Real gross domestic product (GDP) increased at an annual rate of 3.8% in the second quarter of 2025, according to the third estimate released by the US Bureau of Economic Analysis. In the first quarter, real GDP decreased 0.6% (revised). The increase in real GDP in the second quarter primarily reflected a decrease in imports, which are a subtraction in the calculation of GDP, and an increase in consumer spending. These movements were partly offset by decreases in investment and exports. Real GDP was revised up 0.5 percentage point from the second estimate, primarily reflecting an upward revision to consumer spending.  Compared to the first quarter, the upturn in real GDP in the second quarter primarily reflected a downturn in imports and an acceleration in consumer spending that were partly offset by a downturn in investment.