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

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| The BEA Wire

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June 2015 Trade Gap is $43.8 Billion

| The BEA Wire

The U.S. monthly international trade deficit increased in June 2015 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $40.9 billion in May (revised) to $43.8 billion in June, as exports decreased and imports increased. The previously published May deficit was $41.9 billion. The goods deficit increased $2.9 billion from May to $63.5 billion in June. The services surplus decreased less…

U.S. International Trade in Goods and Services, June 2015

| 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 JUNE 2015 The U.S. Census Bureau and the U.S.

Real Consumer Spending Flat in June

| The BEA Wire

Personal income increased 0.4 percent in June and in May. Wages and salaries rose 0.2 percent in June after rising 0.4  percent May.

Current-dollar disposable personal income (DPI), after-tax income, increased 0.5 percent in June after rising 0.4 percent in May.

Real DPI, income adjusted for taxes and inflation, increased 0.2 percent in June after increasing 0.1 percent in May.

Personal Income and Outlays, June 2015; Includes historical revisions

| News Release

Personal income increased $68.1 billion, or 0.4 percent, and disposable personal income (DPI) increased $60.6 billion, or 0.5 percent, in June, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $25.9 billion, or 0.2 percent.

Detailed Direct Investment Data for 2014 Now Available

| The BEA Wire

Detailed statistics on U.S. direct investment abroad – or “outward direct investment”– and on foreign direct investment in the United States – or “inward direct investment” are now available on BEA’s website.

GDP Increases in Second Quarter

| The BEA Wire

Real gross domestic product (GDP) increased 2.3 percent in the second quarter of 2015, according to the “advance” estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 0.6 percent (revised).

GDP highlights The second-quarter increase in real GDP mainly reflected an increase in consumer spending. Spending on both durable goods, notably motor vehicles and parts, and nondurable goods increased.…

Gross Domestic Product, 2nd quarter 2015 (advance estimate); Includes historical revisions

| News Release

Real gross domestic product -- the value of the production of goods and services in the United States, adjusted for price changes -- increased at an annual rate of 2.3 percent in the second quarter of 2015, according to the "advance" estimate released by the Bureau of Economic Analysis.

Industry in Focus: Transportation and Warehousing

| The BEA Wire

Transportation and warehousing is an industry that is important to everyone, whether you’re an individual flying home to visit family or a business expecting a shipment of raw materials. In the first quarter of 2015, transportation and warehousing subtracted 0.56 percentage point from real Gross Domestic Product, and was the largest contributor to the 0.2 percent decrease in GDP.

Nondurable Goods Manufacturing Led the Downturn in First Quarter Gross Domestic Product by Industry

| The BEA Wire

A deceleration in nondurable goods manufacturing and downturns in both professional, scientific, and technical services and wholesale trade were the leading contributors to the downturn in U.S. economic growth in the first quarter of 2015. Overall, 15 of 22 industry groups contributed to the downturn in the first quarter.