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. In the Q2 2020, the … t includes income from domestic sources as well as the rest of world. An upward revision to private inventory investment was offset by a downward revision to exports and an upward revision to imports. Percent changes calculated from real quantity indexes and chained-dollar levels are conceptually the same; any differences are due to rounding. This led to rapid shifts in activity, as businesses and schools continued remote work and consumers and businesses canceled, restricted, or redirected their spending. The pandemic made the country enter recession for the first time after its independence. In the first quarter, real GDP decreased 5.0 percent. The country coverage was not affected by the COVID-19 crisis. 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. The revisions made in the first quarter of 2020 are outlined in Table 1. In the second quarter of 2020, China's economy had already grown by 3.2 percent compared to the same quarter in 2019. The official Gross Domestic Product (GDP) for the second quarter from July to September of the financial year 2020-21 contracted 7.5%. A detailed "Key Source Data and Assumptions" file is also posted for each release. Support local journalism. Comprehensive (or benchmark) updates are carried out at about 5-year intervals and incorporate major periodic source data, as well as major conceptual improvements. 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%. 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. 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 decrease in private inventory investment primarily reflected a decrease in retail (led by motor vehicle dealers). 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. All four regions saw their per capita GDP drop in current dollars from the previous quarter. 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. GDP fell most dramatically, by (minus) 25.2%, in India, followed by the United Kingdom (minus 20.4%). Quantities and prices. In 2020, the United States and China would remain the largest economy in nominal and … 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. The difference between the region with the largest per capita GDP, … 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. The GDP fell by just over 16% between the first and second quarters of 2020, giving an annualised growth rate of ‑51%. France In the second quarter of 2020, China's economy had already grown by 3.2 percent compared to the same quarter in 2019. 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. 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. The official Gross Domestic Product (GDP) for the second quarter from July to September of the financial year 2020-21 contracted 7.5%. Quantities, or "real" volume measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2012). Findings. More information on the 2020 Annual Update is included in the May Survey of Current Business article, "GDP and the Economy.". and "Why does BEA publish percent changes in quarterly series at annual rates?" As such, it also measures the income earned from that production, or the total amount spent on final goods and services (less imports). Gross domestic product for the July-September period — India's fiscal second quarter — will be released on Friday. 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 table below shows the average revisions to the quarterly percent changes in real GDP between different estimate vintages, without regard to sign. The decrease in outlays was led by a decrease in PCE for services. 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. 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. The real GDP of the G20 countries in the second quarter of 2020 fell by an unprecedented 6.9% during the calculation of the previous three months amid restrictions introduced to curb the spread of COVID-19, according to data from the Organization for Economic Cooperation and Development (OECD). The … The PCE price index decreased 1.9 percent, in contrast to an increase of 1.3 percent. 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. Its GDP plunged 32.9 percent, following a five-percent decline in the first quarter. GDP Fell 31.7% in the Second Quarter The number was a modest improvement over the 32.9% estimate issued last month. Unlike GDP, an advance current quarterly estimate of GDI is not released because data on domestic profits and on net interest of domestic industries are not available. Organisation for Economic Co-operation and Development (OECD), © This convention is used for BEA's featured, seasonally adjusted measures to facilitate comparisons with related and historical data. The PCE price index increased 1.3 percent, the same increase as previously published. Headlines called it … Nonetheless, be it "quarter-on-quarter" growth or "year-over-year" economic performance, China has grossed … Current-dollar personal income increased $1.39 trillion in the second quarter, compared with an increase of $193.4 billion in the first quarter. 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. NATIONAL GDP FALLS BY 51% IN SECOND QUARTER OF 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. The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month. 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 outlays is the sum of personal consumption expenditures, personal interest payments, and personal current transfer payments. Next release, August 27, 2020 at 8:30 A.M. EDT GDP Fell 31.7% in the Second Quarter The number was a modest improvement over the 32.9% estimate issued last month. 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. 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 personal consumption expenditure price index measures the prices paid for the goods and services purchased by, or on the behalf of, "persons." It is equal to personal income less personal current taxes. Read more. Percent changes in quarterly not seasonally adjusted values are calculated from the same quarter one year ago. 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). Additional information on several factors impacting personal income can be found in "Effects of Selected Federal Pandemic Response Programs on Personal Income.". For details, see the FAQ "How is average annual growth calculated?" Percent changes in quarterly seasonally adjusted series are displayed at annual rates, unless otherwise specified. The personal saving rate is personal saving as a percentage of disposable personal income. 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 . 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. Turkey: Economy bounces back in the third quarter. 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. 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 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. 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. 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. Disposable personal income is the income available to persons for spending or saving. 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. 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). 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. Personal saving is personal income less personal outlays and personal current taxes. 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. 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%. Quarterly seasonally adjusted values are expressed at annual rates, unless otherwise specified. 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. The reference year remains 2012. 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 … As such, it also measures the income earned from that production, or the total amount spent on final goods and services (less imports). By Tim Smart , Contributing Editor Aug. 27, 2020 In the first quarter, real GDP decreased 5.0 percent. Personal saving was $4.69 trillion in the second quarter, compared with $1.59 trillion in the first quarter. Caveats. In the first quarter, real GDP decreased 5.0 percent. The ... these other countries also had less pronounced declines during the second quarter. Turkey: Business confidence falls in November. Subscribe to … 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 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. 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. 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. Census and Statistics Department announced that the second quarter GDP estimates would be delayed due to the COVID-19 situation and related challenges. 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. For more definitions, see the Glossary: National Income and Product Accounts. 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. 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 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. Also referred to as "nominal estimates" or as "current-price estimates.". This major growth … 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 … GDP data is from the second quarter of 2019, the first quarter of 2020, and the second quarter of 2020… 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). Unless noted otherwise, annual and quarterly data are presented on a calendar basis. Real disposable personal income increased 44.9 percent, compared with an increase of 2.6 percent. 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 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. An official website of the United States government. Calendar years and quarters. 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%..