Real GDP grew by 0.5% in Q1 2025, matching the pace from Q4 2024. Growth was primarily driven by goods exports and business non-farm inventory accumulation, while higher imports and weak residential resale activity acted as drags.

On a per capita basis, GDP rose 0.4%, improving from 0.1% in the prior quarter. However, final domestic demand was flat, marking its first quarter without growth since late 2023.

Below are the details:

• Prior quarter 2.6%
• GDP MoM March 0.1% vs 0.1% estimate
• GDP QQ for Q1 0.5% vs 0.5% last (revised from 0.6%).
• GDP QQ annualized 2.2% vs 1.7% est. Last month 2.1% versus 2.6% previously reported
• GDP Implicit price QQ for Q1 0.6% vs 0.9% last month
• GDP YoY Q1 x.x% vs 2.36%
• GDP MoM Mar 0.1% versus 0.1% estimate. Last month -0.2%.

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