Let's break down the GDP numbers to see what had happened.
GDP growth = G + I + C + NE
Q2 GDP (1st estimate) = 0.08 + (-3.09) + 0.98 + 4.99 = 2.96 (3)
Q2 GDP (2nd estimate) = (-0.03) + (-2.7) + 1.07 + 4.95 = 3.29 (3.3)
Q2 GDP (Final estimate) = (-0.01) + (-2.66) + 1.68 + 4.83 = 3.84 (3.8)
We can see that G & I are negative which means that the government spending is still being restricted and Investment is still dropping because exports exceed imports by a significant margin and this wide margin causes net export to be positive. In other words, the US is no longer the world buyer but the world seller and this is completely different from last year.
Let's make a comparison with Q2 2024 and we can see the significant changes.
Q2 GDP 2024 (Final) = 0.52 + 1.47 + 1.9 + (-0.9) = 2.99 (3)
In Q2 2024, the G, I and C were all positive except for the negative NE because the US was a world buyer back then. In 2025, the US became the world seller after the imposition of Trump's tariffs by dumping its goods in Europe and Asia.
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