From the Bureau of Economic Analysis, April 30:
Gross Domestic Product, 1st Quarter 2025 (Advance Estimate)
Real gross domestic product (GDP) decreased at an annual rate of 0.3 percent in the first quarter of 2025 (January, February, and March), according to the advance estimate released by the U.S. Bureau of Economic Analysis. In the fourth quarter of 2024, real GDP increased 2.4 percent.
The decrease in real GDP in the first quarter primarily reflected an increase in imports, which are a subtraction in the calculation of GDP, and a decrease in government spending. These movements were partly offset by increases in investment, consumer spending, and exports. For more information, refer to the "Technical Notes" below.
Compared to the fourth quarter, the downturn in real GDP in the first quarter reflected an upturn in imports, a deceleration in consumer spending, and a downturn in government spending that were partly offset by upturns in investment and exports.
Real final sales to private domestic purchasers, the sum of consumer spending and gross private fixed investment, increased 3.0 percent in the first quarter, compared with an increase of 2.9 percent in the fourth quarter.
The price index for gross domestic purchases increased 3.4 percent in the first quarter, compared with an increase of 2.2 percent in the fourth quarter. The personal consumption expenditures (PCE) price index increased 3.6 percent, compared with an increase of 2.4 percent. Excluding food and energy prices, the PCE price index increased 3.5 percent, compared with an increase of 2.6 percent.
| Real GDP and Related Measures (Percent change from Q3 to Q4) |
|
|---|---|
| Advance Estimate | |
| Real GDP | -0.3 |
| Current-dollar GDP | 3.5 |
| Real final sales to private domestic purchasers | 3.0 |
| Gross domestic purchases price index | 3.4 |
| PCE price index | 3.6 |
| PCE price index excluding food and energy | 3.5 |
