MarketXLS

Real Government Spending 3.991T for 

Real Government Spending came in at 3.991T for Q2 2026, down 0.24% from 4T the prior quarter and 0.06% below its level of 3.993T one year ago. The series has averaged 2.29T since 1947, reaching a record high of 4.015T in July 2025 and a record low of 556B in October 1947.

Source: Federal Reserve Economic Data (FRED), St. Louis Fed

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Cite this data: "Real Government Spending," MarketXLS. Data from Federal Reserve Economic Data (FRED), St. Louis Fed. marketxls.com/indicators/government-spending

Historical Data

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April 1, 20263.991T
January 1, 20264T
October 1, 20253.957T
July 1, 20254.015T
April 1, 20253.993T
January 1, 20253.994T
October 1, 20244.004T
July 1, 20243.971T
April 1, 20243.919T
January 1, 20243.887T
October 1, 20233.865T
July 1, 20233.821T
April 1, 20233.774T
January 1, 20233.743T
October 1, 20223.705T
July 1, 20223.668T
April 1, 20223.652T
January 1, 20223.665T
October 1, 20213.693T
July 1, 20213.694T
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July 1, 19862.34T
April 1, 19862.29T
January 1, 19862.243T
October 1, 19852.226T
July 1, 19852.217T
April 1, 19852.167T
January 1, 19852.12T
October 1, 19842.097T
July 1, 19842.054T
April 1, 19842.038T
January 1, 19841.994T
October 1, 19831.974T
July 1, 19832.006T
April 1, 19831.972T
January 1, 19831.956T
October 1, 19821.937T
July 1, 19821.908T
April 1, 19821.892T
January 1, 19821.885T
October 1, 19811.887T

About Real Government Spending

What it measures

Real Government Consumption Expenditures and Gross Investment (FRED series GCEC1) measures inflation-adjusted spending by federal, state, and local governments on goods, services, and investment such as infrastructure and defense equipment. The Bureau of Economic Analysis publishes it quarterly in chained dollars. Transfer payments like Social Security are excluded because they are not direct purchases.

Why it matters

Government purchases are a sizable, relatively stable slice of GDP and the direct channel through which fiscal policy adds to or subtracts from measured output. Analysts track the series to quantify fiscal impulse, distinguish defense from nondefense trends, and assess whether public spending is cushioning or amplifying the private sector cycle.

How to read it

State and local spending, the larger share, moves gradually with tax revenues and budget cycles, while federal defense outlays can swing noticeably quarter to quarter. Remember the series counts purchases, not the full budget: transfer-heavy stimulus barely appears here directly. A rising contribution to GDP growth indicates active fiscal support; a flat or negative one indicates consolidation.

Get Real Government Spending in Excel

Pull Real Government Spending directly into your spreadsheet with a single MarketXLS formula - always current, no copy-pasting:

=RealGovtExpenditure()

View the Real Government Consumption Expenditures and Gross Investment formula documentation or browse all 100+ Economic Data functions.

Frequently Asked Questions

What is the current Real Government Spending?

Real Government Spending is 3.991T as of April 2026.

What is the all-time high and low of Real Government Spending?

The highest value on record is 4.015T (July 2025) and the lowest is 556B (October 1947).

How often is Real Government Spending updated?

Real Government Spending is published on a quarterly basis, sourced from Federal Reserve Economic Data (FRED).

How do I get Real Government Spending in Excel?

Use the MarketXLS Excel formula =RealGovtExpenditure() to pull Real Government Spending directly into any cell, with historical values available for analysis.

Basic info
The value of services produced by government, measured as the purchases made by government on inputs of labor, intermediate goods and services, and investment expenditures.
RegionUnited States
FrequencyQuarterly
Last updatedAugust 26, 2026
Seasonal adjustmentSeasonally Adjusted Annual Rate
UnitBillions of Chained 2017 Dollars

Stats
Last Value3.991T
Latest PeriodQ2 2026
Last UpdatedAugust 26 2026, 07:49
Value Previous Quarter4T
Change From Previous Quarter-0.24%
Value 1 Year Ago3.993T
Change From Year Ago-0.06%
Average Growth Rate2.51%/yr
Record High (Jul 2025)4.015T
Record Low (Oct 1947)556B
Long-Term Average2.29T
FrequencyQuarterly
AdjustmentSeasonally Adjusted Annual Rate
UnitBillions of Chained 2017 Dollars

Annual Averages
20263.995T
20253.99T
20243.945T
20233.801T
20223.673T
20213.719T
20203.723T
20193.6T
20183.465T
20173.397T
20163.379T
20153.314T

Related Indicators
Real Gross Domestic Product
Real Personal Consumption Expenditures
Real Gross Private Domestic Investment
Real Net Exports of Goods and Services
Real Exports of Goods and Services
Real imports of goods and services
Federal Receipts
Federal Net Outlays
Federal Surplus or Deficit
US Federal Debt (Total Public Debt)
Real Private Nonresidential Fixed Investment
Real Private Residential Fixed Investment
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