Real gross domestic product (GDP) declined 0.4% in the second quarter of 2025, following a 0.5% gain in the first quarter. The contraction in the second quarter was driven by significant declines in the export of goods, as well as decreased business investment in machinery and equipment. These declines were tempered by faster accumulations of business inventories, higher household spending and lower imports of goods.
On a per capita basis, real GDP was down 0.4% in the second quarter, after an increase of 0.4% in the previous quarter. Final domestic demand, which represents total final consumption expenditures and investment in fixed capital, was up 0.9% in the second quarter of 2025, following a decline of 0.2% in the first quarter. Increased household and government spending led the rise in final domestic demand in the second quarter.
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