Percent changes in quarterly seasonally adjusted series are displayed at annual rates, unless otherwise specified. Quantities, or "real" volume measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2012). In the first quarter, real GDP decreased 5.0 percent. 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 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. Quarterly seasonally adjusted values are expressed at annual rates, unless otherwise specified. 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. 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). 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. Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is, at "market value." For fourth quarter estimates, these data are not available until the third estimate. Germany, Europe's biggest economy, suffered less than other big EU countries in the second quarter, reporting a 10.1% hit to GDP. 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. 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. A detailed "Key Source Data and Assumptions" file is also posted for each release. Annual-vs-quarterly rates. 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. Annual and comprehensive updates are typically released in late July. Percent changes. Gross Domestic Product, 2nd Quarter 2020 (Advance Estimate) and Annual Update. This convention is used for BEA's featured, seasonally adjusted measures to facilitate comparisons with related and historical data. The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month. Among G20 economies, China recorded the highest annual growth (3.2%), while India recorded the largest annual fall (minus 23.5%). t includes income from domestic sources as well as the rest of world. 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 statistic shows the growth of the real gross domestic product (GDP) in India from the second quarter of 2018 to the second quarter of 2020. For more definitions, see the Glossary: National Income and Product Accounts. For details on the calculation of quantity and price indexes, see Chapter 4: Estimating Methods in the NIPA Handbook. Download the entire news release (PDF 120KB). Quarterly not seasonally adjusted values are expressed only at quarterly rates. 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. 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. 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. Personal saving is personal income less personal outlays and personal current taxes. 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. 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 GDP fell by just over 16% between the first and second quarters of 2020, giving an annualised growth rate of ‑51%. In the first quarter, GDP decreased 3.4 percent, or $186.3 billion (table 1 and table 3). The decrease in PCE reflected decreases in services (led by health care) and goods (led by clothing and footwear). 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. 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. Every single region's economy contracted over the past quarter and over the past year. For the first quarter of 2020, real GDP is estimated to have decreased 5.0 percent (table 1), the same decrease as previously published. The GDP fell by just over 16% between the first and second quarters of 2020, giving an annualised growth rate of ‑51%. In the second quarter of 2020, China's economy had already grown by 3.2 percent compared to the same quarter in 2019. Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. India’s Gross Domestic Product (GDP) contracted 7.5% in the second quarter of 2020-21, following the record 23.9% decline recorded in the first quarter, as per estimates released by the National Statistical Office . The decrease in real GDP reflected decreases in personal consumption expenditures (PCE), exports, private inventory investment, nonresidential fixed investment, residential fixed investment, and state and local government spending that were partly offset by an increase in federal government spending. 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. 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. 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… GDP also dropped sharply in Mexico (minus 17.1%), South Africa (minus 16.4%), France (minus 13.8%), Italy (minus 12.8%), Canada (minus 11.5%), Turkey (minus 11.0%), Brazil and Germany (minus 9.7% in both countries), the United States (minus 9.1%), Japan (minus 7.9%), Australia (minus 7.0%) and Indonesia (minus 6.9%). Findings. 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. In practice, GDP and GDI differ because they are constructed using largely independent source data. The personal saving rate is personal saving as a percentage of disposable personal income. 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. In the first quarter, real GDP decreased 5.0 percent. 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). GDP down by 11.8 % in the euro area and by 11.4 % in the EU-27. The country coverage was not affected by the COVID-19 crisis. 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). GDP Fell 31.7% in the Second Quarter The number was a modest improvement over the 32.9% estimate issued last month. All four regions saw their per capita GDP drop in current dollars from the previous quarter. ... these other countries also had less pronounced declines during the second quarter. 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 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. Gross Domestic Product, 2nd Quarter 2020 (Second Estimate) All published percent changes are calculated from unrounded data. To address these challenges, the statistical community is developing guidance, both conceptual and practical, to help ensure the continued delivery of timely and reliable statistics. Personal saving was $4.69 trillion in the second quarter, compared with $1.59 trillion in the first quarter. In the first quarter, real GDP decreased 5.0 percent. 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 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 … Subscribe to … In the Q2 2020, the … Unprecedented fall in OECD GDP by 9.8% in Q2 2020 . The … Two statistical working papers present the preliminary GDP flash methodology for the European estimates and Member States estimates. France, Italy and Spain, which were hit harder by the … The rest-of-the-world (ROW) component of profits is measured as the difference between profits received from ROW and profits paid to ROW. Turkey: Economy bounces back in the third quarter. In national economic accounting, GDP and GDI are conceptually equal. The revisions made in the first quarter of 2020 are outlined in Table 1. The decrease in exports primarily reflected a decrease in goods (led by capital goods). 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. Profits for domestic industries reflect profits for all corporations located within the geographic borders of the United States. Also referred to as "nominal estimates" or as "current-price estimates.". For information on updates to GDP, see the "Additional Information" section that follows. Quarterly GDP growth. NATIONAL GDP FALLS BY 51% IN SECOND QUARTER OF 2020 . 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 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. The IVA and CCAdj are adjustments that convert inventory withdrawals and depreciation of fixed assets reported on a tax-return, historical-cost basis to the current-cost economic measures used in the national income and product accounts. 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%. Excluding food and energy prices, the PCE price index increased 1.6 percent, 0.1 percentage point lower than previously published. This major growth … All four regions saw their per capita GDP drop in current dollars from last year. Singapore’s GDP Contracted by 12.6 Per Cent in the Second Quarter of 2020 14 July 2020. It does not include realized or unrealized capital gains or losses. Census and Statistics Department announced that the second quarter GDP estimates would be delayed due to the COVID-19 situation and related challenges. Support local journalism. Additional information on several factors impacting personal income can be found in "Effects of Selected Federal Pandemic Response Programs on Personal Income.". 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 Nonetheless, be it "quarter-on-quarter" growth or "year-over-year" economic performance, China has grossed … 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. Year-on-year GDP in the G20 area fell by (minus) 9.1% in the second quarter of 2020, following a contraction of (minus) 1.7% in the previous quarter. Its GDP plunged 32.9 percent, following a five-percent decline in the first quarter. Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. The leading contributor to the upward revision was compensation, based primarily on new first-quarter wage and salary estimates from the BLS Quarterly Census of Employment and Wages. London (CNN Business) UK economic output shrank by 20.4% in the second quarter of 2020, the worst quarterly slump on record, pushing the country into the … 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. An official website of the United States government. Personal outlays decreased $1.57 trillion, after decreasing $232.5 billion. After a drawn-out fight against the COVID-19 pandemic over the past half year, countries going through lockdowns to varying degrees have recently published the growth rate of their gross domestic product (GDP) in the second quarter, and "slump" has become the buzzword. getty. Annual updates generally cover at least the 5 most recent calendar years (and their associated quarters) and incorporate newly available major annual source data as well as some changes in methods and definitions to improve the accounts. OECD Chart: Quarterly GDP, Total, Percentage change, previous period, Q1 2020 or latest available, Source: OECD Quarterly National Accounts Database. Why does BEA publish percent changes in quarterly series at annual rates? 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. Corporate Profits, 2nd Quarter 2020 (Preliminary Estimate). December 2, 2020. The table below shows the average revisions to the quarterly percent changes in real GDP between different estimate vintages, without regard to sign. 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. Compared with the same period a year earlier, GDP shrank by 6% in the third quarter after a revised 17.5% contraction in Q2. 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. Additional resources available at www.bea.gov: Gross domestic product (GDP) is the value of the goods and services produced by the nation's economy less the value of the goods and services used up in production. This led to rapid shifts in activity, as businesses and schools continued remote work and consumers and businesses canceled, restricted, or redirected their spending. France This is the largest drop ever recorded for the OECD area, significantly larger than the (minus) 2.3% … The country has now entered a technical recession with two successive quarters of negative growth. 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. NATIONAL GDP FALLS BY 51% IN SECOND QUARTER OF 2020 . Try our corporate solution for … November 24, 2020 GDP data is from the second quarter of 2019, the first quarter of 2020, and the second quarter of 2020… UK economic output shrank by 20.4% in the second quarter of 2020, the worst quarterly slump on record, pushing the country into the deepest recession of any major global economy. “The GDP report shows that the economy went into negative growth of -6.10 per cent in the second quarter but that the aggregate performance for half year 2020 is -2.1per cent”, she told journalists in Abuja on Wednesday. Headlines called it a … The August 2020 Survey of Current Business will contain an article describing the update in more detail. Read more. 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. Quantity and price indexes are calculated using a Fisher-chained weighted formula that incorporates weights from two adjacent periods (quarters for quarterly data and annuals for annual data). In 2020, the United States and China would remain the largest economy in nominal and … These data have been superseded. Previously published estimates, which are superseded by today's release, are found in BEA's archives. The contraction was less pronounced in Korea and Russia (minus 3.2% in both countries). The GDP estimate released today is based on source data that are incomplete or subject to further revision by the source agency (see "Source Data for the Advance Estimate" on page 2). 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