In the first quarter, GDP decreased 3.4 percent, or $186.3 billion (table 1 and table 3). The official Gross Domestic Product (GDP) for the second quarter from July to September of the financial year 2020-21 contracted 7.5%. Census and Statistics Department announced that the second quarter GDP estimates would be delayed due to the COVID-19 situation and related challenges. 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. Gross Domestic Product, 2nd Quarter 2020 (Second Estimate) OECD Chart: Quarterly GDP, Total, Percentage change, previous period, Q1 2020 or latest available, Source: OECD Quarterly National Accounts Database. Percent changes calculated from real quantity indexes and chained-dollar levels are conceptually the same; any differences are due to rounding. Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. 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. 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. In the second quarter of 2020, China's economy had already grown by 3.2 percent compared to the same quarter in 2019. Quarterly not seasonally adjusted values are expressed only at quarterly rates. Turkey: Economy bounces back in the third quarter. The country coverage was not affected by the COVID-19 crisis. The revisions made in the first quarter of 2020 are outlined in Table 1. Caveats. In 2020, the United States and China would remain the largest economy in nominal and … 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… The GDP fell by just over 16% between the first and second quarters of 2020, giving an annualised growth rate of ‑51%. Excluding food and energy prices, the PCE price index increased 1.6 percent, 0.1 percentage point lower than previously published. 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. November 24, 2020 For more definitions, see the Glossary: National Income and Product Accounts. December 2, 2020. Gross domestic income (GDI) is the sum of incomes earned and costs incurred in the production of GDP. However, the economy’s performance between July and September … 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%. Headlines called it a … 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 country coverage was not affected by the COVID-19 crisis. 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. 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. 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. 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. Unless noted otherwise, annual and quarterly data are presented on a calendar basis. GDP data is from the second quarter of 2019, the first quarter of 2020, and the second quarter of 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%. 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. 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. A detailed "Key Source Data and Assumptions" file is also posted for each release. 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. As such, it also measures the income earned from that production, or the total amount spent on final goods and services (less imports). 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. Percent changes in quarterly not seasonally adjusted values are calculated from the same quarter one year ago. 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. 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. Annual and comprehensive updates are typically released in late July. 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 . 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. Gross domestic product for the July-September period — India's fiscal second quarter — will be released on Friday. 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 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. 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. 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. 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. The price index for gross domestic purchases decreased 1.5 percent in the second quarter, in contrast to an increase of 1.4 percent in the first quarter (table 4). 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). 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. Additional information on several factors impacting personal income can be found in "Effects of Selected Federal Pandemic Response Programs on Personal Income.". 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 reference year remains 2012. 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. 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 … Gross Domestic Product, 2nd Quarter 2020 (Advance Estimate) and Annual Update. GDP Fell 31.7% in the Second Quarter The number was a modest improvement over the 32.9% estimate issued last month. 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. In the first quarter, real GDP decreased 5.0 percent. BEA releases three vintages of the current quarterly estimate for GDP: "Advance" estimates are released near the end of the first month following the end of the quarter and are based on source data that are incomplete or subject to further revision by the source agency; "second" and "third" estimates are released near the end of the second and third months, respectively, and are based on more detailed and more comprehensive data as they become available. Current-dollar personal income increased $1.39 trillion in the second quarter, compared with an increase of $193.4 billion in the first quarter. An upward revision to private inventory investment was offset by a downward revision to exports and an upward revision to imports. It does not include realized or unrealized capital gains or losses. The August 2020 Survey of Current Business will contain an article describing the update in more detail. France, Italy and Spain, which were hit harder by the … 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. 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%. Personal outlays is the sum of personal consumption expenditures, personal interest payments, and personal current transfer payments. 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). The "second" estimate for the second quarter, based on more complete data, will be released on August 27, 2020. Turkey: Business confidence falls in November. Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is, at "market value." 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. Disposable personal income is the income available to persons for spending or saving. All published percent changes are calculated from unrounded data. All four regions saw their per capita GDP drop in current dollars from last year. 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%). 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). 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. 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. and "Why does BEA publish percent changes in quarterly series at annual rates?" 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. t includes income from domestic sources as well as the rest of world. “GDP at constant (2011-12) prices in Q2 of 2020 … 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. 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