As of 2nd release for 2025Q1.
Figure 1: GDP (bold black), GDO (light blue), GDP+ based on 2022Q4 GDP (tan), final sales (red), all in bn.Ch.2017$ SAAR. Source: BEA 2025Q1 2nd release, Philadelphia Fed, and author’s calculations.
Final sales growth revised down 0.3 ppts, as consumption growth revised down 0.6 ppts. All in all, the outlook looks less rosy than in the advance release, as inventory growth are up revised up 0.3 ppts. Remember, final sales more closely approximates aggregate demand than does GDP.
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