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December 23, 2025US GDP 2025 Q3 (ADVANCED ESTIMATE) 
The Bureau of Economic Analysis released advanced estimates of Q3 US Real Gross Domestic Product (GDP).
US real GDP growth was estimated at 4.3% (seasonally adjusted annualized rate) for Q3 2025.
The increase in real GDP was driven by decreases in imports (-4.7%), which are subtracted from GDP, along with increases in exports (+8.8%), federal government defence spending (+5.8%), personal consumption expenditures (+3.5%), state and local government spending (+1.8%), and non-residential investment (+2.8%). These were partially offset by declines in Federal non-defence spending (-1.1%) and residential investment (-5.2%).
Current-dollar GDP growth was up to 8.2% (annualized rate) in the first estimates following a 6.0% current-dollar GDP increase in Q2 2025.
Private inventory investment was estimated at -$29.6 billion net accumulation in the advanced estimates in Q3 2025, while Q2 was revised to -$18.3 billion.
Source: US Bureau of Economic Analysis, retrieved from Federal Reserve Bank of St. Louis.
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