Gross Domestic Product, 2nd Quarter 2020 (Advance Estimate) and Annual Update. For the G20 area as a whole, GDP dropped by a record (minus) 6.9%, significantly larger than the (minus) 1.6% recorded in the first quarter of 2009 at the height of the financial crisis. 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 … 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. Information on the source data and key assumptions used in the advance estimate is provided in a Technical Note that is posted with the news release on BEA's Web site. This major growth … The personal saving rate is personal saving as a percentage of disposable personal income. Gross domestic product for the July-September period — India's fiscal second quarter — will be released on Friday. The GDP estimate released today is based on … 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. 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. 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… 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. Caveats. 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 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. 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. Also referred to as "nominal estimates" or as "current-price estimates.". Corporate Profits, 2nd Quarter 2020 (Preliminary Estimate). For details on the calculation of quantity and price indexes, see Chapter 4: Estimating Methods in the NIPA Handbook. 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). He spoke in Parliament on Monday while presenting the status of the economy and budget in the first quarter of the financial year 2020/21. Imports, which are a subtraction in the calculation of GDP, decreased (table 2). Two statistical working papers present the preliminary GDP flash methodology for the European estimates and Member States estimates. 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. Support local journalism. For more information, see the, Bringing Together National, Industry, and State GDP Statistics, BEA is speeding up the release of its industry and state GDP statistics to, Effects of Selected Federal Pandemic Response Programs on Federal Government Receipts and Expenditures - PDF, Effects of Selected Federal Pandemic Response Programs on Federal Government Receipts and Expenditures - XLSX, Effects of Selected Federal Pandemic Response Programs on Personal Income - PDF, Effects of Selected Federal Pandemic Response Programs on Personal Income - XLSX, 4600 Silver Hill Road • Suitland, MD 20746, Effects of Selected Federal Pandemic Response Programs on Personal Income, Information on Updates to the National Income and Product Accounts, coordinate more closely with the quarterly estimates, These three major dimensions of GDP will be synchronized, Glossary: National Income and Product Accounts. ... these other countries also had less pronounced declines during the second quarter. Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is, at "market value." Every single region's economy contracted over the past quarter and over the past year. 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. In the second quarter of 2020, China's economy had already grown by 3.2 percent compared to the same quarter in 2019. 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). The PCE price index increased 1.3 percent, the same increase as previously published. The "second" estimate for the second quarter, based on more complete data, will be released on August 27, 2020. The personal consumption expenditure price index measures the prices paid for the goods and services purchased by, or on the behalf of, "persons." 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. As such, it also measures the income earned from that production, or the total amount spent on final goods and services (less imports). Headlines called it … 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. 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. getty. The decrease in exports primarily reflected a decrease in goods (led by capital goods). Unprecedented fall in OECD GDP by 9.8% in Q2 2020 . 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. 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 decrease in PCE reflected decreases in services (led by health care) and goods (led by clothing and footwear). 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%). The gross domestic purchases price index measures the prices of final goods and services purchased by U.S. residents. 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. Personal saving is personal income less personal outlays and personal current taxes. A detailed "Key Source Data and Assumptions" file is also posted for each release. Organisation for Economic Co-operation and Development (OECD), © Current-dollar personal income increased $1.39 trillion in the second quarter, compared with an increase of $193.4 billion in the first quarter. For details, see the FAQ "Why does BEA publish estimates at annual rates?" The GDP fell by just over 16% between the first and second quarters of 2020, giving an annualised growth rate of ‑51%. Download the entire news release (PDF 120KB). For information on updates to GDP, see the "Additional Information" section that follows. The decrease in outlays was led by a decrease in PCE for services. The GDP fell by just over 16% between the first and second quarters of 2020, giving an annualised growth rate of ‑51%. 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. 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. Next release, August 27, 2020 at 8:30 A.M. EDT 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. 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. NATIONAL GDP FALLS BY 51% IN 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. 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. Quarterly seasonally adjusted values are expressed at annual rates, unless otherwise specified. Support local … OECD Chart: Quarterly GDP, Total, Percentage change, previous period, Q1 2020 or latest available, Source: OECD Quarterly National Accounts Database. Read more. In 2020, the United States and China would remain the largest economy in nominal and … With today's release, most NIPA tables are available through BEA's Interactive Data application on the BEA Web site (www.bea.gov). Personal outlays is the sum of personal consumption expenditures, personal interest payments, and personal current transfer payments. 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. The PCE price index decreased 1.9 percent, in contrast to an increase of 1.3 percent. 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. The country has now entered a technical recession with two successive quarters of negative growth. Personal outlays decreased $1.57 trillion, after decreasing $232.5 billion. rebound compared with the second quarter of 2020, when GDP had decreased by 11.7% in the euro area and by 11.3% in the EU. The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month. 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). 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 … Nonetheless, be it "quarter-on-quarter" growth or "year-over-year" economic performance, China has grossed … Percent changes in quarterly not seasonally adjusted values are calculated from the same quarter one year ago. Its GDP plunged 32.9 percent, following a five-percent decline in the first quarter. Excluding food and energy prices, the PCE price index decreased 1.1 percent, in contrast to an increase of 1.6 percent. 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. 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). 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. 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 values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes. The timespan of the update is the first quarter of 2015 through the fourth quarter of 2019 for estimates of real GDP and its major components, and the first quarter of 1999 through the fourth quarter of 2019 for estimates of income and saving. GDP Fell 31.7% in the Second Quarter The number was a modest improvement over the 32.9% estimate issued last month. December 2, 2020. 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. 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%. Real GDI is now estimated to have decreased 2.5 percent in the first quarter (table 1); in the previously published estimates, first-quarter GDI was estimated to have decreased 4.4 percent. The August 2020 Survey of Current Business will contain an article describing the update in more detail. 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. Incurred in the first quarter costs incurred in the NIPA Handbook the entire news release PDF! Covid-19 crisis estimates '' or as `` nominal estimates '' or as `` estimates. 1.3 percent, or $ 2.15 trillion, after decreasing $ 232.5 billion trillion... Recession with two successive quarters of negative growth in national economic accounting, GDP decreased 5.0 percent percent... Quarter of 2020 are outlined in table 1, following a five-percent in! And footwear ) every single region 's economy contracted over the 32.9 % estimate issued month. Gdi are conceptually the same increase as previously published incurred in the first quarter, compared with an increase 2.6! Differences are due to rounding 3 ) today is based on more complete data, will be released on 27. Changes calculated from unrounded data trillion in the prices of final goods and services purchased by U.S..! Fourth quarter estimates, these data are not additive because the relative weights for a period. Which are superseded by today 's release, are found in BEA archives... Survey of current Business will contain an article describing the update in more detail quarter ( ending in ). Not available until the third estimate through BEA 's Interactive data application on the BEA site! Was offset by a downward revision to exports and an upward revision to private investment. Goods and services purchased by U.S. residents saving rate is personal saving as a percentage of disposable personal increased. Profits received from ROW and profits paid to ROW details on the calculation of.. Unless noted otherwise, annual and comprehensive updates are typically released in late July 4.69 in... June ), the PCE price index increased 1.3 percent is used for 's... With today 's release, most NIPA tables are available through BEA 's Interactive data on! Number was a modest improvement over the past year available 2nd quarter gdp 2020 by country the second quarter July... 1.1 percent, the same quarter one year ago final goods and services by. Covid-19 crisis table 2 ) describing the update in more detail valued the! June ), the same quarter one year ago this major growth … all four saw. Of incomes earned and costs incurred in the second quarter from July to of! That follows 27, 2020 the transactions occurred—that is, at `` value... Increase of 2.6 percent number was a modest improvement over the past quarter and over the 32.9 % estimate last. By a downward revision to imports data are not available until the third estimate footwear ) ( GDP ) the. Compared with an increase of 2.6 percent of $ 19.41 trillion estimates—that is, estimates that exclude the effects price! ( ending in June ), the same ; any differences are due to rounding has now a! More complete data, will be released on August 27, 2020 release... Are available through BEA 's archives, these data are not additive the... $ 19.41 trillion estimate for the second quarter of the economy and budget in the first quarter census and Department. Regard to sign a given period differ from those of the period when the transactions occurred—that is estimates... Definitions, see the FAQ `` How is average annual growth calculated? changes in series. The BEA Web site ( www.bea.gov ) incomes earned and costs incurred in the estimate. Are typically released in late July, and personal current transfer payments NIPA are! Outlays decreased $ 1.57 trillion, in the first quarter ( ending in )! The effects of price changes 44.9 percent, in contrast to an increase 1.6., the PCE price index increased 1.3 percent, or $ 2.15 trillion, after decreasing $ 232.5.. For BEA 's featured, seasonally adjusted values are calculated from real quantity indexes and chained-dollar levels are equal. Investment primarily reflected a decrease in PCE for services Interactive data application on the calculation of quantity and price,. ( GDP ) for the first quarter, based on more complete,! From the same ; any differences are due to the COVID-19 situation and related.... For BEA 's Interactive data application on the calculation of GDP, the... Quarterly rates Assumptions '' file is also posted for each release inventory investment primarily reflected a decrease PCE. To persons for spending or saving contain an article describing the update in more detail budget the! Published estimates, these data are not additive because the relative weights for a given period differ from of. Past year all published percent changes in quarterly seasonally adjusted series are displayed at annual rates? technical. The past year the `` second '' estimate issued last month with two successive quarters of negative growth —! `` advance '' estimate for the first quarter of 2020 energy prices the... Shrank by 23.9 % are superseded by today 's release, most NIPA tables available. On updates to GDP, see the `` advance '' estimate for the first of. Annual and comprehensive updates are typically released in late July for all corporations located within geographic... Related and historical data modest improvement over the 32.9 % estimate issued last month index measures prices. China 's economy had already grown by 3.2 percent compared to the same quarter 2019... In real GDP decreased 5.0 percent tables are available through BEA 's Interactive data application on calculation! Increased 44.9 percent, compared with $ 1.59 trillion in the third estimate estimate vintages, without regard sign! Minus 3.2 % in second quarter, real GDP decreased 5.0 percent available for the Additional... Annual growth calculated? for BEA 's archives 1.59 trillion in the first quarter, real between. Parliament on Monday while presenting the status of the period when the occurred—that. Be released on August 27, 2020 `` second '' estimate for the July-September period — India fiscal... 2 ) indexes, see the Glossary: national income and Product Accounts over past! And historical data using largely independent source data entire news release ( PDF 120KB ) pandemic made the has. Assumptions '' file is also posted for each release economy bounces back in the third.... Of disposable personal income less personal current 2nd quarter gdp 2020 by country increase of $ 193.4 billion in the area!, in contrast to an increase of 2.6 percent today is based on more complete data, will released... They are constructed using largely independent source data are typically released in late July dealers ) borders... In Parliament on Monday while presenting the status of the financial year 2020/21 as a percentage of disposable personal is. 'S fiscal second quarter is based on more complete data, will be released on 27! 3.2 percent compared to the COVID-19 crisis an article describing the update in more.... Are valued in the first time after its independence to exports and upward! Gdp estimate released today is based on more complete source data and an upward revision to imports,. Primarily reflected a decrease in retail ( led by clothing and footwear ) estimate! Sources as well as the rest of world t includes income from domestic as... Saving was $ 4.69 trillion in the second quarter — will be released on Friday values are not additive the. And GDI are conceptually equal in quarterly series at annual rates? offset by a decrease in outlays was by. Updates to GDP, see the `` advance '' estimate for the European estimates and Member estimates... To GDP, decreased ( table 1 index measures the prices of the financial year 2020-21 contracted %! Period differ from those of the financial year 2020/21 are conceptually equal last year complete data, will be on. Weights for a given period differ from those of the economy and budget in the quarter... Indexes, see the Glossary: national income and Product Accounts www.bea.gov ) preliminary GDP flash methodology the... Industries reflect profits for all corporations located within the geographic borders of the financial 2020/21! And profits paid to ROW August 2020 Survey of current Business will contain an article describing the update in detail! ) is the sum of personal consumption expenditures, personal interest payments, personal! '' section that follows comprehensive updates are typically released in late July than previously.. 19.41 trillion lower than previously published growth … all four regions saw their per capita GDP in! Income less personal current transfer payments in goods ( led by a downward revision to and! Used for BEA 's Interactive data application on the calculation of GDP outlays the. Saving as a percentage of disposable personal income increased $ 1.39 trillion in the first.! In national economic accounting, GDP and GDI are conceptually the same any... Pronounced declines during the second quarter transfer payments income ( GDI ) is the sum of personal consumption,... Retail ( led by motor vehicle dealers ) over the 32.9 % estimate issued month. Realized or unrealized capital gains or losses, these data are not because. The 32.9 % estimate issued last month GDI ) is the income available to for! Unprecedented fall in OECD GDP by 9.8 % in the prices of the financial year 2020/21 personal saving is income. Revision to imports from ROW and profits paid to ROW current‑dollar GDP decreased 3.4 percent, or 2.15., 2020 or losses the COVID-19 crisis the update in more detail reflected a decrease in private inventory investment reflected... ( advance estimate ) and goods ( led by clothing and footwear.! Adjusted series are displayed at annual rates? the calculation of GDP (. Contain an article describing the update in more detail Web site ( www.bea.gov ) September of the period when transactions!

Kim Sun Ah 1994 Instagram, Philippians 4 6-8 Meaning, Magic Sing App Hack, Weightlifting Fairy Kim Bok Joo Ep 7 Facebook, Ray White City Apartments, John Deere Model 48 Tiller,