U.S. GDP & Components
Real U.S. GDP in 2025 dollars, decomposed into its four expenditure components: consumption (C), investment (I), government spending (G), and net exports (X − M).
Last updated: Apr 6, 2026, 9:10 PM
Output
Real GDP
Output
Total U.S. gross domestic product in chained 2025 dollars — the broadest measure of economic output
26.52$T
+2.18% YoY, slowing down by 0bps/mo over the last 95Y. The most recent YoY value is +1.88%, 0.30% below trend, a 0.1σ deviation.
Level
YoY %
Deviation from trend
Consumption (C)
Personal Consumption Expenditures
Consumption (C)
Household spending on goods and services — typically ~68% of GDP and the largest component
14.82$T
+3.02% YoY, accelerating by +0bps/mo over the last 95Y. The most recent YoY value is +2.21%, 0.81% below trend, a 0.3σ deviation.
Level
YoY %
Deviation from trend
Investment (I)
Gross Private Domestic Investment
Investment (I)
Business fixed investment, residential construction, and inventory changes — the most cyclical GDP component
3.96$T
+0.92% YoY, slowing down by -1bps/mo over the last 95Y. The most recent YoY value is +1.28%, 0.36% above trend, a 0.0σ deviation.
Level
YoY %
Deviation from trend
Government (G)
Government Consumption & Investment
Government (G)
Federal, state, and local government spending on goods, services, and infrastructure
2.99$T
-2.09% YoY, slowing down by -1bps/mo over the last 95Y. The most recent YoY value is +1.70%, 3.79% above trend, a 0.3σ deviation.
Level
YoY %
Deviation from trend
Net Exports (X − M)
Net Exports of Goods & Services
Net Exports (X − M)
Exports minus imports — persistent deficits reflect U.S. consumption of foreign production
-0.81$T
-0.02% YoY, slowing down by 0bps/mo over the last 95Y. The most recent YoY value is -0.06%, 0.04% below trend, a 0.8σ deviation.
Level
Change (pp)
Deviation from trend