1 In the first quarter of 2020, real GDP decreased 5.0 percent. SECOND QUARTER OF 2020 (PRELIMINARY ESTIMATES) Gross Domestic Product (GDP) in the quarter of second 2020 declined by 11.4% in EU compared to the previous quarter by seasonally adjusted data. In fact the data show that it was 56.5 per cent in Q2 2019-20, and fell to 54.2 per … Unprecedented fall in OECD GDP by 9.8% in Q2 2020 . By S. Jack Heffernan Ph.D on August 3, 2020. GDP and the Economy Second Estimates for the Second Quarter of 2020 Real gross domestic product (GDP) decreased at an annual rate of 31.7 percent in the second quarter of 2020, according to the second estimates of the National Income and Product Accounts (NIPAs) (chart 1 and table 1). GDP Preliminary Estimate - 2nd quarter of 2020 GDP decreased by 8.4%, q-o-q. That is a sharp rise from 5.7% in the first quarter and 6.5% in the second quarter of the year. 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 GDP estimates for the third quarter of the financial year came in at 7.2%. We kindly inform you that we have decided to publish the above estimates along with the GDP estimates for the third quarter of 2020 on 15.12.2020 as it will take a considerable amount of time for that work and to ensure the accuracy of the estimates that will be published. There was a broad downturn, but it was particularly affected by a drop in exports and households' consumption. 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. Figure 1: GDP saw its second consecutive quarterly decline in Quarter 2 2020. Date Major Releases GDP* Date Major Releases GDP* Date Major Releases GDP* 30-Oct Initial nowcast 2.2 25-Nov GDP, Pers Inc/PCE, Adv dur manuf, Adv Econ Indicators, New-home sales 11.0 22-Dec GDP, Existing-home sales 11.2 2-Nov ISM Manuf Index, Constr spending … According to the advance estimates, GDP decreased by 9.0% in real terms in the second quarter of 2020 from a year earlier, compared with the decrease of 9.1% in the first quarter of 2020. The next estimates for the second quarter of 2020 will be released on 14 August 2020. GDP decreased by 8.3 percent in the second quarter of 2020, seasonally adjusted and compared with the first quarter of 2020. While the second quarter GDP was less than that of the previous year by 7.5 per cent, private consumption expenditure in real terms was less by even more, 11.32 per cent. The decline of GDP was mainly attributable to the continued weak performance in both domestic and external demand. US GDP Estimates 2nd Quarter 2020 . The decline in GDP is the largest ever since the start of the time series in 1980. National accounts, second quarter 2020 GDP indicator: Sharp contraction in second quarter 2020 . For the same period, GDP in Bulgaria creased by 10.0% de (Table 1 of the Annex). Video Story . 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. GDP down by 11.8 % in the euro area and by 11.4 % in the EU-27. Sweden’s GDP declined by 8.6 percent in the second quarter of 2020, seasonally adjusted and compared with the first quarter. UK GDP growth, Quarter 1 (Jan to Mar) 2005 until Quarter 2 (Apr to June) 2020. That's better than … In the first quarter of 2020, GDP had decreased by 3.6% in the euro area and by 3.2% in the EU. “The National Bureau of Statistics (NBS) published on Monday August 24, 2020, the 2nd Quarter (Q2) 2020 Gross Domestic Product (GDP) estimates, which measures economic growth. These preliminary GDP flash estimates are based on data sources that are incomplete and subject to further revisions under the COVID-19 containment measures. In the initial summary the BEA reported that Real gross domestic product (GDP) decreased at an annual rate of 32.9 percent in the second quarter of 2020, according to the BEA’s initial estimate. April and May 2020). Latest News. Indian economy is estimated to contract 7.7 per cent in 2020-21 compared to 4.2 per cent growth in the previous fiscal, mainly on account of the impact of the COVID-19 pandemic. 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. Previously published estimates, which are superseded by today’s release, are found in BEA’s archives. 10/02/2020 | 08:45am EST *: *: * 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 to the previous quarter, in the secondquarter of 2020 lowest economic decline was … The US Bureau of Economic Analysis (BEA) released their initial results for the GDP in the 2nd Quarter of 2020 on Wednesday. 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 first quarter, real GDP decreased 5.0 percent. GDP main aggregates and employment estimates for the third quarter of 2020 GDP up by 12.5% and employment up by 1.0% in the euro area In the EU, GDP up by 11.5% and employment up by 0.9% GDP growth in the euro area and EU In the third quarter of 2020, seasonally adjusted GDP increased by 12.5% in the euro area and by 11.5% in the EU compared with the previous quarter, according to an … They are intended as an early indication of the GDP growth in the quarter, and may be revised when more comprehensive data become available. Quarterly GDP growth. What the Second Quarter GDP Estimates Reveal Prabhat Patnaik December 7, 2020 It is ironic that government spokespersons should exhibit so much euphoria over the second quarter (July-September) Gross Domestic Product estimate, which shows a drop “only” of 7.5 per cent compared to second quarter … GDP growth in the euro area and EU: In the second quarter of 2020, still marked by COVID-19 containment measures in most Member States, seasonally adjusted GDP decreased by 11.8% in the euro area and by 11.4% in the EU compared with the previous quarter, according to an estimate published by Eurostat, the statistical office of the European Union. The bank had earlier predicted a 25% hit to second-quarter GDP. Embed code. Notes: Q1 refers to Quarter 1 (Jan to Mar), Q2 refers to Quarter 2 (Apr to June), Q3 refers to Quarter 3 (July to Sept), Q4 refers to Quarter 4 (Oct to Dec). Download the data. 1 With the second estimate, real GDP growth for the second quarter was revised up by 1.2 percentage points. For the first quarter of 2020, real GDP is estimated to have decreased 5.0 percent (table 1), the same decrease as previously published. National Accounts, quarterly and annual estimates; National accounts, second quarter 2020 Listen. Quarterly national accounts, 2nd quarter of 2020 Current prices million ISK: Volume change on the same period of the previous year, % Volume change from previous quarter,% 2 nd quarter: 2 nd quarter: 1 st - 2nd quarter: 2 nd quarter: Private final consumption: 362,456-8.3-4.0-9.0: Government final consumption. Gross Domestic Product, 2nd Quarter 2020 (Advance Estimate) and Annual Update. While the bounce in GDP estimates is evident, there is a huge catch-up that the GDP growth will have to do in the next financial year! Coronavirus (COVID-19) Impact on the Second-Quarter 2020 GDP by State Estimates; The decline in second quarter GDP reflected the response to … Gross Domestic Product by State, 2nd Quarter 2020. Evolution of Atlanta Fed GDPNow real GDP growth estimates for 2020: Q4 *Note: Annualized quarterly growth rate of real GDP. Singapore's economy contracted by 5.8% year over year in 2020, advance estimates by the Ministry of Trade and Industry showed. “The NBS published on Monday August 24, 2020, the 2nd Quarter (Q2) 2020 GDP estimates, which measure economic growth. JPMorgan was the latest big bank to cut its second-quarter GDP forecast even more, with its economists now foreseeing a 40% decline. As per the first advanced estimates of the national income released by the National Statistical Office (NSO) on Thursday, there was contraction in almost all sectors with the exception of agriculture. Updates for the First Quarter of 2020. This means that the share of private consumption expenditure in GDP has declined between the second quarters of 2019-20 and 2020-21. 1 The advance GDP estimates for the fourth quarter of 2020 are computed largely from data in the first two months of the quarter (i.e., October and November 2020). Following a contraction in the first and second quarters of 2020, French GDP is expected to pick up in the second half and continue to improve in 2021 and 2022. 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. Statistical news from Statistics Sweden 2020-08-05 9.30 . GDP growth in the euro area and EU: In the second quarter 2020, still marked by COVID-19 containment measures in most Member States, seasonally adjusted GDP decreased by 12.1% in the euro area and by 11.7% in the EU compared with the previous quarter, according to a flash estimate published by Eurostat, the statistical office of the European Union. 31.07.2020 Code: 050055-20 , , , 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. GDP and the Economy Advance Estimates for the Second Quarter of 2020 Real gross domestic product (GDP) decreased at an annual rate of 32.9 percent in the second quarter of 2020, according to the advance estimates of the National Income and Product Accounts (NIPAs) (chart 1 and table 1). Embed this interactive Copy. They are intended as an early indication of the GDP growth in the quarter and are subject to revision when more comprehensive data become available. 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