and "Why does BEA publish percent changes in quarterly series at annual rates?" For information on updates to GDP, see the "Additional Information" section that follows. Personal saving is personal income less personal outlays and personal current taxes. 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. Read more. Organisation for Economic Co-operation and Development (OECD), © 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%. Turkey: Economy bounces back in the third quarter. 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. The rest-of-the-world (ROW) component of profits is measured as the difference between profits received from ROW and profits paid to ROW. The contraction was less pronounced in Korea and Russia (minus 3.2% in both countries). The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month. Quantities, or "real" volume measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2012). The … 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. 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 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. 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. 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. 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. 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 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). Personal outlays is the sum of personal consumption expenditures, personal interest payments, and personal current transfer payments. Caveats. Gross Domestic Product, 2nd Quarter 2020 (Advance Estimate) and Annual Update. 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 is the largest drop ever recorded for the OECD area, significantly larger than the (minus) 2.3% … In the Q2 2020, the … 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. 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. 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. 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. Corporate Profits, 2nd Quarter 2020 (Preliminary 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. Support local … GDP Fell 31.7% in the Second Quarter The number was a modest improvement over the 32.9% estimate issued last month. 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. The official Gross Domestic Product (GDP) for the second quarter from July to September of the financial year 2020-21 contracted 7.5%. 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. Try our corporate solution for … All published percent changes are calculated from unrounded data. Singapore’s GDP Contracted by 12.6 Per Cent in the Second Quarter of 2020 14 July 2020. For details on the calculation of quantity and price indexes, see Chapter 4: Estimating Methods in the NIPA Handbook. The decrease in outlays was led by a decrease in PCE for services. 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. Headlines called it a … 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. 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. All four regions saw their per capita GDP drop in current dollars from last year. Personal outlays decreased $1.57 trillion, after decreasing $232.5 billion. Percent changes calculated from real quantity indexes and chained-dollar levels are conceptually the same; any differences are due to rounding. 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. 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%. A table showing the major current‑dollar revisions and their sources for each component of GDP, national income, and personal income is also provided. The "second" estimate for the second quarter, based on more complete data, will be released on August 27, 2020. 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. Every single region's economy contracted over the past quarter and over the past year. 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. This led to rapid shifts in activity, as businesses and schools continued remote work and consumers and businesses canceled, restricted, or redirected their spending. In practice, GDP and GDI differ because they are constructed using largely independent source data. Turkey: Business confidence falls in November. 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. 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 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. 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). 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%). 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. Headlines called it … 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 … 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. 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. 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%. 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. 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 official Gross Domestic Product (GDP) for the second quarter from July to September of the financial year 2020-21 contracted 7.5%. Profits for domestic industries reflect profits for all corporations located within the geographic borders of the United States. 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. 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). Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. 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. 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 details, see the FAQ "How is average annual growth calculated?" 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. 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 gross domestic purchases price index measures the prices of final goods and services purchased by U.S. residents. 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. In the first quarter, GDP decreased 3.4 percent, or $186.3 billion (table 1 and table 3). 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. 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. This major growth … However, the economy’s performance between July and September … 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?" In the second quarter of 2020, China's economy had already grown by 3.2 percent compared to the same quarter in 2019. Why does BEA publish estimates at annual rates? In the first quarter, real GDP decreased 5.0 percent. Percent changes in quarterly not seasonally adjusted values are calculated from the same quarter one year ago. For fourth quarter estimates, these data are not available until the third estimate. 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. Gross domestic income (GDI) is the sum of incomes earned and costs incurred in the production of GDP. 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 fell most dramatically, by (minus) 25.2%, in India, followed by the United Kingdom (minus 20.4%). The pandemic made the country enter recession for the first time after its independence. In national economic accounting, GDP and GDI are conceptually equal. The country has now entered a technical recession with two successive quarters of negative growth. A detailed "Key Source Data and Assumptions" file is also posted for each release. Nonetheless, be it "quarter-on-quarter" growth or "year-over-year" economic performance, China has grossed … 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. The PCE price index increased 1.3 percent, the same increase as previously published. 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 decrease in exports primarily reflected a decrease in goods (led by capital goods). 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. ... these other countries also had less pronounced declines during the second quarter. Percent changes. 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. All four regions saw their per capita GDP drop in current dollars from the previous quarter. The revisions made in the first quarter of 2020 are outlined in Table 1. 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. 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. 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. 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… Its GDP plunged 32.9 percent, following a five-percent decline in the first quarter. The country coverage was not affected by the COVID-19 crisis. These data have been superseded. t includes income from domestic sources as well as the rest of world. 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. 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 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). This major growth … 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. 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