Real gross domestic product (GDP) decreased in all 50 states and the District of Columbia in the second quarter of 2020, as real GDP for the nation decreased at an annual rate of 31.4 percent, according to statistics released today by the U.S. Bureau of Economic Analysis. The price index for gross domestic purchases is now estimated to have increased 1.4 percent in the first quarter, 0.3 percentage point lower than previously published (table 4). Unprecedented fall in OECD GDP by 9.8% in Q2 2020 . The decrease in nonresidential fixed investment primarily reflected a decrease in equipment (led by transportation equipment), while the decrease in residential investment primarily reflected a decrease in new single-family housing. The country coverage was not affected by the COVID-19 crisis. Gross Domestic Product, 2nd Quarter 2020 (Advance Estimate) and Annual Update. Compared with the same period a year earlier, GDP shrank by 6% in the third quarter after a revised 17.5% contraction in Q2. The preliminary flash estimate of the second quarter of 2020 GDP growth presented in this release is based on the data of 16 Member States, covering 93% of euro area GDP and 88% of EU GDP. The table below shows the average revisions to the quarterly percent changes in real GDP between different estimate vintages, without regard to sign. Percent changes. The decrease in outlays was led by a decrease in PCE for services. China was the only G20 country recording growth (11.5%) in the second quarter of 2020, reflecting the earlier onset of the pandemic in this country and subsequent recovery. All published percent changes are calculated from unrounded data. They are intended as an early indication of the GDP growth in the quarter and are subject to revision when more comprehensive data becomes available. Gross domestic product shrank 9.5% in the second quarter from the first, a drop that equals an annualized pace of 32.9%, the Commerce Department’s initial estimate showed on Thursday. Subscribe to … Based on advance estimates1, the Singapore economy contracted by 12.6 per cent on a year-on-year basis in the second quarter of 2020, due to the Circuit Breaker (CB) measures that were implemented from 7 April to 1 Support local … In the first quarter, real GDP decreased 5.0 percent. Census and Statistics Department announced that the second quarter GDP estimates would be delayed due to the COVID-19 situation and related challenges. The euro zone economy contracted by 12.1% in the second quarter of 2020, compared to the first three months of the year, according to preliminary data from the region's statistics office. The real GDP of the G20 countries in the second quarter of 2020 fell by an unprecedented 6.9% during the calculation of the previous three months amid restrictions introduced to curb the spread of COVID-19, according to data from the Organization for Economic Cooperation and Development (OECD). All four regions saw their per capita GDP drop in current dollars from the previous quarter. The French economy reported its worst quarterly decline in history by shrinking 13.8% in the second quarter of 2020, data released by the country's national statistics bureau showed on Friday. Real gross domestic product (GDP) decreased in all 50 states and the District of Columbia in the second quarter of 2020, as real GDP for the nation decreased at an annual rate of 31.4 percent, according to statistics released today by the U.S. Bureau of Economic Analysis. See "Information on Updates to the National Income and Product Accounts" for the complete table release schedule and a summary of results, which includes a discussion of methodology changes. Gross Domestic Product, 2nd Quarter 2020 (Advance Estimate) and Annual Update, Information on COVID-19 and recovery impacts is available on our, Stay informed about BEA developments by reading the BEA, Historical time series for these estimates can be accessed in BEA's, Access BEA data by registering for BEA's data, For more on BEA's statistics, see our monthly online journal, the. With today's release, most NIPA tables are available through BEA's Interactive Data application on the BEA Web site (www.bea.gov). As such, it also measures the income earned from that production, or the total amount spent on final goods and services (less imports). India's economy contracted at the quickest pace on record in the second quarter, as lockdowns that were imposed to help control the spread of … Profits from current production, referred to as corporate profits with inventory valuation adjustment (IVA) and capital consumption (CCAdj) adjustment in the National Income and Product Accounts (NIPAs), is a measure of the net income of corporations before deducting income taxes that is consistent with the value of goods and services measured in GDP. Excluding food and energy prices, the PCE price index decreased 1.1 percent, in contrast to an increase of 1.6 percent. 1 The advance GDP estimates for the second quarter of 2020 are computed largely from data in the first two months of the quarter (i.e., April and May 2020). An upward revision to private inventory investment was offset by a downward revision to exports and an upward revision to imports. France, Italy and Spain, which were hit harder by the … The Turkish economy recovered strongly in the third quarter from the second quarter’s coronavirus-induced contraction, with GDP expanding 6.7% year-on-year (Q2: -9.9% yoy). All four regions saw their per capita GDP drop in current dollars from last year. Personal outlays is the sum of personal consumption expenditures, personal interest payments, and personal current transfer payments. By Tim Smart , Contributing Editor Aug. 27, 2020 For details, see the FAQ "How is average annual growth calculated?" Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. Note: As a consequence of measures put in place by governments to reduce the spread of the Coronavirus (COVID-19), many statistical agencies are facing unprecedented collection, compilation and methodological challenges to develop indicators across a number of domains. The difference between the region with the largest per capita GDP, … The Agriculture sector that contributes over 30 percent to GDP, dropped by 2 per cent in the second quarter of 2020 compared to the same quarter in 2019, “due to impact of climate related disasters of 2019 which affected Season A 2020,” Mr Ndagijimana said. Chained-dollar values are calculated by multiplying the quantity index by the current dollar value in the reference year (2012) and then dividing by 100. In the first quarter, GDP decreased 3.4 percent, or $186.3 billion (table 1 and table 3). Real gross domestic product (GDP) decreased at an annual rate of 32.9 percent in the second quarter of 2020 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. Quarterly not seasonally adjusted values are expressed only at quarterly rates. It does not include realized or unrealized capital gains or losses. In the Q2 2020, the … Headlines called it … The chart above shows the per capita annualized nominal gross domestic product (GDP) in each US region as of the second quarter of 2020 in dollars, the change from the previous quarter, and the per capita GDP one year prior. The revisions made in the first quarter of 2020 are outlined in Table 1. GDP decreased by 11.8 % in the euro area (EA-19) and 11.4 % in the EU-27 during the second quarter of 2020, compared with the previous quarter, according to an estimate (see Data sources below) published by Eurostat.These were the sharpest declines observed since time series started in 1995. Among G20 economies, China recorded the highest annual growth (3.2%), while India recorded the largest annual fall (minus 23.5%). The increase in personal income was more than accounted  for by an increase in personal current transfer receipts (notably, government social benefits) that was partly offset by declines in compensation and proprietors' income (table 8). 14 Sept. 2020 - COVID-19 containment measures weighed heavily on economic activity in the second quarter of 2020, with unprecedented falls in real gross domestic product (GDP) in most G20 countries. ... these other countries also had less pronounced declines during the second quarter. In the second quarter of 2020, China's economy had already grown by 3.2 percent compared to the same quarter in 2019. Please see our, EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, Thursday, July 30, 2020, Coronavirus (COVID-19) Impact on the Second-Quarter 2020 GDP Estimate, The decline in second quarter GDP reflected the response to COVID-19, as "stay-at-home" orders issued in March and April were partially lifted in some areas of the country in May and June, and government pandemic assistance payments were distributed to households and businesses. The full economic effects of the COVID-19 pandemic cannot be quantified in the GDP estimate for the second quarter of 2020 because the impacts are generally embedded in source data and cannot be separately identified. The country coverage was not affected by the COVID-19 crisis. Based on the revised changes, real GDP growth for the first quarter of 2020 posted a contraction of 1.8 percent compared to a decline of 0.8 percent that was reported in the first quarter GDP publication. The GDP fell by just over 16% between the first and second quarters of 2020, giving an annualised growth rate of ‑51%. The official Gross Domestic Product (GDP) for the second quarter from July to September of the financial year 2020-21 contracted 7.5%. Disposable personal income increased $1.53 trillion, or 42.1 percent, in the second quarter, compared with an increase of $157.8 billion, or 3.9 percent, in the first quarter. Imports, which are a subtraction in the calculation of GDP, decreased (table 2). Turkey: Business confidence falls in November. The GDP fell by just over 16% between the first and second quarters of 2020, giving an annualised growth rate of ‑51%. Headlines called it a … Percent changes calculated from real quantity indexes and chained-dollar levels are conceptually the same; any differences are due to rounding. Organisation for Economic, International trade and balance of payments statistics, Prices and purchasing power parities (PPP), OECD Quarterly National Accounts Database, More information on quarterly national accounts at. Singapore said on Tuesday that its economy had contracted more than initially expected and lowered its economic forecast for the whole of 2020.Singapore’s economy contracted 42.9 percent in the second quarter of 2020 compared to the previous quarter, the Ministry of Trade and Industry said. The PCE price index decreased 1.9 percent, in contrast to an increase of 1.3 percent. The agriculture sector that usually contributes more than over 30 percent in GDP, dropped by 2 percent in the Q2 of 2020 compared to the same quarter in … According to a preliminary estimate, the gross domestic product decreased in the Q2 2020 by 8.4%, quarter-on-quarter, and by 10.7%, year-on-year. France Caveats. Calendar years and quarters. The decrease in PCE reflected decreases in services (led by health care) and goods (led by clothing and footwear). Current‑dollar GDP decreased 34.3 percent, or $2.15 trillion, in the second quarter to a level of $19.41 trillion. The August 2020 Survey of Current Business will contain an article describing the update in more detail. For details on the calculation of quantity and price indexes, see Chapter 4: Estimating Methods in the NIPA Handbook. More information on the 2020 Annual Update is included in the May Survey of Current Business article, "GDP and the Economy.". GDP is also equal to the sum of personal consumption expenditures, gross private domestic investment, net exports of goods and services, and government consumption expenditures and gross investment. Nonetheless, be it "quarter-on-quarter" growth or "year-over-year" economic performance, China has grossed … However, talking about India specifically, according to the records of the second quarter of 2020, which happens to be India’s fiscal year as well, the GDP contracted by 7.5%. Download the entire news release (PDF 120KB) 26/08/2020 - Following the introduction of COVID-19 containment measures across the world since March 2020, real gross domestic product (GDP) in the OECD area showed an unprecedented fall, by (minus) 9.8%, in the second quarter of 2020, according to provisional estimates. For the period of expansion from the second quarter of 2009 through the fourth quarter of 2019, real GDP increased at an annual rate of 2.3 percent, the same as previously published. Next release, August 27, 2020 at 8:30 A.M. EDT Real gross domestic product (GDP) decreased in all 50 states and the District of Columbia in the second quarter of 2020, as real GDP for the nation decreased at … GDP down by 11.8 % in the euro area and by 11.4 % in the EU-27. Italy's GDP Slumps Unprecedented 12.4% in Second Quarter, but Better Than Analysts Had Feared By Reuters , Wire Service Content July 31, 2020 By Reuters , Wire Service Content July 31, 2020… Year-on-year GDP growth for the OECD area dropped by 10.9% in the second quarter of 2020, with the UK recording the sharpest annual fall of 21.7%. Try our corporate solution for … The French economy reported its worst quarterly decline in history by shrinking 13.8% in the second quarter of 2020, data released by the country's national statistics bureau showed on Friday. Real gross domestic product (GDP) decreased at an annual rate of 32.9 percent in the second quarter of 2020 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. The "second" estimate for the second quarter, based on more complete data, will be released on August 27, 2020. Turkey: Economy bounces back in the third quarter. Singapore’s GDP Contracted by 12.6 Per Cent in the Second Quarter of 2020 14 July 2020. This led to rapid shifts in activity, as businesses and schools continued remote work and consumers and businesses canceled, restricted, or redirected their spending. GDP Fell 31.7% in the Second Quarter The number was a modest improvement over the 32.9% estimate issued last month. Owing to the economic effects of the coronavirus (COVID-19) pandemic, real U.S. GDP declined by a record 32.9 percent in the second quarter of 2020. Read more. The GDP estimate released today is based on … t includes income from domestic sources as well as the rest of world. However, in some cases, there will inevitably be an impact on quality and, as such, the statistics included in this press release may be subject to larger, and more frequent, than normal revisions. Percent changes in quarterly seasonally adjusted series are displayed at annual rates, unless otherwise specified. NATIONAL GDP FALLS BY 51% IN SECOND QUARTER OF 2020 . In tables that display chained-dollar values, a "residual" line shows the difference between the sum of detailed chained-dollar series and its corresponding aggregate. Real gross domestic product (GDP) decreased at an annual rate of 31.7 percent in the second quarter of 2020 (table 1), according to the "second" estimate released by the Bureau of Economic Analysis. GDP fell most dramatically, by (minus) 25.2%, in India, followed by the United Kingdom (minus 20.4%). Annual Update of the National Income and Product Accounts, The estimates released today also reflect the results of the Annual Update of the National Income and Product Accounts (NIPAs). Real disposable personal income increased 44.9 percent, compared with an increase of 2.6 percent. Unless noted otherwise, annual and quarterly data are presented on a calendar basis. In the first quarter, real GDP decreased 5.0 percent. Additional information on several factors impacting personal income can be found in "Effects of Selected Federal Pandemic Response Programs on Personal Income.". Support local journalism. The personal saving rate—personal saving as a percentage of disposable personal income—was 25.7 percent in the second quarter, compared with 9.5 percent in the first quarter. Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is, at "market value." Gross domestic product (GDP) is the standard measure of the value added created through the production of goods and services in a country during a certain period. The U.S. suffered its biggest economic decline since the government began recording the index after World War II in the second quarter of 2020 as the novel coronavirus continues to ravage the economy, leaving business shut and tens of millions unemployed. Comprehensive (or benchmark) updates are carried out at about 5-year intervals and incorporate major periodic source data, as well as major conceptual improvements. A detailed "Key Source Data and Assumptions" file is also posted for each release. For fourth quarter estimates, these data are not available until the third estimate. As such, it also measures the income earned from that production, or the total amount spent on final goods and services (less imports). OECD Chart: Quarterly GDP, Total, Percentage change, previous period, Q1 2020 or latest available, Source: OECD Quarterly National Accounts Database. Annual and comprehensive updates are typically released in late July. Findings. Several projections expect GDP growth in the third quarter of 2020, which will be announced on Oct. 29, just days before the Nov. 3 election, to eclipse that figure. Download the entire news release (PDF 120KB). China was the only G20 country recording growth (11.5%) in the second quarter of 2020, reflecting the earlier onset of the pandemic in this country and subsequent recovery. Every single region's economy contracted over the past quarter and over the past year. Real gross domestic product (GDP) decreased at an annual rate of 32.9 percent in the second quarter of 2020 (table 1), according to the “advance” estimate released by the Bureau of Economic Analysis. The personal saving rate is personal saving as a percentage of disposable personal income. Personal outlays decreased $1.57 trillion, after decreasing $232.5 billion. The second quarter of 2020 (April 1st to June 30th) is the quarter in which the country was completely or partially lockdown for nearly two months due to the spread of the Covid-19 pandemic in Sri Lanka. The advance gross domestic product (GDP) report showed that in the second quarter of 2020, U.S. GDP declined at an annualized rate of 32.9%.. Profits for domestic industries reflect profits for all corporations located within the geographic borders of the United States. The pandemic made the country enter recession for the first time after its independence. The euro zone economy contracted by 12.1% in the second quarter of 2020, compared to the first three months of the year, according to preliminary data from the region's statistics office. Unlike GDP, an advance current quarterly estimate of GDI is not released because data on domestic profits and on net interest of domestic industries are not available. China was the only G20 country recording growth (11.5%) in the second quarter of 2020, reflecting the earlier onset of the pandemic in this country and subsequent recovery. GDP Fell 31.7% in the Second Quarter The number was a modest improvement over the 32.9% estimate issued last month. For more definitions, see the Glossary: National Income and Product Accounts. The PCE price index increased 1.3 percent, the same increase as previously published. The contraction was less pronounced in Korea and Russia (minus 3.2% in both countries). Italy's GDP contracted 4.7 per cent in September quarter as compared to record decline of 17.7 per cent in the April-June quarter of 2020, which was the lowest since Q1 of 1995. In 2020, the United States and China would remain the largest economy in nominal and … 26/08/2020 – Following the introduction of COVID-19 containment measures across the world since March 2020, real gross domestic product (GDP) in the OECD area showed an unprecedented fall, by (minus) 9.8%, in the second quarter of 2020, according to provisional estimates. GDP contracted by an average of (minus) 11.8%in all other G20 economies in the second quarter of 2020, when the effects of the pandemic began to be more widely felt. 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