February 20, 2026

GDP (Advance Estimate), 4th Quarter and Year 2025 and Personal Income and Outlays, December 2025

GDP (Advance Estimate), 4th Quarter and Year 2025

Real gross domestic product (GDP) increased at an annual rate of 1.4 percent in the fourth quarter of 2025 (October, November, and December), according to the advance estimate released today by the U.S. Bureau of Economic Analysis. In the third quarter, real GDP increased 4.4 percent. The contributors to the increase in real GDP in the fourth quarter were increases in consumer spending and investment. These movements were partly offset by decreases in government spending and exports. Imports, which are a subtraction in the calculation of GDP, decreased.

Personal Income and Outlays, December 2025

Personal income increased $86.2 billion (0.3 percent at a monthly rate) in December, according to estimates released today by the U.S. Bureau of Economic Analysis. Disposable personal income (DPI)—personal income less personal current taxes—increased $75.7 billion (0.3 percent), and personal consumption expenditures (PCE) increased $91.0 billion (0.4 percent). Personal outlays—the sum of PCE, personal interest payments, and personal current transfer payments—increased $90.2 billion in December. Personal saving was $830.8 billion in December, and the personal saving rate—personal saving as a percentage of disposable personal income—was 3.6 percent.

Principal Federal Economic Indicators

Gross Domestic Product
Q4 (Adv) 2025
+1.4%
Personal Income
December 2025
+0.3%
International Trade in Goods and Services
December 2025
-$70.3 B
International Transactions
Q3 2025
-$226.4 B

Noteworthy

The Latest

U.S. International Trade in Goods and Services, February 2016

| News Release

U.S. Census Bureau U.S. Bureau of Economic Analysis NEWS U.S. Department of Commerce * Washington, DC 20230 U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES February 2016 The U.S. Census Bureau and the U.S.

Value of U.S. Assets Decreased More Than U.S. Liabilities in Fourth Quarter 2015

| The BEA Wire

The U.S. net international investment position was -$7,356.8 billion (preliminary) at the end of the fourth quarter of 2015 as the value of U.S. liabilities exceeded the value of U.S. assets. At the end of the third quarter, the net position was -$7,311.6 billion (revised).

U.S. International Investment Position, 4th quarter 2015

| News Release

Notice About the 2016 Annual Revision of the U.S. Net International Investment Position

The annual revision of the U.S. net international investment position will be released along with preliminary estimates for the first quarter of 2016 on June 30, 2016. An article previewing the annual revisions will appear in the April 2016 issue of the Survey of Current Business.

Personal Income Decelerates in February

| The BEA Wire

Personal income increased 0.2 percent in February after increasing 0.5 percent in January. Wages and salaries, the largest component of personal income, decreased 0.1 percent in February after increasing 0.6 percent in January.

Personal Income and Outlays, February 2016

| News Release

Personal income increased $23.7 billion, or 0.2 percent, and disposable personal income (DPI) increased $23.7 billion, or 0.2 percent, in February, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $11.0 billion, or 0.1 percent. In January, personal income increased $72.7 billion, or 0.5 percent, DPI increased $57.2 billion, or 0.4 percent, and PCE increased $10.7 billion, or 0.1 percent, based on…

GDP Increases in Fourth Quarter

| The BEA Wire

Real gross domestic product (GDP) increased 1.4 percent in the fourth quarter of 2015, according to the “third” estimate released by the Bureau of Economic Analysis. The growth rate was 0.4 percent point more than the “second” estimate released last month. In the third quarter, real GDP increased 2.0 percent.

Gross Domestic Product, 4th quarter and annual 2015 (third estimate); Corporate Profits, 4th quarter and annual 2015

| News Release

Real gross domestic product -- the value of the goods and services produced by the nation's economy less the value of the goods and services used up in production, adjusted for price changes -- increased at an annual rate of 1.4 percent in the fourth quarter of 2015, according to the "third" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 2.0 percent. The GDP estimate released today…

State Personal Income: Fourth Quarter 2015

| The BEA Wire

State personal income grew 0.8 percent on average in the fourth quarter of 2015, down from 1.0 percent in the third quarter. Thirty-three states, including the four largest states California, Texas, Florida, and New York had slower growth in personal income in the fourth quarter than in the third quarter. Growth rates ranged from -0.1 percent in Wyoming, Oklahoma, and Nebraska to 1.3 percent in Michigan.

State Personal Income 2015

| The BEA Wire

State personal income grew on average 4.4 percent in 2015, the same rate as in 2014. Growth of state personal income—the sum of net earnings by place of residence, property income, and personal current transfer receipts—ranged from -0.2 percent in North Dakota to 6.3 percent in California.

State Quarterly Personal Income, 1st quarter 2015 - 4th quarter 2015; State Annual Personal Income, 2015 (preliminary estimate)

| News Release

State personal income grew on average 4.4 percent in 2015, the same rate as in 2014, according to estimates released today by the U.S. Bureau of Economic Analysis. Growth of state personal income—the sum of net earnings by place of residence, property income, and personal current transfer receipts—ranged from -0.2 percent in North Dakota to 6.3 percent in California (table 1).