US Fiscal Impact on GDP
US fiscal impact on GDP growth from the Hutchins Center at Brookings.
| Indicator | Q2-2026 | Q1-2026 | Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 | Q4-2024 | Q3-2024 | Q2-2024 | Q1-2024 | Q4-2023 | Q3-2023 | Q2-2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Fiscal Impact, 4-Quarter Average | -0.08 | -0.14 | -0.52 | -0.09 | -0 | 0.17 | 0.38 | 0.19 | 0.05 | -0.14 | -0.22 | -0.27 | -0.9 | |
| Quarterly Fiscal Impact3 | -0.19 | 0.82 | -1.22 | 0.26 | -0.43 | -0.7 | 0.51 | 0.6 | 0.25 | 0.17 | -0.27 | 0.05 | -0.51 | |
| Federal Purchases of Goods and Services | -0.59 | 0.46 | -1.57 | -1.02 | -0.94 | -0.56 | 0.15 | 0.62 | 0.18 | -1.32 | 0.25 | -0.17 | -0.27 | |
| State and Local Purchases of Goods and Services | 0.06 | -0.08 | 0.25 | 1.02 | 0.54 | -0.03 | -0.01 | -0.13 | -0.06 | 1.26 | 0.09 | 0.6 | 0.38 | |
| Taxes and Transfers (via Consumption) | 0.34 | 0.45 | 0.09 | 0.26 | -0.03 | -0.1 | 0.37 | 0.11 | 0.12 | 0.23 | -0.61 | -0.38 | -0.62 |
Latest reading
Fiscal Impact, 4-Quarter Average stood at −0.08 Percentage points in Q2 2026. That is +0.06 Percentage points from Q1 2026 and −0.08 Percentage points from a year earlier. The series on this page is quarterly and runs from Q4 1999 to Q2 2026. Source: Brookings Institution — Hutchins Center on Fiscal and Monetary Policy.
- Latest
- −0.08 Percentage points
- Q2 2026
- vs previous period
- +0.06 Percentage points
- Q1 2026
- vs a year earlier
- −0.08 Percentage points
About this data
US fiscal impact on GDP growth from the Hutchins Center at Brookings. This quarterly table measures the impact of combined federal, state, and local taxation and spending on United States real Gross Domestic Product growth since 1999. Values represent percentage points added to or subtracted from GDP growth relative to a neutral baseline, using Bureau of Economic Analysis data.
Frequently asked questions
- What does the US Fiscal Impact on GDP measure?
- It measures how combined federal, state, and local government tax and spending policies add to or subtract from United States real GDP growth relative to a neutral baseline.
- How frequently is this fiscal impact data published and how far back does it go?
- The data is published quarterly by the Brookings Institution and series extend back to 1999.
- What do positive and negative figures indicate in this table?
- A positive figure indicates that fiscal policy is adding to United States GDP growth, while a negative figure indicates a drag on growth relative to potential output.
- Which organization produces this fiscal impact measure?
- The measure is produced by the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution using Bureau of Economic Analysis data for the United States.
