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. Unless noted otherwise, annual and quarterly data are presented on a calendar basis. Census and Statistics Department announced that the second quarter GDP estimates would be delayed due to the COVID-19 situation and related challenges. 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). France, Italy and Spain, which were hit harder by the … An official website of the United States government. The … 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). 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. As such, it also measures the income earned from that production, or the total amount spent on final goods and services (less imports). 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. 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. Caveats. 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. All four regions saw their per capita GDP drop in current dollars from last year. 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. For more definitions, see the Glossary: National Income and Product Accounts. In the first quarter, real GDP decreased 5.0 percent. 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. France 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 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. 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. A table showing the major current‑dollar revisions and their sources for each component of GDP, national income, and personal income is also provided. 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. Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes. 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 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. 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. This led to rapid shifts in activity, as businesses and schools continued remote work and consumers and businesses canceled, restricted, or redirected their spending. Personal outlays decreased $1.57 trillion, after decreasing $232.5 billion. 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. For details, see the FAQ "Why does BEA publish estimates at annual rates?" 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. The "second" estimate for the second quarter, based on more complete data, will be released on August 27, 2020. 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. 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. 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. 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 Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. 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 outlays is the sum of personal consumption expenditures, personal interest payments, and personal current transfer payments. OECD Chart: Quarterly GDP, Total, Percentage change, previous period, Q1 2020 or latest available, Source: OECD Quarterly National Accounts Database. The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month. 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. 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. All four regions saw their per capita GDP drop in current dollars from the previous quarter. 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. This convention is used for BEA's featured, seasonally adjusted measures to facilitate comparisons with related and historical data. Every single region's economy contracted over the past quarter and over the past year. In the second quarter of 2020, China's economy had already grown by 3.2 percent compared to the same quarter in 2019. In the first quarter (ending in June), the country’s GDP shrank by 23.9%. Imports, which are a subtraction in the calculation of GDP, decreased (table 2). The official Gross Domestic Product (GDP) for the second quarter from July to September of the financial year 2020-21 contracted 7.5%. Also referred to as "nominal estimates" or as "current-price estimates.". 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. Why does BEA publish percent changes in quarterly series at annual rates? Quantities, or "real" volume measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2012). For details, see the FAQ "How is average annual growth calculated?" The GDP estimate released today is based on … Personal income is the income received by, or on behalf of, all persons from all sources:  from participation as laborers in production, from owning a home or business, from the ownership of financial assets, and from government and business in the form of transfers. 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. 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. Profits for domestic industries reflect profits for all corporations located within the geographic borders of the United States. 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. GDP down by 11.8 % in the euro area and by 11.4 % in the EU-27. Annual-vs-quarterly rates. 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. Headlines called it … 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. Annual and comprehensive updates are typically released in late July. Gross domestic product for the July-September period — India's fiscal second quarter — will be released on Friday. 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. As such, it also measures the income earned from that production, or the total amount spent on final goods and services (less imports). All published percent changes are calculated from unrounded data. In 2020, the United States and China would remain the largest economy in nominal and … Excluding food and energy prices, the PCE price index increased 1.6 percent, 0.1 percentage point lower than previously published. Quarterly GDP growth. 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%). Quarterly not seasonally adjusted values are expressed only at quarterly rates. Additional information on several factors impacting personal income can be found in "Effects of Selected Federal Pandemic Response Programs on Personal Income.". Compared with the same period a year earlier, GDP shrank by 6% in the third quarter after a revised 17.5% contraction in Q2. GDP Fell 31.7% in the Second Quarter The number was a modest improvement over the 32.9% estimate issued last month. 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. Why does BEA publish estimates at annual rates? Two statistical working papers present the preliminary GDP flash methodology for the European estimates and Member States estimates. 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 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. Germany, Europe's biggest economy, suffered less than other big EU countries in the second quarter, reporting a 10.1% hit to GDP. 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. 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 rest-of-the-world (ROW) component of profits is measured as the difference between profits received from ROW and profits paid to ROW. In practice, GDP and GDI differ because they are constructed using largely independent source data. Calendar years and quarters. 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 . Gross domestic income (GDI) is the sum of incomes earned and costs incurred in the production of GDP. 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. Current-dollar personal income increased $1.39 trillion in the second quarter, compared with an increase of $193.4 billion in the first quarter. 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. 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%. 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. t includes income from domestic sources as well as the rest of world. Quarterly seasonally adjusted values are expressed at annual rates, unless otherwise specified. 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. Compared with the same period a year earlier, GDP shrank by 6% in the third quarter after a revised 17.5% contraction in Q2. Percent changes. Read more. The gross domestic purchases price index measures the prices of final goods and services purchased by U.S. residents. 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). 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%. 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. Percent changes in quarterly not seasonally adjusted values are calculated from the same quarter one year ago. GDP data is from the second quarter of 2019, the first quarter of 2020, and the second quarter of 2020… 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. Excluding food and energy prices, the PCE price index decreased 1.1 percent, in contrast to an increase of 1.6 percent. 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. 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). November 24, 2020 NATIONAL GDP FALLS BY 51% IN SECOND QUARTER OF 2020 . Download the entire news release (PDF 120KB). Disposable personal income is the income available to persons for spending or saving. 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, 2nd Quarter 2020 (Second Estimate) 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. This major growth … In the first quarter, real GDP decreased 5.0 percent. 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). 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. By Tim Smart , Contributing Editor Aug. 27, 2020 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). 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. 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. Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is, at "market value." However, the economy’s performance between July and September … In the Q2 2020, the … NATIONAL GDP FALLS BY 51% IN SECOND QUARTER OF 2020 . Singapore’s GDP Contracted by 12.6 Per Cent in the Second Quarter of 2020 14 July 2020. Corporate Profits, 2nd Quarter 2020 (Preliminary Estimate). Turkey: Economy bounces back in the third 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 … In the first quarter, real GDP decreased 5.0 percent. For details on the calculation of quantity and price indexes, see Chapter 4: Estimating Methods in the NIPA Handbook. The country coverage was not affected by the COVID-19 crisis. The contraction was less pronounced in Korea and Russia (minus 3.2% in both countries). 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 … 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. This major growth … For information on updates to GDP, see the "Additional Information" section that follows. 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. Unprecedented fall in OECD GDP by 9.8% in Q2 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%. In national economic accounting, GDP and GDI are conceptually equal. Percent changes in quarterly seasonally adjusted series are displayed at annual rates, unless otherwise specified. Nonetheless, be it "quarter-on-quarter" growth or "year-over-year" economic performance, China has grossed … Try our corporate solution for … The difference between the region with the largest per capita GDP, … 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. 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. The 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. Current‑dollar GDP decreased 34.3 percent, or $2.15 trillion, in the second quarter to a level of $19.41 trillion. The decrease in PCE reflected decreases in services (led by health care) and goods (led by clothing and footwear). 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. The decrease in outlays was led by a decrease in PCE for services. December 2, 2020. 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). Percent changes calculated from real quantity indexes and chained-dollar levels are conceptually the same; any differences are due to rounding. The revisions made in the first quarter of 2020 are outlined in Table 1. 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. It is equal to personal income less personal current taxes. 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. 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. 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. The country coverage was not affected by the COVID-19 crisis. 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. Gross Domestic Product, 2nd Quarter 2020 (Advance Estimate) and Annual Update. 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. 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. '' estimate issued last month chained-dollar values are expressed at annual rates ''! 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