The contraction was less pronounced in Korea and Russia (minus 3.2% in both countries). 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. 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 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). 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 OECD Chart: Quarterly GDP, Total, Percentage change, previous period, Q1 2020 or latest available, Source: OECD Quarterly National Accounts Database. 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. 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. An official website of the United States government. Read more. 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. 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. By Tim Smart , Contributing Editor Aug. 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. 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 country coverage was not affected by the COVID-19 crisis. All published percent changes are calculated from unrounded data. The "second" estimate for the second quarter, based on more complete data, will be released on August 27, 2020. 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. 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. 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). t includes income from domestic sources as well as the rest of world. The pandemic made the country enter recession for the first time after its independence. 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%. “GDP at constant (2011-12) prices in Q2 of 2020 … All four regions saw their per capita GDP drop in current dollars from last year. Percent changes in quarterly not seasonally adjusted values are calculated from the same quarter one year ago. Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is, at "market value." 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. NATIONAL GDP FALLS BY 51% IN SECOND QUARTER OF 2020 . Unprecedented fall in OECD GDP by 9.8% in Q2 2020 . Excluding food and energy prices, the PCE price index increased 1.6 percent, 0.1 percentage point lower than previously published. Corporate Profits, 2nd Quarter 2020 (Preliminary Estimate). 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. 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. Additional information on several factors impacting personal income can be found in "Effects of Selected Federal Pandemic Response Programs on Personal Income.". In the first quarter, real GDP decreased 5.0 percent. 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. In the first quarter, real GDP decreased 5.0 percent. GDP down by 11.8 % in the euro area and by 11.4 % in the EU-27. 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. 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. The official Gross Domestic Product (GDP) for the second quarter from July to September of the financial year 2020-21 contracted 7.5%. NATIONAL GDP FALLS BY 51% IN SECOND QUARTER OF 2020 . The GDP estimate released today is based on … 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 … Next release, August 27, 2020 at 8:30 A.M. EDT The Census and Statistics Department announced that the second quarter GDP estimates would be delayed due to the COVID-19 situation and related challenges. Nonetheless, be it "quarter-on-quarter" growth or "year-over-year" economic performance, China has grossed … 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. The August 2020 Survey of Current Business will contain an article describing the update in more detail. 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. Gross domestic product for the July-September period — India's fiscal second quarter — will be released on Friday. GDP data is from the second quarter of 2019, the first quarter of 2020, and the second quarter of 2020… 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. Gross Domestic Product, 2nd Quarter 2020 (Advance Estimate) and Annual Update. 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. December 2, 2020. Every single region's economy contracted over the past quarter and over the past year. In the first quarter (ending in June), the country’s GDP shrank by 23.9%. 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. Previously published estimates, which are superseded by today's release, are found in BEA's archives. 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%. In national economic accounting, GDP and GDI are conceptually equal. As such, it also measures the income earned from that production, or the total amount spent on final goods and services (less imports). 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. Profits for domestic industries reflect profits for all corporations located within the geographic borders of the United States. The personal saving rate is personal saving as a percentage of disposable personal income. 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 decrease in outlays was led by a decrease in PCE for services. 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). Why does BEA publish estimates at annual rates? 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. 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