Category: 3. Business

1 NCT ID NCT06257212 Title Live Vaccines and Innate Immunity Training in COPD Dates 2024/02/28 to 2025/09 Phase Phase 4 Enrolment 60 (Estimated) Condition(s) COPD Intervention(s) BCG vaccine
MMR vaccine Primary Outcome Innate immune training measured by fold-changes in cytokine production capacity of innate immune cells following pro-inflammatory stimulation. Measured from inclusion in the trial to 4 months’ post-inclusion. Cytokines include: IL-1β, IL-10, TNF-α, IFN-γ 2 NCT ID NCT06266754 Title The Non-Specific Immunological Effects of Providing Oral Polio Vaccine to Seniors in Guinea-Bissau Dates 2024/01/29 to 2024/12/31 Phase Phase 4 Enrolment 80 (Estimated) Condition(s) Vaccine Reaction Intervention(s) Oral Polio vaccine Primary Outcome

1. Levels of proinflammatory cytokines (including IL1-β, TNF-α, IFN-γ) after stimulation of PBMCs with non-OPV antigens and mitogens 1 month after intervention

2. Levels of plasma markers of systemic inflammation (e.g. TWEAK and SIRT2) 1 month after intervention

3. Investigating epigenetic changes in PBMCs by single-cell ATAC-sequencing and whole-genome methylation assays 1 month after intervention

4. Investigate transcriptional effects on immune cells by single-cell RNA-sequencing 1 month after intervention. Identifying proportions of immune cell subsets

3 NCT ID NCT05208060 Title Study to Evaluate the Ability of Sublingual MV130 to Induce the Expression of Trained Immunity in Peripheral Blood Cells Dates 2023/09/01 to 2025/12/31 Phase Phases 1 and 2 Enrolment 48 (Estimated) Condition(s) Immune Response Intervention(s) MV130 vaccine Primary Outcome Increase in ex vivo PBMCs cytokine response (TNF-α, IL-6, IL-1β) to secondary restimulation compared to placebo at days 15, 45, and 70 with respect to baseline Selected Secondary Outcomes relevant to Trained Immunity

1. Epigenetic and metabolic changes in purified monocytes from PBMCs, including specific Trained Immunity-associated miRNAs (miR155, miR146, miR21), lactate production, glucose consumption, and mitochondrial activity at day 45 with respect to baseline

2. Change in proportions of immune cells (including T cells, B cells, NK cells, and subsets of monocytes) in peripheral blood at days 15, 45, and 70 with respect to baseline

4 NCT ID NCT02403505 Title Early Phase Clinical Trial About Therapeutic Biological Product Mix for Treating CEA Positive Rectal Cancer Dates 2021/12/28 to 2025/02/28 Phase Phase 1 Enrolment 20 (Estimated) Condition(s) Rectal Cancer Intervention(s) CEA protein antigen and BCG vaccine mix for percutaneous use Primary Outcome Timeframe: up to 90 days

1. Participants with positive CEA blood test

2. Participants with positive IGRA blood test with CEA protein antigen after percutaneous use

3. Participants with IGRA blood test with TB antigens (negative before percutaneous use, positive after percutaneous use)

5 NCT ID NCT05507671 Title The Role of BCG Vaccine in the Clinical Evolution of COVID-19 and in the Efficacy of Anti-SARS-CoV-2 Vaccines Dates 2021/05/27 to 2023/12/31 Phase Phase 3 Enrolment 556 (Estimated) Condition(s) COVID-19 Intervention(s) BCG vaccine Primary Outcome

1. Incidence of SARS-CoV-2 infection. Timeframe: 6 months from recruitment day

2. Incidence of COVID-19 symptoms. Timeframe: 6 months from recruitment day

3. Intensity of efficacy of first dose of vaccine against COVID-19. Timeframe: 6 months from recruitment day

4. Duration of efficacy of the second vaccine dose against COVID-19. Timeframe: 1 year from recruitment day

Selected Secondary Outcomes relevant to Trained Immunity Serum concentrations of cytokines TNF-α, IFN-γ, IL-1β, IL-4, IL-6, and IL-10 in 50 participants of BCG group versus 50 participants of placebo group 2 months after recruitment 6 NCT ID NCT06628544 Title Trained Immunity in Fungal Infection and Its Mechanism Dates 2020/09/01 to 2023/12/01 Phase Early Phase 1 Enrolment 79 (Actual) Condition(s) BCG vaccination Intervention(s) BCG vaccine
Metformin Primary Outcome IL-6 and TNF-α cytokine production by PBMCs isolated after 5 days of continuous medication and restimulated with C. albicans or Mycobacterium tuberculosis 7 NCT ID NCT03296423 Title Bacillus Calmette-Guérin Vaccination to Prevent Infections of the Elderly Dates 2017/09/21 to 2020/11/30 Phase Phase 4 Enrollment 200 (Actual) Condition(s) Infection
Hospitalization
Mortality Intervention(s) BCG vaccine Primary Outcome Time to first infection. Timeframe: 12 months Selected Secondary Outcomes relevant to Trained Immunity

1. Cytokine stimulation from PBMCs. Timeframe: month 3

2. Epigenetic changes of circulating monocytes. Timeframe: month 3

8 NCT ID NCT02114255 Title Effects of BCG on Influenza Induced Immune Response Dates 2014/05 to 2014/09 Phase Phases 2 and 3 Enrolment 40 (Actual) Condition(s) Influenza virus infection
Trained Immunity Intervention(s) BCG vaccine Primary Outcome

1. Difference in influenza antibody titers at days 14, 21, 28, and 42

2. Difference in thrombocyte function at days 0, 14, 21, 28, and 42

Selected Secondary Outcomes relevant to Trained Immunity

1. IFN-γ, IL-10, type 1 IFN, IL-17, IL-22 production by ex vivo leukocytes stimulated with inactivated/live influenza virus at days 0, 14, 28, and 42

2. Production of inflammatory mediators (including TNFα, IL-1β, IFN-γ, IL-10, IL-17, and IL-22) by ex vivo leukocytes stimulated with different stimuli (including M. tuberculosis, S. aureus, C. albicans, and inactivated influenza) at days 0, 21, 28, and 42

3. qPCR/microarray of inflammatory transcriptional pathways at days 0, 14, 21, 28, and 42.

4. Granzyme B production by ex vivo leukocytes stimulated with inactivated/live influenza virus at days 0, 14, 21, 28, and 42

9 NCT ID NCT01734811 Title Efficacy and Safety Evaluation in Recurrent Wheezing Attacks (MV130) Dates 2012/10 to 2017/02 Phase Phase 3 Enrolment 120 (Actual) Condition(s) Bronchospasm
Bronchiolitis
Bronchitis Intervention(s) MV130 vaccine Primary Outcome Number of Recurrent Bronchospasm (Wheezing Attacks) (b) Trials investigating modulation of Trained Immunity for therapeutic benefit 10 NCT ID NCT06624436 Title Immunomodulatory Effects of Dexamethasone, Tocilizumab and Anakinra During Experimental Human Endotoxemia Dates 2024/10/24 to 2025/12 Phase Phase 4 Enrolment 52 (Estimated) Condition(s) Sepsis
Neuroinflammatory Response
Immunosuppression
Endotoxemia Intervention(s) Dexamethasone
Tocilizumab
Anakinra Primary Outcome

1. Plasma TNF concentrations upon second LPS challenge

2. Cerebrospinal fluid TNF concentrations during repeated experimental human endotoxemia

Selected Secondary Outcomes relevant to Trained Immunity

1. Plasma cytokine (IL1RA, IL-6, IL-8, IL-10, MIP-1α, MIP-1β, MCP-1, G-CSF, IP-10, CX3CL1, YKL-40) concentrations (plasma and cerebrospinal fluid), other inflammatory protein biomarkers (Olink Target 96 inflammation panel) (plasma and cerebrospinal fluid), and mHLA-DR during first and second LPS challenges

2. Blood leukocyte single-cell and bulk mRNA profiles/transcriptomic pathways upon LPS challenges

3. Cytokine production of ex vivo leukocyte cultures

11 NCT ID NCT03332225 Title A Trial of Validation and Restoration of Immune Dysfunction in Severe Infections and Sepsis Dates 2017/12/15 to 2019/12/31 Phase Phase 2 Enrolment 36 (Actual) Condition(s) Sepsis
Macrophage Activation Syndrome Intervention(s) Anakinra
Recombinant human IFN-γ Primary Outcome Mortality. Timeframe: 28 days Selected Secondary Outcomes relevant to Trained Immunity

1. Cytokine stimulation from PBMCs. Timeframe: 4 and 7 days

2. Gene expression of PBMCs. Timeframe: 7 days

3. Epigenetic changes of circulating monocytes. Timeframe: 7 days

(c) Trials investigating inhibition of Trained Immunity for therapeutic benefit 12 NCT ID NCT05790499 Title LDL-c Level Variability and Trained Immunity Dates 2023/03/20 to 2024/01/31 Phase N/A Enrollment 12 (Estimated) Condition(s) Cholesterol Variability
Trained Immunity Intervention(s) Atorvastatin Primary Outcome Changes in LDL-C levels between baseline and atorvastatin treatment cycles. Timeframe: 16 weeks Selected Secondary Outcomes relevant to Trained Immunity Timeframe: 16 weeks

1. PBMCs subgroup percentage and activation status

2. PBMCs secreting cytokines

3. PBMCs change in gene expression

4. Levels of hs-CRP, IL-6, IL-18, and sVCAM-1

13 NCT ID NCT05210725 Title Trained Immunity by Dual-pathway Inhibition in Coronary Artery Disease Dates 2022/03/01 to 2022/07/01 Phase Phase 4 Enrolment 20 (Actual) Condition(s) Coronary Artery Disease Intervention(s) Rivaroxaban and Acetylsalicylic acid Primary Outcome Whole blood immune responsiveness to LPS stimulation when switching from acetylsalicylic acid monotherapy to acetylsalicylic acid and low-dose rivaroxaban dual pathway inhibition. Timeframe: 12 weeks Selected trial outcomes relevant to Trained Immunity

1. White blood cell count and distribution. Timeframe: 3 months

2. Monocyte immune responsiveness to LPS stimulation. Timeframe: 3 months

3. Enrichment of epigenetic gene marks. Timeframe: 3 months

Contract marks Spain’s largest Patriot order ever

ANDOVER, Mass., Dec. 23, 2025 /PRNewswire/ — Raytheon, an RTX (NYSE: RTX) business, was awarded a $1.7 billion contract to supply Spain with four Patriot® air and missile defense systems.

The foreign military sales contract includes radars, launchers, command and control stations, and training equipment.

“Modernizing air and missile defense is vital to Spain’s security and sovereignty. Raytheon’s work with the Spanish government and local industry will help ensure readiness against evolving threats,” said Pete Bata, senior vice president of Global Patriot at Raytheon. “Raytheon is continuing to support Spain’s government while working with their robust defense industry to deliver Patriot.”

Raytheon has collaborated with local Spanish defense companies including Sener for electro-mechanical control system of the GEM-T missile as part of its Patriot global supply chain network.

Patriot is the only combat-proven ground-based air and missile defense capability in the world able to defend against long-range cruise missiles, tactical ballistic missiles, and the full spectrum of air-breathing threats.

Backed by a world-class command-and-control system, Patriot has intercepted hundreds of advanced aerial threats in conflicts around the globe. Patriot is the foundation of air defense for 19 countries, and the system continues to demonstrate its effectiveness against advanced aerial threats and massive complex raid attacks.

The contract comes as Germany, the Netherlands, and Romania have placed orders for additional Patriot systems in 2025.

About Raytheon
Raytheon, an RTX business, is a leading provider of defense solutions to help the U.S. government, our allies and partners defend their national sovereignty and ensure their security. For more than 100 years, Raytheon has developed new technologies and enhanced existing capabilities in integrated air and missile defense, smart weapons, missiles, advanced sensors and radars, interceptors, space-based systems, hypersonics and missile defense across land, air, sea and space.

About RTX
RTX is the world’s largest aerospace and defense company. With more than 185,000 global employees, we push the limits of technology and science to redefine how we connect and protect our world. Through industry-leading businesses – Collins Aerospace, Pratt & Whitney, and Raytheon – we are advancing aviation, engineering integrated defense systems for operational success, and developing next-generation technology solutions and manufacturing to help global customers address their most critical challenges. The company, with 2024 sales of more than $80 billion, is headquartered in Arlington, Virginia.

For questions or to schedule an interview, please contact corporatepr@rtx.com

SOURCE RTX

Ørsted has signed an agreement with Cathay Life Insurance, the leading life insurance company in Taiwan, and its affiliate Cathay Power (together ’Cathay‘), under which Cathay will acquire a 55 % ownership stake of Ørsted’s 632 MW Greater Changhua 2 Offshore Wind Farm.

Located approximately 50–60 km off the coast of Changhua County, the Greater Changhua 2 site comprises Greater Changhua 2a (295 MW), which is operational, and Greater Changhua 2b (337 MW), which Ørsted is currently constructing, with commissioning expected in Q3 2026. Under the agreement, Ørsted will provide long-term operations and maintenance (O&M) services from its O&M hub at the Port of Taichung.

The total value of the transaction for the 55% equity stake is approximately DKK 5 billion (approx. TWD 25 billion) and takes into consideration the existing project financing arrangements. The closing of the transaction is planned to occur simultaneously with the project reaching commercial operations, which is expected in Q3 2026. In July 2025, Ørsted reached financial close on a project financing package of approx. DKK 20 billion for the entire project.

The transaction marks another significant milestone in Ørsted’s partnership and divestment programme and further solidifies the company’s capital structure, which is one of Ørsted’s four strategic priorities. With this agreement, Ørsted has signed divestments with proceeds totalling around DKK 33 billion during 2025, bringing the company close to achieving its target of securing proceeds of more than DKK 35 billion through its partnership and divestment programme in 2025 and 2026.

Trond Westlie, Chief Financial Officer of Ørsted, says:
“Having been through a competitive process with multiple parties, we’re pleased to once again partner with Cathay, with whom we already successfully co-own Greater Changhua 1 and 4. The transaction underlines the strong appetite from leading investors for high-quality assets with long-term offtake agreements, and combined with Changhua 2’s project financing package, the transaction marks a further strengthening of our capital structure and is a sizable contribution to our partnership and divestment programme.”

Andrew Liu, President of Cathay Life Insurance, says:
“This transaction marks Cathay Life’s continued collaboration with Ørsted through an investment in the Greater Changhua 2 Offshore Wind Farm. This investment reflects our continued support for Taiwan’s renewable energy transition while generating stable, long-term returns aligned with the investment objectives of the insurance sector.

Per Mejnert Kristensen, Senior Vice President and CEO of Region APAC at Ørsted, says:
“We’re pleased to deepen our long-standing partnership with Cathay as we advance Taiwan’s offshore wind build-out, with this investment reflecting our shared confidence in Taiwan’s offshore wind fundamentals. As Taiwan scales up renewable energy, Ørsted will continue to partner with industry leaders like Cathay to deliver competitive, resilient, and sustainable offshore wind projects that create lasting value.”

For further information, please contact:

Global Media Relations
Frederik Høj Ruhne
+ 45 99 55 95 52
Globalmedia@orsted.com 

Investor Relations
Valdemar Hoegh Andersen
+45 99 55 56 71
ir@orsted.com

About Ørsted
Ørsted is a global leader in developing, constructing, and operating offshore wind farms, with a core focus on Europe. Backed by more than 30 years of experience in offshore wind, Ørsted has 10.2 GW of installed offshore capacity and 8.1 GW under construction. Ørsted’s total installed renewable energy capacity spanning Europe, Asia Pacific, and North America exceeds 18 GW across a portfolio that also includes onshore wind, solar power, energy storage, bioenergy plants, and energy trading. Widely recognised as a global sustainability leader, Ørsted is guided by its vision of a world that runs entirely on green energy. Headquartered in Denmark, Ørsted employs approximately 8,000 people. Ørsted’s shares are listed on Nasdaq Copenhagen (Orsted). In 2024, the group’s operating profit excluding new partnerships and cancellation fees was DKK 24.8 billion (EUR 3.3 billion). Visit orsted.com or follow us on LinkedIn and Instagram.

Attachments

Released: 2025-12-23

Real gross domestic product (GDP) decreased 0.3% in October, offsetting a 0.2% increase in September, driven by contractions in goods-producing and services-producing industries. Overall, 11 of 20 industrial sectors contracted in October.

Goods-producing industries were down 0.7% in October, as most sectors comprising the grouping contracted, led by the manufacturing sector. Services-producing industries declined 0.2% in the month, impacted by a few labour stoppages that dampened the overall activity.

Manufacturing sector drives October’s decline after leading September’s growth

The manufacturing sector fell 1.5% in October, largely offsetting September’s expansion, as contractions in durable-goods and non-durable goods manufacturing industries weighed on growth.

Durable-goods manufacturing industries contracted 2.3% in October, more than offsetting September’s 2.2% growth. Machinery manufacturing (-6.9%) contributed the most to the decline in October after driving the increase in the previous month. Wood product manufacturing (-7.3%) recorded its largest decline since April 2020, on widespread contractions across all industry groups. Sawmills and wood preservation (-9.0%) drove the decline in the subsector in October 2025, reflecting production slowdowns following the announcement from the US government of additional tariffs on Canadian lumber effective October 14.

Non-durable goods manufacturing industries decreased 0.4% in October. The chemical manufacturing subsector (-3.4%) was the largest contributor to the decline, with a 7.2% contraction in pharmaceutical and medicine manufacturing accounting for most of the subsector’s decrease. Meanwhile, petroleum and coal product manufacturing (+2.5%) partly offset some of the decline, on ongoing strengths in petroleum refineries (+2.7%) and petroleum and coal products manufacturing (except petroleum refineries) (+0.2%), as production continued to ramp up following maintenance and turnaround activities earlier in the year.

Province-wide teachers’ strike in Alberta weighs on the public sector

The public sector aggregate (comprising educational services, health care and social assistance, and public administration) contracted 0.3% in October.

Educational services fell 1.8% in October, driven by a contraction in elementary and secondary schools (-3.3%). This decline in elementary and secondary schools reflects a labour action by the members of the Alberta Teacher’s Association that took place from October 6 to October 29. This was the largest decline in the subsector since the public sector workers’ strike in Quebec caused back-to-back monthly decreases in November and December 2023.

Meanwhile, growth in health care and social assistance (+0.2%) and public administration (+0.1%) tempered the decline in the public sector in October 2025.

Mining, quarrying, and oil and gas extraction sector down in October

The mining, quarrying, and oil and gas extraction sector contracted 0.6% in October, more than offsetting September’s expansion, as two of the three subsectors declined.

Following four consecutive monthly expansions, the oil and gas extraction subsector contracted in October (-1.2%). Oil sands extraction (-2.7%) contributed the most to the decline on account of lower crude bitumen extraction in October as several operators were performing maintenance at their facilities. Oil and gas extraction (except oil sands) (+0.2%) tempered the decline, reflecting increased extraction of crude petroleum in Alberta and Newfoundland and Labrador.

Support activities for mining, and oil and gas extraction (-2.4%) further added to the decline in October, driven by a 3.7% fall in support activities for oil and gas extraction, reflecting lower drilling and rigging services.

Mining and quarrying (except oil and gas) (+2.6%) tempered the decrease in the sector, with all industry groups growing in October. Non-metallic mineral mining and quarrying (+3.7%) led the growth, as potash mining (+4.5%) rebounded following a planned shutdown of a mine in September.

Transportation and warehousing sector down amid ongoing postal service workers’ strike

Transportation and warehousing decreased 1.1% in October, more than offsetting September’s growth, with the postal service leading the decline.

The postal service dropped 32.1% in October, reflecting disruptions in mail and parcel delivery activities as the nation-wide strike by members of the Canadian Union of Postal Workers (CUPW) launched on September 25, and shifted to rotating strikes on October 11. This was the steepest decline in the subsector since December 2024 (-38.1%), when the CUPW members last went on a nation-wide strike.

Wholesale trade sector down on widespread contractions

The wholesale trade sector contracted 0.9% in October, more than offsetting September’s expansion. This was the second decrease in the sector in the last three months.

Miscellaneous merchant wholesalers (-4.3%) and machinery, equipment and supplies merchant wholesalers (-1.6%) contributed the most to the decrease in the wholesale trade sector in October. Meanwhile, motor vehicle and motor vehicle parts and accessories merchant wholesalers (+1.8%) tempered the decline in the sector.

Retail trade down for the second consecutive month

The retail trade sector decreased 0.6%, down for the second month in a row, with most subsectors recording contractions in October.

The food and beverage retailers subsector fell 2.3% in October after recording back-to-back monthly increases in August and September. A labour action in British Columbia in October by members of the BC General Employees Union contributed to lower activity at beer, wine and liquor retailers, affecting the operations of both retailers and distribution centres. This was the lowest level of activity in the subsector since December 2022. Marking its third consecutive monthly decline, gasoline stations and fuel vendors (-1.0%) further added to the decrease in October 2025.

Meanwhile, growth at furniture, home furnishings, electronics and appliances retailers (+0.9%) and building material and garden equipment and supplies dealers (+0.2%) mitigated the sector’s decline in October, coinciding with the growth in national home resales and the higher activity at the offices of real estate agents and brokers and activities related to real estate (+0.9%).

Construction decreases for the first time in six months

The construction sector was down 0.4% in October, with most subsectors posting declines. Engineering and other construction activities (-0.7%) contributed the most to the decrease, recording its first contraction following five consecutive monthly increases. Residential building construction (-0.4%) continued to decline in October, down for the third month in a row, driven in October by decreased construction activity of new single-occupancy homes.

Meanwhile, non-residential building construction (+0.1%) tempered the decrease in October, reflecting rising institutional building construction activity.

Finance and insurance sector hits another record high in October

The finance and insurance sector posted its fifth consecutive monthly increase, rising 0.4% in October, and mitigating the overall GDP decline in October.

Other finance and insurance (+0.9%) drove the sector’s growth in October, reflecting increased activity in both equity and debt markets.

Advance estimate for real gross domestic product by industry for November 2025

Advance information indicates that real GDP by industry increased 0.1% in November. Increases in educational services, construction and transportation and warehousing were partially offset by decreases in mining, quarrying, and oil and gas extraction and manufacturing. Owing to its preliminary nature, this estimate will be updated on January 30, 2026, with the release of the official GDP by industry data for November 2025.

Products

The User Guide: Canadian System of Macroeconomic Accounts (Catalogue number13-606-G) is available.

The Methodological Guide: Canadian System of Macroeconomic Accounts (Catalogue number13-607-X) is also available.

The Economic accounts statistics portal, accessible from the Subjects module of the Statistics Canada website, features an up-to-date portrait of national and provincial economies and their structure.

Contact information

For more information, or to enquire about the concepts, methods or data quality of this release, contact us (toll-free 1-800-263-1136; 514-283-8300; infostats@statcan.gc.ca) or Media Relations (statcan.mediahotline-ligneinfomedias.statcan@statcan.gc.ca).

Real gross domestic product (GDP) increased at an annual rate of 4.3 percent in the third quarter of 2025 (July, August, and September), according to the initial estimate released by the U.S. Bureau of Economic Analysis. In the second quarter, real GDP increased 3.8 percent.

Due to the recent government shutdown, this initial report for the third quarter of 2025 replaces the release of the advance estimate originally scheduled for October 30 and the second estimate originally scheduled for November 26.

The increase in real GDP in the third quarter reflected increases in consumer spending, exports, and government spending that were partly offset by a decrease in investment. Imports, which are a subtraction in the calculation of GDP, decreased. For more information, refer to the “Technical Notes” below.

Compared to the second quarter, the acceleration in real GDP in the third quarter reflected a smaller decrease in investment, an acceleration in consumer spending, and upturns in exports and government spending. Imports decreased less in the third quarter.

Real final sales to private domestic purchasers, the sum of consumer spending and gross private fixed investment, increased 3.0 percent in the third quarter, compared with an increase of 2.9 percent in the second quarter.

The price index for gross domestic purchases increased 3.4 percent in the third quarter, compared with an increase of 2.0 percent in the second quarter. The personal consumption expenditures (PCE) price index increased 2.8 percent, compared with an increase of 2.1 percent. Excluding food and energy prices, the PCE price index increased 2.9 percent, compared with an increase of 2.6 percent.

Real gross domestic income (GDI) increased 2.4 percent in the third quarter, compared with an increase of 2.6 percent (revised) in the second quarter. The average of real GDP and real GDI increased 3.4 percent in the third quarter, compared with an increase of 3.2 percent (revised) in the second quarter.

Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) increased $166.1 billion in the third quarter, compared with an increase of $6.8 billion in the second quarter.

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Next release: January 22, 2026, at 8:30 a.m. EST
Gross Domestic Product, 3rd Quarter 2025 (Updated Estimate),
GDP by Industry, and Corporate Profits (Revised)

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Technical Notes

Lapse in federal government appropriations

The federal government shutdown that occurred in October and November resulted in delays in many of the principal source data that are used to produce estimates of GDP. This initial estimate of GDP for the third quarter of 2025 reflects a combination of data and methods that are typically used for the advance and second current quarterly estimates. More information on the source data and BEA assumptions that underlie the third-quarter estimate is shown in the key source data and assumptions table.

Sources of change for real GDP

Real GDP increased at an annual rate of 4.3 percent (1.1 percent at a quarterly rate¹) in the third quarter, reflecting increases in consumer spending, exports, and government spending that were partly offset by a decrease in investment. Imports, which are a subtraction in the calculation of GDP, decreased.

• The increase in consumer spending reflected increases in both services and goods. Within services, the leading contributors were health care and other services. Within goods, the leading contributors were recreational goods and vehicles as well as other nondurable goods.
  • Within health care, both outpatient services as well as hospital and nursing home services increased, based primarily on newly available third-quarter Census Bureau Quarterly Services Survey (QSS) data.
  • Within other services, the leading contributors to the increase were international travel, based on data from BEA’s International Transactions Accounts (ITAs), as well as professional and other services (mainly legal services), based on Census Bureau QSS data.
  • The increase in recreational goods and vehicles primarily reflected an increase in information processing equipment, based primarily on Census Bureau Monthly Retail Trade Survey (MRTS) data for all three months of the quarter.
  • The increase in other nondurable goods was mainly in prescription drugs reflecting Census Bureau MRTS data.
• For both exports and imports, the estimates primarily reflected data from BEA’s ITAs, including updated information that will be publicly available with the U.S. International Transactions, 3rd Quarter 2025 release on January 14, 2026.
  • Within exports, both goods and services increased. The increase in goods was led by capital goods except automotive, as well as nondurable consumer goods. The increase in services was led by other business services, which includes professional and management consulting services.
  • Within imports, a decrease in goods (led by nondurable consumer goods) was partly offset by an increase in services (led by other business services).
• The increase in government spending reflected increases in both state and local government spending (led by consumption expenditures) as well as federal government spending (led by defense consumption expenditures).
• The decrease in investment primarily reflected a decrease in private inventory investment (led by wholesale trade and manufacturing), based primarily on Census Bureau inventory book value data and BEA’s inventory valuation adjustment.

Settlements recorded in the third quarter

Estimates of corporate profits were reduced by several settlements that were finalized in the third quarter. Settlements are recorded in the National Income and Product Accounts (NIPAs) on an accrual basis in the quarter when the settlement is finalized, regardless of when they are recorded on a company’s financial statement. Notably, in the third quarter:

• A domestic health insurance provider reached a settlement with multiple sectors totaling $2.8 billion ($11.2 billion at an annual rate), over allegations of antitrust violations.
• A domestic e-commerce company reached a settlement with the U.S. government in the amount of $2.5 billion ($10.0 billion at an annual rate), over allegations of deceptive enrollment practices.

The estimate of GDI was not impacted because these settlements were recorded in the NIPAs as business current transfer payments, which offset the reduction to corporate profits.

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