.7 29,560.0 29,692.6 29,807.4 30,763.8 30,746.1 25,595.3 29,825.2 29,895.7 29,968.9 29,829.9 31,306.7 31,094.5 25,899.0 30,042.1 30,244.9 30,365.3 30,531.5 31,385.5 31,431.3 26,194.3 30,485.7 30,706.5 30,900.8 31,162.4 31,856.5 31,923.9 26,600.8 31,095.1 23,122.2 23,240.3 23,276.9 24,371.1 24,289.5 20,352.5 23,358.4 23,164.8 23,321.7 23,369.6 24,519.6 24,410.1 20,446.9 23,478.6 23,376.9 23,481.7 23,530.8 24,633.0 24,577.4 20,581.6 23,586.5 23,433.4 23,490.8 23,340.5 24,874.0 24,664.0 20,679.0 23,548.2 23,583.2 23,677.1 23,765.6 24,812.9 24,808.4 20,825.4 23,771.0 23,724.7 23,874.8 24,032.8 24,976.1 24,985.3 20,980.5 24,025.0 664.7 649.7 631.5 733.0 729.7 584.3 634.7 149.8 186.3 425.1 -61.2 144.4 146.4 222.8 141.6 197.8 267.2 163.2 176.9 155.1 254.0 62 63 64 65 66 67 68 1,485.6 1,444.9 1,546.5 1,454.8 1,525.8 1,589.6 1,252.3 1,215.1 1,293.2 1,207.3 1,260.0 1,300.8 45.4 52.7 40.8 69 1,493.9 1,497.1 1,507.4 1,452.7 1,544.2 1,568.2 1,259.6 1,259.2 1,260.8 1,205.8 1,275.4 1,283.6 29,289.7 29,459.5 29,864.3 30,044.2 30,467.4 31,116.5 23,368.7 23,454.0 23,634.6 23,566.9 23,773.9 24,058.9 24,501.3 24,677.5 24,929.4 25,098.9 25,490.9 25,981.0 19,432.4 19,537.1 19,615.9 19,547.8 19,733.8 19,948.4 126.6 558.4 518.0 69.6 207.0 186.0 8.1 70 285.0 71 214.6 72 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2025. 1. Real gross domestic income is gross domestic income deflated by the implicit price deflator for gross domestic product. Note. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component's relative importance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2. Source: U.S. Bureau of Economic Analysis Page 10 of 20 December 23, 2025 Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change from Preceding Period Seasonally adjusted at annual rates Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 2022 2023 2024 2021 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 7.1 6.5 8.6 6.5 9.9 5.5 7.6 7.8 6.0 16.3 6.2 0.9 13.3 ........ ........ 9.8 11.7 6.1 7.2 7.5 6.0 3.7 3.8 1.2 -0.7 2.3 5.1 2.8 3.0 3.2 5.2 4.5 0.8 2.6 ........ ........ -1.5 -4.3 4.3 -2.0 -3.2 3.1 2.5 2.6 -0.4 -2.1 0.5 4.1 1.6 1.7 1.4 -0.2 2.1 1.7 2.9 ........ ........ 0.9 -0.4 3.4 0.8 0.5 1.9 Q4 7.0 6.8 11.0 9.7 11.8 4.8 8.1 8.2 6.9 24.2 5.3 0.5 12.0 ........ ........ 6.5 7.1 5.3 6.5 7.1 4.1 7.3 5.8 6.3 5.1 8.2 2.8 4.2 4.1 4.2 1.9 2.4 3.2 3.7 2.6 1.9 7.2 6.8 6.9 3.7 3.4 3.5 6.8 7.1 6.3 2022 Q1 8.4 7.7 12.0 9.1 13.7 5.6 9.5 9.2 6.4 17.2 7.5 0.5 17.4 ........ ........ 18.0 23.3 7.3 13.4 15.5 4.2 2023 Q2 9.3 7.5 10.2 1.2 15.4 6.2 9.2 9.8 8.2 18.3 8.9 2.7 14.7 ........ ........ 20.2 27.0 6.5 11.2 11.8 8.4 Q3 4.4 4.7 2.3 2.7 2.1 5.9 6.9 6.9 6.8 16.6 6.2 2.4 7.3 ........ ........ -9.0 -14.0 2.8 -4.4 -6.5 5.8 Q4 3.9 4.1 0.6 -1.3 1.7 5.9 2.8 3.5 3.1 8.2 5.8 -2.1 5.1 ........ ........ -6.1 -11.5 6.4 -4.5 -7.0 6.9 6.4 5.1 5.3 4.7 7.2 8.1 11.5 6.5 7.5 7.5 9.5 5.1 4.9 9.1 13.9 2.6 5.5 4.2 7.4 0.9 2.5 2.4 2.4 7.0 7.0 7.0 8.4 8.1 8.1 9.5 8.5 8.6 3.6 3.7 4.1 2.4 2.5 2.8 7.1 7.0 6.3 8.0 8.4 6.9 6.2 5.3 3.7 4.2 2.6 2.9 6.1 5.3 6.4 3.6 2.2 5.0 4.0 7.1 6.8 7.1 3.7 3.5 3.7 Q1 3.8 3.9 0.8 -0.3 1.4 5.5 2.8 2.9 4.8 4.8 6.9 2.9 -3.5 ........ ........ -0.1 -3.0 6.0 -1.8 -2.8 2.2 2024 Line 2025 Q3 Q2 2.1 3.0 0.3 -0.2 0.6 4.3 -0.5 -0.4 -0.2 -1.0 0.3 -0.3 -1.0 ........ ........ -3.6 -6.4 2.1 -4.7 -5.8 -0.1 Q3 3.3 2.7 0.3 -4.5 3.1 3.9 1.1 1.3 0.1 -3.9 2.6 0.2 5.8 ........ ........ 4.4 4.6 4.0 0.6 0.4 1.2 Q4 1.6 1.8 -1.2 -3.2 -0.1 3.3 2.1 2.3 1.8 3.5 1.0 1.3 4.3 ........ ........ -2.3 -3.7 0.4 -0.1 0.2 -1.3 Q1 3.1 3.6 -0.5 -0.3 -0.6 5.6 0.9 0.7 0.8 -2.4 3.6 0.2 0.6 ........ ........ 2.5 0.8 5.6 2.4 1.6 5.4 Q2 2.6 2.6 0.4 -2.7 2.0 3.6 2.6 2.7 2.5 1.8 1.9 3.4 3.5 ........ ........ 3.0 2.6 3.7 1.9 1.9 2.3 Q3 1.8 1.7 -1.6 -2.3 -1.3 3.3 2.4 2.7 2.2 -0.7 2.1 4.1 4.2 ........ ........ -0.6 -3.0 3.8 0.8 0.1 3.2 Q4 2.4 2.5 -0.2 -0.3 -0.2 3.8 2.0 1.8 1.5 0.3 0.8 2.9 2.5 ........ ........ -0.1 -1.7 2.6 -0.6 -0.3 -1.6 Q1 3.6 3.4 2.2 0.9 3.0 4.0 0.7 0.7 -0.2 1.1 0.6 -1.6 3.9 ........ ........ 5.5 6.2 4.4 1.8 1.6 2.7 Q2 2.1 2.1 0.2 3.1 -1.3 3.0 0.3 0.2 -0.4 -1.0 3.3 -3.4 2.2 ........ ........ -1.3 -1.8 -0.5 -1.2 -3.1 6.4 3.8 2.8 1.6 0.5 2.2 3.3 5.0 5.1 5.2 3.6 5.8 5.6 4.5 ........ ........ 3.0 1.9 5.0 0.6 0.9 -0.6 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 3.4 4.0 3.7 4.4 3.1 2.0 -0.4 4.5 2.7 3.6 3.0 5.8 2.2 0.6 -2.2 4.9 3.8 5.1 2.2 5.6 1.4 2.8 4.3 0.9 0.5 3.6 4.2 4.8 3.4 3.2 1.8 3.1 2.7 3.5 1.1 2.0 2.4 2.1 2.9 1.8 1.7 2.4 2.2 2.6 1.3 4.5 5.9 5.1 6.9 3.8 3.3 7.0 6.1 8.2 1.2 4.4 3.8 3.3 4.4 4.8 22 23 24 25 26 4.4 4.7 4.7 4.0 3.8 3.9 3.8 3.4 3.4 2.1 1.8 1.8 3.3 2.8 2.8 1.6 1.8 1.8 3.1 3.1 3.1 2.6 2.5 2.5 1.8 1.9 1.9 2.4 2.3 2.3 3.6 3.1 3.2 2.1 2.0 2.0 3.8 27 3.4 28 3.4 29 8.0 9.3 7.4 5.1 4.4 5.3 4.0 3.9 4.3 3.7 3.8 4.5 2.3 2.1 2.7 2.4 3.3 3.0 1.9 1.6 2.4 3.0 3.1 3.2 2.6 2.6 2.8 1.9 1.8 2.5 2.4 2.4 2.6 2.9 3.6 3.5 1.7 2.1 2.3 3.2 30 3.8 31 3.8 32 7.1 6.1 7.0 4.9 5.0 5.1 4.2 4.7 3.8 4.7 2.3 4.0 2.6 2.4 2.0 2.1 3.3 4.0 2.6 2.9 2.3 2.4 2.4 2.7 3.0 3.3 2.3 2.6 3.5 33 2.9 34 6.6 7.8 7.9 4.6 3.7 3.8 2.6 2.6 1.9 2.8 2.0 1.4 2.2 3.0 2.2 2.4 35 2.6 4.8 6.0 4.8 5.1 4.3 4.7 3.7 2.1 2.3 3.1 2.3 2.1 2.4 2.8 2.8 2.4 36 2.5 2.4 2.5 7.1 7.0 7.1 8.3 8.1 8.3 9.4 8.5 9.3 4.5 4.8 4.5 3.9 3.8 3.9 3.8 3.4 3.8 2.1 1.8 2.1 3.3 2.8 3.3 1.6 1.8 1.6 3.2 3.1 3.2 2.6 2.4 2.6 1.7 1.8 1.7 2.4 2.3 2.4 3.6 3.1 3.6 2.1 2.0 2.1 3.7 37 3.4 38 3.7 39 Addenda: 27 28 29 30 31 32 33 34 35 36 Final sales of domestic product Gross domestic purchases Final sales to domestic purchasers Final sales to private domestic purchasers Gross national product (GNP) GDP excluding food and energy 1 Gross domestic purchases excluding food and energy 1 PCE excluding food and energy 1 Market-based PCE 2 Market-based PCE excluding food and energy 1,2 Implicit price deflators: 37 38 39 GDP Gross domestic purchases GNP 1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 2. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Source: U.S. Bureau of Economic Analysis Page 11 of 20 December 23, 2025 Table 5. Real Gross Domestic Product: Annual Percent Change 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Percent change from fourth quarter to fourth quarter one year ago Percent change from preceding year Line Gross domestic product (GDP) Personal consumption expenditures (PCE) 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: Gross domestic income (GDI) 1 Average of GDP and GDI Final sales of domestic product Gross domestic purchases Final sales to domestic purchasers Final sales to private domestic purchasers Gross national product Real disposable personal income Price indexes: Gross domestic purchases Gross domestic purchases excluding food and energy 2 GDP 2017 2018 2019 2020 2021 2022 2.5 3.0 2.6 -2.1 6.2 2.5 2.6 2.7 2.1 -2.5 8.8 3.0 4.1 4.0 3.1 4.7 11.3 -0.6 6.8 6.6 3.3 7.4 16.4 -2.0 2.8 2.6 3.0 3.3 8.6 0.2 1.9 2.2 1.7 -5.8 7.6 4.9 4.4 5.8 3.2 -4.4 9.0 6.1 4.5 5.1 2.7 -1.9 7.3 2.5 4.6 6.9 3.8 -4.6 6.2 6.5 2.6 5.8 2.3 -9.2 -2.7 3.5 3.8 5.9 1.0 -9.9 7.1 2.8 6.9 8.9 8.2 4.5 10.4 11.7 4.3 -0.7 -0.9 7.4 10.6 -8.1 .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 4.1 2.9 0.5 -12.6 6.5 7.6 4.1 4.2 0.2 -10.0 7.7 6.1 4.1 0.3 1.2 -17.3 4.0 10.9 4.7 4.0 1.2 -8.8 14.6 8.5 4.5 5.1 0.5 -5.9 14.5 6.7 5.7 -0.6 4.0 -21.0 15.0 17.1 Line 2023 2024 2017 2018 2019 2020 2021 2022 2023 2024 2.9 2.8 3.0 2.1 3.4 -0.9 5.8 1.3 3.4 2.4 1 2.6 2.9 3.1 2.0 2.8 -0.9 7.8 1.6 3.0 3.4 2 1.7 2.8 5.4 2.1 3.8 8.3 6.5 -1.8 3.5 4.2 3 3.8 3.9 8.6 2.8 5.2 14.1 5.5 -1.9 5.9 7.0 4 0.6 2.3 3.8 1.8 3.1 5.3 7.1 -1.7 2.2 2.8 5 3.0 3.0 2.0 2.0 2.4 -5.0 8.4 3.3 2.8 3.0 6 0.8 3.0 4.9 4.7 1.2 2.9 8.1 -0.2 3.1 0.1 7 3.4 3.0 5.5 3.3 2.9 1.2 4.0 1.4 5.7 1.0 8 7.3 2.9 5.6 5.6 3.1 -3.2 5.1 8.1 6.6 0.9 9 16.7 1.1 -0.4 3.5 5.9 -13.5 -1.4 9.7 16.8 -4.8 10 2.9 3.5 7.5 3.3 -2.2 -3.2 1.1 4.6 3.1 3.2 11 6.2 3.5 7.2 9.9 7.8 3.3 12.7 10.6 4.3 2.3 12 -7.8 3.2 5.1 -4.1 2.3 16.5 0.7 -15.9 2.4 1.3 13 .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 14 .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 15 2.8 3.6 6.1 0.3 1.1 -9.5 7.1 4.9 2.2 3.3 16 2.2 2.0 6.1 1.6 0.2 -4.5 5.5 3.3 1.8 1.1 17 4.1 6.7 6.0 -1.9 2.7 -18.5 10.4 8.4 2.9 7.3 18 -0.9 5.8 5.8 3.0 -1.8 0.3 11.1 2.3 1.3 6.2 19 -1.9 5.2 5.5 3.7 -2.6 5.2 8.7 0.8 0.3 5.4 20 3.8 8.2 7.1 -0.1 1.5 -19.7 23.7 9.4 5.4 9.3 21 0.6 0.5 1.0 -0.2 0.6 2.0 3.5 3.5 3.4 1.1 3.9 3.4 3.8 6.3 5.4 2.9 1.6 11.5 3.9 1.7 -0.1 1.9 -0.9 5.7 -1.3 -1.2 -3.3 -3.8 -2.7 0.0 3.5 3.3 3.7 2.8 3.6 3.8 3.8 4.0 3.6 3.8 1.0 1.4 2.1 0.4 0.8 1.9 3.5 4.5 2.1 0.9 4.8 4.0 4.3 3.5 5.3 1.6 5.2 4.3 6.7 -0.6 -0.5 0.7 -4.6 8.4 -1.3 0.3 -1.2 -1.5 -1.0 1.3 4.3 3.6 4.1 2.9 4.8 3.6 4.5 5.4 3.2 3.1 22 23 24 25 26 2.4 2.4 2.5 2.6 2.6 3.0 2.7 3.1 3.0 3.0 2.9 3.1 3.0 3.2 2.9 3.6 2.6 2.6 2.5 2.6 2.5 2.3 2.5 3.1 -2.4 -2.2 -1.6 -1.8 -1.4 -2.4 -2.4 6.4 6.6 6.4 5.9 7.2 6.9 8.5 5.8 3.9 2.7 2.6 1.9 2.8 2.2 2.9 2.5 -5.6 1.7 2.3 3.4 2.4 2.9 2.7 2.7 5.7 3.0 2.9 2.8 3.1 3.1 3.0 2.4 2.9 3.0 3.0 3.1 3.0 3.1 3.6 3.3 3.5 2.8 2.4 1.9 2.5 2.2 2.3 1.8 4.0 2.6 3.0 3.7 2.9 3.2 2.9 3.2 2.3 0.2 -0.3 -1.2 0.2 -0.1 -0.4 -1.3 4.6 5.1 5.4 5.0 6.3 5.6 7.0 5.6 1.4 0.5 0.9 1.6 1.1 1.3 1.6 1.2 -0.9 3.2 3.3 3.9 3.2 3.7 3.6 3.0 5.4 2.6 2.5 2.6 2.8 3.0 2.9 2.4 2.4 27 28 29 30 31 32 33 34 1.8 2.2 1.4 1.3 4.2 6.8 3.4 2.4 1.9 2.1 1.3 1.6 5.9 6.2 2.4 2.4 35 1.7 2.1 1.6 1.5 3.9 6.2 3.7 2.6 1.7 2.2 1.4 1.8 5.3 5.8 2.7 2.7 36 1.8 2.3 1.7 1.4 4.5 7.1 3.7 2.5 1.9 2.2 1.5 1.7 6.2 6.5 2.7 2.5 37 38 GDP excluding food and energy 2 1.8 2.3 1.8 1.5 4.1 6.3 4.1 2.8 1.9 2.4 1.6 1.8 5.6 6.0 3.1 2.8 38 39 PCE 1.7 2.0 1.4 1.1 4.1 6.5 3.8 2.6 1.7 2.0 1.4 1.2 5.8 6.0 2.9 2.6 39 40 PCE excluding food and energy 2 1.6 1.9 1.6 1.4 3.6 5.3 4.2 2.9 1.6 2.0 1.6 1.5 4.8 5.2 3.3 3.0 40 41 42 Market-based PCE 3 Market-based PCE excluding food and energy 2,3 1.4 1.8 1.3 1.0 3.6 6.4 3.6 2.2 1.4 1.7 1.3 1.1 5.3 6.0 2.7 2.1 41 1.2 1.6 1.5 1.3 2.9 5.0 4.0 2.6 1.2 1.7 1.5 1.3 4.1 5.1 3.2 2.5 42 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. 2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Note. Estimates under the Percent change from preceding year columns are calculated from annual data. Estimates under the Percent change from fourth quarter to fourth quarter columns are calculated from fourth quarter values relative to the same quarter one year prior. Source: U.S. Bureau of Economic Analysis Page 12 of 20 December 23, 2025 Table 6. Real Gross Domestic Product: Percent Change from Quarter One Year Ago 2021 Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 Gross domestic product (GDP) Personal consumption expenditures (PCE) 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: Gross domestic income (GDI) 1 Average of GDP and GDI Final sales of domestic product Gross domestic purchases Final sales to domestic purchasers Final sales to private domestic purchasers Gross national product Real disposable personal income Price indexes: Gross domestic purchases Gross domestic purchases excluding 2022 Q4 5.8 7.8 6.5 5.5 7.1 8.4 8.1 4.0 5.1 -1.4 1.1 12.7 0.7 ......... ......... 7.1 5.5 10.4 11.1 8.7 23.7 Q1 4.0 5.5 1.8 -1.3 3.6 7.4 11.0 3.6 5.8 -1.1 2.8 12.5 -2.4 ......... ......... 5.8 3.5 10.7 12.1 10.0 23.6 Q2 2.5 2.7 -2.0 -5.4 0.0 5.3 9.9 2.6 5.1 0.9 0.1 12.3 -4.2 ......... ......... 8.0 6.2 11.9 11.7 9.5 22.9 -0.5 0.7 -4.6 8.4 -1.3 -2.7 -5.3 -5.4 -5.3 -1.0 -1.9 -4.1 -4.1 -4.0 -0.5 5.1 4.5 3.0 2023 Q3 2.3 2.4 -0.3 0.8 -1.0 3.8 4.3 2.3 7.0 4.5 3.8 11.5 -10.1 ......... ......... 11.9 11.6 12.7 8.3 7.0 14.1 2024 Q4 1.3 1.6 -1.8 -1.9 -1.7 3.3 -0.2 1.4 8.1 9.7 4.6 10.6 -15.9 ......... ......... 4.9 3.3 8.4 2.3 0.8 9.4 Q1 2.3 2.6 0.4 2.2 -0.5 3.7 -3.8 1.0 7.2 15.1 1.4 8.5 -15.8 ......... ......... 7.0 7.2 6.6 -0.8 -2.4 6.5 Q2 2.8 2.2 0.6 2.6 -0.4 2.9 0.1 2.8 8.2 17.9 4.3 6.6 -12.4 ......... ......... 2.3 1.2 4.6 -3.0 -4.4 3.0 Q3 3.2 2.5 2.4 4.6 1.2 2.5 4.1 4.4 7.0 16.9 2.9 5.6 -3.9 ......... ......... -0.1 -1.2 2.3 -0.8 -1.1 0.3 -0.7 0.3 -2.6 -1.2 -4.1 -1.5 -0.4 -1.0 0.4 1.3 2.1 1.9 2.4 1.3 2.2 3.3 2.9 2.7 3.2 3.6 4.2 4.9 5.6 4.0 3.7 4.3 3.6 4.1 2.9 4.8 3.9 2.7 2.2 3.3 4.5 3.9 3.8 3.4 4.4 3.9 3.9 4.2 4.8 3.5 3.7 Q4 2.4 3.4 4.2 7.0 2.8 3.0 0.1 1.0 0.9 -4.8 3.2 2.3 1.3 ......... ......... 3.3 1.1 7.3 6.2 5.4 9.3 3.6 4.5 5.4 3.2 3.1 Q1 2.0 3.1 4.6 6.3 3.8 2.4 5.9 2.0 2.8 -4.3 8.2 2.3 -0.9 ......... ......... 2.1 2.7 1.2 13.2 15.0 6.4 Q2 r 2.1 2.7 3.8 4.9 3.2 2.2 0.0 2.7 4.0 -5.3 8.1 5.7 -1.7 ......... ......... 1.5 1.4 1.8 1.8 1.0 4.6 Q3 2.3 2.6 3.1 3.2 3.0 2.4 -0.3 2.6 3.9 -6.3 7.4 6.4 -1.8 ......... ......... 1.5 1.1 2.1 -1.8 -3.0 2.5 Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 2.7 1.9 1.1 22 2.8 0.3 -1.0 23 4.3 2.7 1.0 24 0.8 -2.8 -3.7 25 2.7 2.8 2.4 26 0.5 1.0 1.5 1.2 3.2 2.9 3.2 3.1 2.6 2.4 2.3 2.4 27 5.4 4.3 2.7 2.6 0.9 5.0 2.7 1.2 2.0 1.6 6.3 5.0 3.1 2.2 1.1 5.6 3.7 1.9 1.8 1.3 7.0 5.1 2.7 2.4 1.6 5.6 3.7 2.6 2.5 1.2 1.4 -12.4 -5.6 -3.0 -0.9 1.7 3.3 1.4 2.2 2.3 2.2 5.1 2.1 3.3 2.0 2.5 2.3 2.5 6.7 2.2 3.3 3.0 3.1 2.9 2.9 5.6 3.3 3.9 3.2 3.7 3.6 3.0 5.4 2.9 3.0 3.0 3.1 2.9 2.4 3.5 3.2 2.8 3.4 3.1 3.0 2.7 3.0 2.9 2.8 3.2 3.2 3.0 2.3 2.8 2.5 2.6 2.8 3.0 2.9 2.4 2.4 2.2 1.3 3.5 2.8 2.8 2.1 2.0 2.2 2.6 2.1 2.6 2.7 2.1 1.8 2.4 2.8 1.9 2.4 2.6 2.6 1.5 5.9 6.7 7.4 7.1 6.2 5.1 3.4 2.9 2.4 2.4 2.5 2.3 2.4 2.4 2.3 2.7 35 5.3 6.1 6.4 6.3 5.8 5.0 3.8 3.2 2.7 2.6 2.6 2.6 2.7 2.6 2.5 2.8 36 37 food and energy 2 GDP 6.2 7.0 7.8 7.3 6.5 5.3 3.5 3.3 2.7 2.5 2.7 2.3 2.5 2.6 2.5 3.0 37 38 GDP excluding food and energy 2 5.6 6.2 6.6 6.5 6.0 5.4 4.2 3.6 3.1 2.8 2.9 2.7 2.8 2.9 2.7 3.1 38 39 PCE 5.8 6.6 6.9 6.7 6.0 5.0 3.9 3.4 2.9 2.8 2.7 2.4 2.6 2.6 2.4 2.7 39 40 PCE excluding food and energy 2 4.8 5.5 5.3 5.4 5.2 4.9 4.6 3.9 3.3 3.1 2.8 2.8 3.0 2.8 2.7 2.9 40 41 Market-based PCE 3 5.3 6.3 6.8 6.7 6.0 5.0 3.7 3.2 2.7 2.5 2.3 2.0 2.1 2.2 2.2 2.5 41 42 Market-based PCE excluding food and energy 2,3 4.1 5.0 4.9 5.2 5.1 4.7 4.5 3.7 3.2 2.8 2.5 2.5 2.5 2.4 2.5 2.6 42 28 29 30 31 32 33 34 35 36 2.8 2025 Q4 Q1 Q2 Q3 3.4 2.9 3.1 2.8 3.0 2.3 2.9 3.2 3.5 1.4 2.6 3.1 5.9 1.4 3.3 3.8 2.2 1.4 2.3 2.7 2.8 2.8 3.1 3.2 3.1 4.6 4.8 2.7 5.7 5.2 3.2 2.6 6.6 4.9 2.8 3.2 16.8 7.9 2.1 -0.2 3.1 3.3 2.4 5.2 4.3 4.6 3.6 3.5 2.4 6.3 4.7 0.6 ......... ......... ......... ......... ......... ......... ......... ......... 2.2 2.4 3.9 5.0 1.8 0.3 3.1 3.7 2.9 6.5 5.4 7.5 1.3 3.2 5.9 7.7 0.3 2.4 5.8 7.0 5.4 6.7 6.3 10.6 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2025. 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. 2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Source: U.S. Bureau of Economic Analysis Page 13 of 20 28 29 30 31 32 33 34 December 23, 2025 Table 7. Relation of Gross Domestic Product, Gross National Product, and National Income [Billions of dollars] Seasonally adjusted at annual rates Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 2022 Gross domestic product (GDP) Plus: Income receipts from the rest of the world Less: Income payments to the rest of the world Equals: Gross national product Less: Consumption of fixed capital Less: Statistical discrepancy Equals: National income Compensation of employees Wages and salaries Supplements to wages and salaries Proprietors' income with inventory valuation and capital consumption adjustments Rental income of persons with capital consumption adjustment Corporate profits with inventory valuation and capital consumption adjustments Net interest and miscellaneous payments Taxes on production and imports less subsidies Business current transfer payments (net) Current surplus of government enterprises Addenda: Gross domestic income (GDI) Average of GDP and GDI Statistical discrepancy as a percentage of GDP 2023 2024 2024 Line 2025 r Q3 Q4 Q1 Q2 26,054.6 1,219.8 1,067.7 26,206.6 4,307.4 -0.4 21,899.7 13,443.4 11,122.8 2,320.6 27,811.5 1,397.9 1,312.2 27,897.2 4,570.7 325.9 23,000.6 14,207.4 11,732.4 2,475.0 29,298.0 1,485.6 1,493.9 29,289.7 4,796.7 296.3 24,196.7 15,027.1 12,387.9 2,639.1 29,511.7 1,444.9 1,497.1 29,459.5 4,834.1 394.4 24,231.0 15,115.7 12,458.4 2,657.3 29,825.2 1,546.5 1,507.4 29,864.3 4,895.8 265.2 24,703.3 15,309.1 12,626.6 2,682.5 30,042.1 1,454.8 1,452.7 30,044.2 4,943.2 146.5 24,954.5 15,510.9 12,788.7 2,722.2 30,485.7 1,525.8 1,544.2 30,467.4 4,994.8 240.9 25,231.7 15,610.3 12,860.0 2,750.3 31,095.1 1 1,589.6 2 1,568.2 3 31,116.5 4 5,114.1 5 388.6 6 25,613.8 7 15,754.9 8 12,972.7 9 2,782.2 10 Q3 1,868.9 871.1 1,942.0 1,002.5 2,023.1 1,078.1 2,031.7 1,077.3 2,064.5 1,096.7 2,103.3 1,115.6 2,105.2 1,119.2 2,114.7 11 1,111.1 12 3,362.6 410.4 1,706.5 252.8 -16.0 3,617.3 280.9 1,758.8 238.6 -46.9 3,801.8 167.3 1,860.4 286.4 -47.5 3,755.7 136.2 1,873.0 287.4 -46.2 3,970.6 143.6 1,893.2 273.9 -48.2 3,922.9 3,929.7 167.5 162.4 1,906.7 2,083.1 276.1 274.2 -48.3 -52.4 4,095.7 131.3 2,165.4 293.6 -52.9 13 14 15 16 17 26,055.0 27,485.7 29,001.7 29,117.3 29,560.0 29,895.7 30,244.9 30,706.5 18 26,054.8 27,648.6 29,149.9 29,314.5 29,692.6 29,968.9 30,365.3 30,900.8 19 0.0 1.2 1.0 1.3 0.9 0.5 0.8 1.2 20 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2025. Source: U.S. Bureau of Economic Analysis Page 14 of 20 December 23, 2025 Table 8. Personal Income and Its Disposition [Billions of dollars] Line 1 Personal income 1 2 Compensation of employees 3 Wages and salaries 4 Private industries 5 Goods-producing industries 6 Manufacturing 7 Services-producing industries 8 Trade, transportation, and utilities 9 Other services-producing industries 10 Government 11 Supplements to wages and salaries 12 Employer contributions for employee pension and insurance funds 2 13 Employer contributions for government social insurance 14 Proprietors' income with inventory valuation and capital consumption adjustments 15 Farm 16 Nonfarm 17 Rental income of persons with capital consumption adjustment 18 Personal income receipts on assets 19 Personal interest income 20 Personal dividend income 21 Personal current transfer receipts 22 Government social benefits to persons 23 Social security 3 24 Medicare 4 25 Medicaid 26 Unemployment insurance 27 Veterans' benefits 28 Other 29 Other current transfer receipts, from business (net) 30 Less: Contributions for government social insurance, domestic 31 Less: Personal current taxes 32 Equals: Disposable personal income 33 Less: Personal outlays 34 Personal consumption expenditures 35 Goods 36 Durable goods 37 Nondurable goods 38 Services 39 Personal interest payments 5 40 Personal current transfer payments 41 To government 42 To the rest of the world (net) 43 Equals: Personal saving 44 Personal saving as a percentage of disposable personal income Addenda: 45 Personal income excluding current transfer receipts, billions of chained (2017) dollars 6 Disposable personal income: 46 Total, billions of chained (2017) dollars 6 Per capita: 47 Current dollars 48 Chained (2017) dollars 49 Population (midperiod, thousands) 7 2022 2023 2024 22,153.8 13,443.4 11,122.8 9,501.5 1,733.6 1,024.2 7,768.0 1,733.9 6,034.1 1,621.3 2,320.6 1,555.0 765.6 23,585.0 14,207.4 11,732.4 10,000.5 1,837.2 1,068.8 8,163.3 1,815.8 6,347.6 1,731.9 2,475.0 1,660.1 814.9 24,905.9 15,027.1 12,387.9 10,538.8 1,929.2 1,107.1 8,609.6 1,882.9 6,726.8 1,849.1 2,639.1 1,772.7 866.4 Seasonally adjusted at annual rates 2024 2025 Q3 Q4 Q1 Q3 Q2 r 25,021.7 25,322.4 25,717.7 25,987.5 26,199.8 15,115.7 15,309.1 15,510.9 15,610.3 15,754.9 12,458.4 12,626.6 12,788.7 12,860.0 12,972.7 10,598.5 10,739.4 10,879.0 10,930.3 11,029.4 1,940.7 1,948.2 1,972.9 1,990.8 2,008.3 1,113.3 1,113.8 1,123.8 1,134.7 1,147.2 8,657.7 8,791.2 8,906.1 8,939.5 9,021.1 1,888.4 1,899.9 1,922.0 1,933.5 1,950.3 6,769.4 6,891.4 6,984.1 7,006.0 7,070.8 1,859.9 1,887.2 1,909.7 1,929.7 1,943.3 2,657.3 2,682.5 2,722.2 2,750.3 2,782.2 1,785.5 1,799.4 1,823.8 1,848.0 1,872.7 871.9 883.1 898.4 902.3 909.5 1,868.9 95.1 1,773.8 871.1 3,534.6 1,572.9 1,961.7 4,139.6 4,013.0 1,211.5 942.4 814.3 23.8 168.3 852.6 126.6 1,703.8 3,243.3 18,910.5 18,277.6 17,690.0 5,938.7 2,077.9 3,860.7 11,751.3 334.2 253.4 133.2 120.2 632.9 3.3 1,942.0 71.4 1,870.6 1,002.5 3,977.1 1,829.7 2,147.4 4,256.7 4,150.6 1,357.0 1,024.8 878.2 33.3 196.6 660.7 106.1 1,800.6 2,835.7 20,749.3 19,590.0 18,833.2 6,115.7 2,141.0 3,974.6 12,717.5 491.6 265.3 135.8 129.5 1,159.2 5.6 2,023.1 57.8 1,965.2 1,078.1 4,145.3 1,926.6 2,218.7 4,555.4 4,455.7 1,448.0 1,102.4 938.2 36.5 230.0 700.7 99.7 1,923.2 2,988.2 21,917.7 20,724.4 19,896.0 6,261.5 2,178.1 4,083.4 13,634.5 551.0 277.4 141.1 136.3 1,193.2 5.4 2,031.7 56.3 1,975.4 1,077.3 4,144.7 1,930.2 2,214.6 4,587.6 4,492.8 1,454.2 1,111.9 947.9 37.0 234.5 707.3 94.8 1,935.4 3,019.1 22,002.6 20,875.3 20,032.8 6,291.6 2,183.9 4,107.6 13,741.3 563.3 279.2 141.9 137.3 1,127.2 5.1 2,064.5 71.0 1,993.4 1,096.7 4,158.5 1,941.7 2,216.8 4,653.0 4,558.7 1,469.1 1,140.3 960.7 37.3 250.9 700.4 94.4 1,959.4 3,072.9 22,249.5 21,197.1 20,351.3 6,393.9 2,250.2 4,143.7 13,957.4 563.5 282.3 143.7 138.6 1,052.4 4.7 2,103.3 84.2 2,019.1 1,115.6 4,195.9 1,954.5 2,241.3 4,788.0 4,685.0 1,529.8 1,172.6 955.2 37.1 269.9 720.3 103.0 1,995.9 3,154.0 22,563.7 21,400.4 20,555.0 6,432.3 2,235.8 4,196.5 14,122.7 568.0 277.4 145.5 131.9 1,163.3 5.2 2,105.2 78.2 2,027.0 1,119.2 4,205.7 1,960.6 2,245.0 4,952.3 4,852.0 1,607.5 1,205.3 991.5 38.0 286.2 723.4 100.3 2,005.1 3,200.9 22,786.6 21,646.3 20,789.9 6,471.1 2,265.7 4,205.4 14,318.8 567.5 288.8 147.1 141.7 1,140.3 5.0 2,114.7 79.5 2,035.2 1,111.1 4,226.4 1,977.5 2,248.9 5,013.7 4,901.3 1,575.0 1,237.6 1,044.8 38.5 298.8 706.6 112.3 2,020.9 3,254.4 22,945.4 21,991.8 21,114.9 6,546.7 2,277.6 4,269.1 14,568.2 585.8 291.1 149.2 141.9 953.6 4.2 Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 15,516.0 16,038.7 16,456.0 16,489.6 16,576.0 16,643.8 16,639.8 16,645.1 45 16,288.1 17,217.8 17,723.3 17,755.3 17,843.2 17,943.2 18,025.1 18,027.3 46 56,555 61,545 64,423 64,593 65,216 66,055 66,621 66,983 47 48,712 51,070 52,095 52,124 52,301 52,528 52,700 52,626 48 334,372 337,141 340,212 340,637 341,164 341,590 342,034 342,555 49 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2025. 1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies, contributions for government social insurance, net interest and miscellaneous payments, business current transfer payments (net), and current surplus of government enterprises, plus personal income receipts on assets, and personal current transfer receipts. 2. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 3. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 4. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 5. Consists of nonmortgage interest paid by households. Note that mortgage interest paid by households is an expense item in the calculation of rental income of persons. 6. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 7. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. Source: U.S. Bureau of Economic Analysis Page 15 of 20 December 23, 2025 Table 9. Corporate Profits: Level and Percent Change Billions of dollars Percent change from preceding period Line 2022 2023 2024 2023 2024 2024 Q3 1 Corporate profits with inventory valuation and capital consumption adjustments 2 Less: Taxes on corporate income 3 Equals: Profits after tax with inventory valuation and capital consumption adjustments 4 Net dividends 5 Undistributed profits with inventory valuation and capital consumption adjustments Addenda for corporate cash flow: 6 Net cash flow with inventory valuation adjustment 7 8 9 Undistributed profits with inventory valuation and capital consumption adjustments Consumption of fixed capital Less: Capital transfers paid (net) 2025 Q4 Q1 Q2 2024 Q3 3,362.6 3,617.3 3,801.8 3,755.7 3,970.6 3,922.9 3,929.7 4,095.7 600.6 613.0 680.3 Quarter one year ago Line Quarterly rates Seasonally adjusted at annual rates 677.2 700.0 670.4 670.3 693.4 Q4 2025 Q1 Q2 2025 Q3 Q3 7.6 5.1 5.7 -1.2 0.2 4.2 9.1 1 2.1 11.0 3.4 -4.2 0.0 3.5 2.4 2 2,762.0 3,004.3 3,121.4 3,078.5 3,270.6 3,252.4 3,259.4 3,402.3 8.8 3.9 6.2 -0.6 0.2 4.4 10.5 3 2,027.9 2,154.5 2,225.7 2,221.4 2,223.9 2,255.7 2,257.8 2,260.6 6.2 3.3 0.1 1.4 0.1 0.1 1.8 4 996.8 1,001.7 1,141.7 15.8 5.4 22.1 -4.8 0.5 14.0 33.2 5 2,971.1 3,343.9 3,471.0 3,463.8 3,663.0 3,584.4 3,693.5 3,908.5 12.5 3.8 5.8 -2.1 3.0 5.8 12.8 6 15.8 5.4 22.1 -4.8 0.5 14.0 33.2 7 2,287.9 2,447.4 2,583.3 2,604.1 2,642.5 2,667.2 2,696.1 2,772.5 7.0 5.6 1.5 0.9 1.1 2.8 6.5 50.9 -46.7 8.0 -2.7 26.3 79.6 4.2 5.6 .......... .......... .......... .......... .......... .......... ............... 8 9 734.1 734.1 849.9 849.9 895.7 895.7 857.1 1,046.8 857.1 1,046.8 996.8 1,001.7 1,141.7 Addenda: 10 11 12 13 Profits before tax (without inventory valuation and capital consumption adjustments) Profits after tax (without inventory valuation and capital consumption adjustments) Inventory valuation adjustment Capital consumption adjustment 3,607.3 3,855.2 4,179.2 4,121.2 4,389.5 4,006.2 4,026.2 4,283.3 6.9 8.4 6.5 -8.7 0.5 6.4 3.9 10 3,006.8 3,242.2 3,498.8 3,444.0 3,689.5 3,335.8 3,355.9 3,589.9 7.8 7.9 7.1 -9.6 0.6 7.0 4.2 11 -161.5 -83.3 33.0 -270.9 -8.9 -368.5 7.3 -372.7 -41.0 -377.8 -23.8 -59.5 Source: U.S. Bureau of Economic Analysis Page 16 of 20 -43.3 -53.2 -95.9 .......... .......... .......... .......... .......... .......... ............... 12 -91.7 .......... .......... .......... .......... .......... .......... ............... 13 December 23, 2025 Table 10. Corporate Profits by Industry: Level and Change from Preceding Period [Billions of dollars] Level Change from preceding period Seasonally adjusted at annual rates Line 2022 2023 2024 2024 Q3 Corporate profits with inventory valuation and capital consumption adjustments 2 Domestic industries 2025 Q4 Q1 Q2 Q3 2023 2024 2024 Q4 Line 2025 Q1 Q2 Q3 1 3 Financial 4 Nonfinancial 5 Rest of the world 6 7 Receipts from the rest of the world Less: Payments to the rest of the world Corporate profits with inventory 8 valuation adjustment 9 Domestic industries 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 Financial Federal Reserve banks Other financial Nonfinancial Utilities Manufacturing Durable goods Fabricated metal products Machinery Computer and electronic products Electrical equipment, appliances, and components Motor vehicles, bodies and trailers, and parts Other durable goods Nondurable goods Food and beverage and tobacco products Petroleum and coal products Chemical products Other nondurable goods Wholesale trade Retail trade Transportation and warehousing Information Other nonfinancial Rest of the world 3,362.6 3,617.3 3,801.8 3,755.7 3,970.6 3,922.9 3,929.7 4,095.7 254.7 184.4 214.9 -47.8 6.8 166.1 2,913.1 3,144.3 3,344.2 3,342.6 3,446.9 3,437.0 3,458.2 3,574.0 231.1 199.9 104.2 -9.8 21.2 115.8 603.3 583.2 697.2 680.9 742.2 769.2 777.4 824.9 -20.1 114.0 2,309.8 2,561.0 2,647.0 2,661.7 2,704.6 2,667.8 2,680.8 2,749.1 251.2 27.0 2 8.2 47.5 3 4 42.9 -36.8 13.0 68.3 521.7 23.6 -15.5 110.7 -38.0 -14.4 50.2 5 936.1 1,059.4 986.9 1,050.5 1,095.8 11.6 37.8 123.4 -72.5 63.6 45.3 6 522.9 501.1 -12.0 53.3 -34.6 78.0 -4.9 7 3,445.9 3,888.2 4,170.2 4,128.5 4,348.5 3,982.4 3,982.9 4,187.4 442.4 282.0 220.0 -366.1 0.5 204.6 8 2,996.4 3,415.1 3,712.7 3,715.4 3,824.7 3,496.6 3,511.4 3,665.7 418.8 297.5 109.3 -328.1 14.8 154.3 682.1 678.0 801.4 786.8 849.9 852.3 858.5 912.5 -4.1 123.3 59.5 -114.7 -78.1 -91.6 -45.8 -26.8 -42.1 -30.4 -174.1 36.6 622.7 792.7 879.5 878.4 895.6 879.2 900.7 942.9 170.0 86.7 2,314.2 2,737.1 2,911.3 2,928.5 2,974.8 2,644.2 2,652.8 2,753.2 422.9 174.2 38.0 56.4 64.6 63.8 65.3 56.1 52.8 .............. 18.4 8.2 646.7 728.0 704.3 703.6 727.8 591.1 648.6 .............. 81.3 -23.7 312.4 373.5 376.5 369.9 382.2 325.6 337.9 .............. 61.1 3.0 36.9 50.5 44.8 45.8 47.5 39.3 33.1 .............. 13.5 -5.7 34.7 57.9 64.4 67.6 56.5 55.1 49.0 .............. 23.2 6.4 63.0 2.5 45.8 18.9 17.2 -16.4 46.3 -330.6 1.5 -9.2 24.2 -136.6 12.3 -56.6 1.7 -8.2 -11.1 -1.5 6.2 -15.3 21.5 8.6 -3.4 57.4 12.2 -6.2 -6.0 449.5 473.1 457.6 413.1 936.4 948.1 985.9 487.0 475.0 528.3 523.8 535.7 485.8 471.5 579.1 574.2 85.9 61.3 1 12.7 54.0 11.8 42.2 100.4 ........... ........... ........... ........... ........... 9 10 11 12 13 14 15 16 17 18 119.5 108.9 120.6 116.2 138.6 126.2 149.8 .............. -10.7 11.7 22.4 -12.4 23.6 ........... 19 10.3 14.2 16.8 16.2 17.1 18.1 15.2 .............. 4.0 2.6 0.9 1.0 -2.9 ........... 20 5.9 104.9 20.3 121.6 18.9 111.0 18.7 105.4 15.6 106.9 -9.8 96.8 -17.7 .............. 108.4 .............. 14.5 16.6 -1.4 -10.6 -3.2 1.5 -25.3 -10.1 -7.9 ........... 21 11.7 ........... 22 334.4 354.5 327.8 333.7 345.6 265.5 310.7 .............. 20.2 -26.7 11.9 -80.1 45.2 ........... 23 64.1 88.5 90.0 88.6 96.0 77.8 74.4 .............. 24.3 1.5 7.4 -18.2 76.5 49.6 43.9 40.3 135.5 146.7 153.3 157.0 54.0 41.5 47.9 52.3 291.3 293.8 291.7 296.0 368.4 409.1 420.9 422.6 124.0 123.3 120.7 123.6 231.6 287.8 292.1 308.3 937.4 1,028.4 1,035.7 1,031.2 473.1 457.6 413.1 523.8 22.8 124.4 40.5 266.5 390.2 101.2 271.0 968.0 485.8 -26.9 -3.6 11.2 3.8 -12.5 4.4 2.5 4.3 40.7 1.7 -0.7 2.9 56.1 16.2 91.0 -4.5 -15.5 110.7 -17.4 -32.7 -11.8 -29.6 -32.4 -22.4 -37.2 -63.2 -38.0 84.2 141.2 44.9 250.1 290.9 104.1 180.8 803.7 449.5 Note. Estimates in this table are based on the 2017 North American Industry Classification System (NAICS). Source: U.S. Bureau of Economic Analysis Page 17 of 20 37.9 154.9 43.5 218.1 403.0 92.6 270.8 967.0 471.5 .............. -7.7 .............. -5.7 .............. 9.2 .............. 41.3 .............. 77.5 .............. 19.9 .............. 50.9 .............. 133.7 521.7 23.6 -3.3 ........... 24 15.0 30.6 2.9 -48.3 12.8 -8.6 -0.2 -1.0 -14.4 ........... ........... ........... ........... ........... ........... ........... ........... 50.2 25 26 27 28 29 30 31 32 33 December 23, 2025 Table 11. Gross Value Added of Nonfinancial Domestic Corporate Business Seasonally adjusted at annual rates Line 2022 2023 2024 2024 Q3 2025 Q4 Q1 Q2 r Line Q3 Billions of dollars 1 Gross value added of nonfinancial corporate business 2 Consumption of fixed capital 3 Net value added 4 Compensation of employees 5 Wages and salaries 6 Supplements to wages and salaries 7 Taxes on production and imports less subsidies 8 Net operating surplus 9 Net interest and miscellaneous payments 10 Business current transfer payments (net) Corporate profits with inventory valuation and capital consumption adjustments 11 12 13 14 15 Taxes on corporate income Profits after tax with inventory valuation and capital consumption adjustments Net dividends Undistributed profits with inventory valuation and capital consumption adjustments 13,445.4 14,163.4 14,849.2 14,866.5 15,093.3 15,226.7 15,431.2 15,705.1 1 2,010.5 2,154.3 2,274.4 2,291.7 2,325.0 2,348.1 2,374.6 2,439.9 11,434.9 12,009.1 12,574.8 12,574.8 12,768.2 12,878.6 13,056.6 13,265.2 7,593.4 8,015.6 8,451.1 8,441.8 8,577.4 8,702.8 6,451.9 6,796.4 7,152.8 7,137.5 7,254.4 7,361.0 1,141.5 1,219.3 1,298.3 1,304.3 1,323.0 1,341.8 1,104.8 1,115.7 1,166.0 1,172.9 1,187.5 1,198.9 2,736.7 2,877.7 2,957.8 2,960.1 3,003.3 2,976.9 307.8 218.9 199.3 199.4 199.3 206.2 119.1 97.8 111.4 99.0 99.3 102.9 2,309.8 2,561.0 2,647.0 2,661.7 2,704.6 2,667.8 8,766.8 7,410.5 1,356.3 1,308.8 2,981.0 206.3 93.9 2,680.8 8,860.6 7,487.6 1,373.0 1,359.3 3,045.3 200.3 95.9 2,749.1 2 3 4 5 6 7 8 9 10 11 471.8 1,838.0 1,268.7 569.3 486.9 2,074.2 1,385.6 688.5 540.2 2,106.8 1,539.6 567.2 536.3 2,125.5 1,549.5 575.9 556.4 2,148.2 1,570.5 577.7 516.7 2,151.1 1,504.5 646.7 514.5 2,166.3 1,295.9 870.4 538.5 2,210.6 1,360.3 850.4 12 13 14 15 2,475.7 2,003.9 -161.5 -4.4 2,704.1 2,217.3 33.0 -176.1 2,920.2 2,380.0 -8.9 -264.3 2,921.3 2,385.0 7.3 -266.8 3,015.8 2,459.5 -41.0 -270.2 2,668.1 2,151.4 -23.8 23.6 2,696.1 2,181.6 -43.3 28.0 2,849.1 2,310.6 -95.9 -4.1 16 17 18 19 Addenda: 16 17 18 19 Profits before tax (without inventory valuation and capital consumption adjustments) Profits after tax (without inventory valuation and capital consumption adjustments) Inventory valuation adjustment Capital consumption adjustment 20 Gross value added of nonfinancial corporate business 1 21 Consumption of fixed capital 2 22 Net value added 3 Billions of chained (2017) dollars 11,350.8 11,550.3 11,864.2 11,851.1 12,005.9 11,997.6 12,167.5 12,279.3 20 1,810.7 1,888.8 1,964.1 1,973.9 1,992.9 2,013.4 2,039.9 2,068.6 21 9,540.1 9,661.6 9,900.1 9,877.2 10,013.0 9,984.3 10,127.6 10,210.7 22 Dollars; quarters seasonally adjusted Price, costs, and profits per unit of real gross value added of nonfinancial corporate business: 23 Price per unit of real gross value added of nonfinancial corporate business 4 24 25 26 27 Compensation of employees (unit labor cost) Unit nonlabor cost Consumption of fixed capital Taxes on production and imports less subsidies plus business current transfer payments (net) 28 29 Net interest and miscellaneous payments Corporate profits with inventory valuation and capital consumption adjustments (unit profits from current production) 30 31 Taxes on corporate income Profits after tax with inventory valuation and capital consumption adjustments 1.185 1.226 1.252 1.254 1.257 1.269 1.268 1.279 23 0.669 0.312 0.177 0.694 0.311 0.187 0.712 0.316 0.192 0.712 0.318 0.193 0.714 0.317 0.194 0.725 0.321 0.196 0.721 0.327 0.195 0.722 24 0.334 25 0.199 26 0.108 0.105 0.108 0.107 0.107 0.109 0.115 0.119 27 0.027 0.019 0.017 0.017 0.017 0.017 0.017 0.016 28 0.203 0.222 0.223 0.225 0.225 0.222 0.220 0.224 29 0.042 0.162 0.042 0.180 0.046 0.178 0.045 0.179 0.046 0.179 0.043 0.179 0.042 0.178 0.044 30 0.180 31 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2025. 1. The current-dollar gross value added is deflated using the gross value added chain-type price index for nonfinancial industries from the GDP-by-industry accounts. For periods when this price index is not available, the chain-type price index for GDP goods and structures is used. 2. Chained-dollar consumption of fixed capital of nonfinancial corporate business is calculated as the product of the chain-type quantity index and the 2017 current-dollar value of the corresponding series, divided by 100. 3. Chained-dollar net value added of nonfinancial corporate business is the difference between the gross value added and the consumption of fixed capital. 4. The deflator for gross value added of nonfinancial corporate business divided by 100. Note. Estimates in this table are based on the 2017 North American Industry Classification System (NAICS). Source: U.S. Bureau of Economic Analysis Page 18 of 20 December 23, 2025 Appendix Table A. Real Gross Domestic Product and Related Aggregates: Percent Change from Preceding Period and Contributions to Percent Change Seasonally adjusted at annual rates 2022 2023 2024 2021 Q4 Line Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 0.8 -4.9 3.7 1.7 13.6 3.6 3.3 6.9 5.2 2.8 3.2 -1.8 -1.7 8.4 -12.9 1.9 -0.6 1.1 -1.3 2.4 -0.1 0.5 -2.0 5.5 -12.8 Q4 Q1 2025 Q2 Line Q3 Percent change from preceding period 1 2 3 4 5 6 7 Gross domestic product (GDP) and related aggregates: GDP Goods Services Structures Motor vehicle output GDP excluding motor vehicle output Nonfarm business gross value added 1 2.5 3.1 3.3 -4.4 -0.3 2.9 2.7 3.0 3.3 7.4 2.8 2.1 3.1 3.3 -1.1 7.0 17.1 3.7 -3.3 30.0 -1.0 -3.0 0.2 -1.8 -2.0 0.6 -2.9 3.4 -5.2 3.7 2.9 4.6 3.9 -9.0 14.4 2.8 5.5 3.0 -7.6 -0.7 2.9 0.5 3.3 9.3 25.1 2.5 1.0 1.8 13.1 11.0 4.7 3.4 6.4 3.0 3.2 2.9 9.4 8.4 -5.9 -20.2 3.8 10.2 2.0 -4.0 24.3 4.3 8.2 3.8 -4.8 22.4 1 2 3 4 5 2.6 2.8 2.9 6.5 -1.0 0.6 2.6 2.9 2.4 2.3 5.0 4.2 0.5 3.5 3.8 1.8 -0.3 3.4 3.9 6 2.5 3.1 2.9 8.6 -2.2 -0.1 2.9 3.1 2.9 2.9 5.5 3.7 0.2 4.0 3.9 1.7 -0.9 5.2 5.4 7 3.4 0.8 3.6 3.3 1.9 -0.6 3.8 4.3 8 0.34 1.96 0.93 -1.52 2.02 1.54 1.11 1.92 1.74 2.21 1.73 1.95 1.09 0.81 0.74 0.16 -0.16 -0.15 0.30 -0.17 -0.61 0.33 0.21 -0.35 0.33 1.48 0.04 0.13 Contributions to percent change in real gross domestic product 8 9 10 11 12 Percent change at annual rate: Gross domestic product Percentage points at annual rates: Goods Services Structures Motor vehicle output 2.5 0.97 1.95 -0.40 -0.01 2.9 2.8 7.0 -1.0 0.6 2.9 2.8 2.9 0.84 0.65 5.11 -0.94 -0.90 1.44 1.73 1.80 1.85 2.23 0.08 2.01 2.32 1.75 0.29 0.29 -0.29 -0.16 -0.48 -0.84 -0.69 0.20 -0.03 0.67 -0.05 0.10 0.36 -0.02 0.18 1.97 0.78 0.62 1. Consists of GDP less gross value added of farm, of households and institutions, and of general government. Source: U.S. Bureau of Economic Analysis Page 19 of 20 2.5 4.7 -0.39 2.95 2.42 9 -0.09 1.24 2.33 10 -0.17 -0.35 -0.41 11 -0.34 0.54 0.52 12 December 23, 2025 Appendix Table B. Not Seasonally Adjusted Real Gross Domestic Product: Level and Percent Change from Quarter One Year Ago Line Q2 1 2 3 4 5 6 7 Gross domestic product (GDP) Personal consumption expenditures Gross private domestic investment Net exports of goods and services Exports Imports Government consumption expenditures and gross investment Addenda: Current dollar measures: (Billions of dollars) GDP 8 Gross domestic income 9 2023 Q3 Billions of chained (2017) dollars at quarterly rates 2024 Q4 Q1 Q2 Q3 Q4 Q1 2025 Q2 r Q3 Percent change from quarter one year ago Line 2023 2024 2025 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 r Q3 5,655.8 5,731.9 5,847.1 5,647.3 5,829.4 5,884.6 5,997.2 5,776.7 5,943.4 6,022.1 3.2 3.1 2.9 3.1 2.7 2.6 2.3 2.0 2.3 1 3,901.8 3,911.8 4,047.7 3,869.2 4,005.6 4,025.3 4,188.5 3,967.1 4,110.7 4,137.1 2.5 2.8 2.7 2.7 2.9 3.5 2.5 2.6 2.8 2 1,039.9 1,107.2 1,056.4 1,050.4 1,097.9 1,139.3 1,058.9 1,129.9 1,094.3 1,136.1 2.3 2.9 3.4 5.6 2.9 0.2 7.6 -0.3 -0.3 3 -234.4 -252.2 -230.4 -220.4 -260.5 -289.5 -262.1 -315.4 -266.4 -264.7 ......... ......... ......... ......... ......... ......... ......... ......... ......... 631.8 633.7 655.5 634.0 656.4 665.5 677.7 645.3 665.8 675.4 0.2 1.8 2.2 3.9 5.0 3.4 1.8 1.4 1.5 866.2 885.8 885.9 854.5 917.0 955.0 939.7 960.8 932.1 940.2 -1.4 1.5 3.2 5.9 7.8 6.1 12.4 1.7 -1.6 4 5 6 947.9 0.8 7 6,914.8 7,046.7 7,187.5 7,029.2 7,311.8 7,396.9 7,554.1 7,354.1 7,640.9 7,794.6 6.4 5.8 5.5 5.7 5.0 5.1 4.6 4.5 5.4 ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ......... ......... ......... ......... ......... ......... ......... ......... ......... 8 9 964.5 973.5 948.7 983.9 1,004.7 1,008.0 988.1 1,002.1 1,012.4 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2025. Source: U.S. Bureau of Economic Analysis Page 20 of 20 4.8 4.4 3.7 3.8 4.2 3.6 4.2 1.8