Real gross domestic product (GDP) in the United States grew at an annual rate of 3.8 percent in the second quarter of 2025, according to the third estimate released by the U.S. Bureau of Economic Analysis (BEA). This follows a revised decrease of 0.6 percent in the first quarter.
The BEA stated that "the increase in real GDP in the second quarter primarily reflected a decrease in imports, which are a subtraction in the calculation of GDP, and an increase in consumer spending. These movements were partly offset by decreases in investment and exports."
Compared to earlier estimates, real GDP was revised up by 0.5 percentage point due mainly to higher consumer spending. The report noted that "the upward revision to consumer spending reflected an upward revision to services that was partly offset by a downward revision to goods." Services such as transportation and financial services contributed most to this change.
From an industry perspective, private goods-producing industries saw a 10.2 percent rise in real value added, while private services-producing industries increased by 3.5 percent. Government sector value added decreased by 3.2 percent during the same period.
The price index for gross domestic purchases rose by 2.0 percent, slightly higher than previous estimates. The personal consumption expenditures (PCE) price index increased by 2.1 percent; excluding food and energy prices, it rose by 2.6 percent.
Corporate profits from current production increased $6.8 billion in the second quarter but were revised down by $58.7 billion compared with previous estimates.
Today's release also included results from the annual update of National Economic Accounts covering data from early 2020 through early 2025. According to updated figures, real GDP grew at an average annual rate of 2.4 percent between 2019 and 2024, consistent with prior reports.
For the first quarter of 2025, real GDP is now estimated to have decreased by 0.6 percent—downwardly revised due to lower investment, government spending, and exports—while consumer spending was revised up.
Data underlying these updates are available through BEA's Interactive Data application on its website (www.bea.gov). Further details about data revisions and sources can be found on BEA’s site or will be published soon in the Survey of Current Business.
The next advance estimate for third-quarter GDP is scheduled for release on October 30, 2025.