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May 28, 2026US GDP 2026 Q1 (SECOND ESTIMATE) 
The Bureau of Economic Analysis has released the second estimate of Q1 US Real Gross Domestic Product (GDP).
US real GDP growth was estimated at 1.6% (seasonally adjusted annualized rate) for Q1 2026.
The increase in real GDP was driven by increases in exports (+13.1%), federal government defence spending (+2.3%) and non-defence spending (+20.7%), personal consumption expenditures (+1.4%), state and local government spending (+1.5%), and non-residential investment (+10.1%). These were partially offset by a decline in residential investment (-6.2%) and an increase in imports (+21.1%), which are subtracted from GDP.
Current-dollar GDP growth was up to 5.1% (annualized rate) in the second estimates following a 4.2% current-dollar GDP increase in Q4 2025.
Private inventory investment was estimated at -$25.7 billion net accumulation in the second estimate in Q1 2026, compared to Q4 2025 inventory investment accumulation of -$15.6 billion. This was the fourth consecutive quarter of net inventory drawdown, the longest net inventory drawdown since 2009.
Source: US Bureau of Economic Analysis, retrieved from Federal Reserve Bank of St. Louis.
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