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

September 2014 Trade Gap is $43.0 Billion

| The BEA Wire

The U.S. monthly international trade deficit increased in September 2014 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $40.0 billion in August (revised) to $43.0 billion in September, mainly reflecting a decrease in exports. The previously published August deficit was $40.1 billion. The goods deficit increased $2.4 billion from August to $62.7 billion in September; the services…

Consumer Spending Falls in September

| The BEA Wire

Personal Income rose 0.2 percent in September after rising 0.3 percent in August. Wages and salaries, the largest component of personal income, rose 0.2 percent in September after rising 0.5 percent in August.

Current-dollar disposable personal income (DPI), after-tax income, rose 0.1 percent in September after rising 0.3 percent in August.

Real DPI, income adjusted for taxes and inflation, remained flat in…

Personal Income and Outlays, September 2014

| News Release

Personal income increased $22.7 billion, or 0.2 percent, and disposable personal income (DPI) increased $15.7 billion, or 0.1 percent, in September, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) decreased $19.0 billion, or 0.2 percent. In August, personal income increased $50.7 billion, or 0.3 percent, DPI increased $37.5 billion, or 0.3 percent, and PCE increased $58.7 billion, or 0.5 percent, based on…

GDP Growth Moderates in Third Quarter

| The BEA Wire

Real gross domestic product (GDP) increased 3.5 percent in the third quarter of 2014, according to the “advance” estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 4.6 percent.

Third-quarter highlights The deceleration in GDP growth was more than accounted for by inventory investment, which detracted from growth in the third quarter after adding to it in the second quarter.…

Gross Domestic Product, 3rd quarter 2014 (advance estimate)

| 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 3.5 percent in the third quarter of 2014, according to the "advance" estimate released by the Bureau of Economic Analysis.

Commerce Data: Then & Now

| The BEA Wire

In July, Secretary of Commerce Penny Pritzker announced that our department will be hiring our first ever Chief Data Officer (CDO), building on her commitment to Commerce’s role as “America’s Data Agency.” She also announced the formation of a data advisory council comprising private sector leaders who will help the CDO navigate new and dynamic data challenges. This is the latest chapter in Commerce’s long history of adapting to serve the…

Detailed Statistics on Trade in Services Coming Soon

| The BEA Wire

With the release of the October edition of the Survey of Current Business, the Bureau of Economic Analysis (BEA) will publish the most detailed tables on trade in services by type of service and by area and country. These data represent the final product related to the restructuring of BEA’s international accounts, the most sweeping revamp since 1976.

BEA Stats Offer Interesting Nuggets about U.S. Factories in Recognition of Manufacturing Day

| The BEA Wire

Today is Manufacturing Day and that’s the perfect time to brush up on your factory factoids. Here are some data nuggets produced by the Bureau of Economic Analysis that might surprise you:

August 2014 Trade Gap is $40.1 Billion

| The BEA Wire

The U.S. monthly international trade deficit decreased in August 2014 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $40.3 billion in July (revised) to $40.1 billion in August as exports increased more than imports. The previously published July deficit was $40.5 billion. The goods deficit increased $0.1 billion from July to $59.9 billion in August; the services surplus increased $0.3…