GDP figures are expressed as "Real gross domestic product" -- the inflation-adjusted output of goods and services produced by labor and property located in the United States. Quarterly estimates are expressed at seasonally adjusted annual rates.

Quarterly estimates of GDP are released on the following schedule: the "advance" estimate, based on source data that are incomplete or subject to further revision by the source agency, is released near the end of the
first month after the end of the quarter; as more detailed and more comprehensive data become available, the "second" and "third" estimates are released near the end of the second and third months, respectively.
The "latest" estimate reflects the results of both annual and comprehensive revisions.

Annual revisions, which generally cover the quarters of the 3 most recent calendar years, are usually carried out each summer and incorporate newly available major annual source data. Comprehensive (or benchmark)
revisions are carried out at about 5-year intervals and incorporate major periodic source data, as well as improvements in concepts and methods that update the accounts to portray more accurately the evolving U.S. Economy.