Unlike GDP, advance current quarterly estimates of GDI and corporate profits are not released because data on domestic profits and on net interest of domestic industries are not available. The slight upward revision in this report reflected less of a plunge in consumer spending than had been estimated. “Private goods-producing industries decreased 34.4 percent, private services-producing industries decreased 33.1 percent and government decreased 16.6 percent. Drilling down a bit, the Department gave a bit of insight into what dragged down GDP in terms of industry impact. Quantities and prices. Excluding food and energy prices, the PCE price index decreased 1.0 percent, in contrast to an increase of 1.6 percent. At least some continuation of that growth, into the fourth quarter and beyond, would hinge in part on renewed stimulus funding – and, of course, how the all-important holiday shopping season fares. The government will not release its July-September GDP report until Oct. 29, just five days before the presidential election. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Imports, which are a subtraction in the calculation of GDP, decreased (table 2). Current-dollar GDP decreased 33.3 percent, or $2.07 trillion, in the second quarter to a level of $19.49 trillion. 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. Gross domestic income (GDI) declined at a rate of 2.5% in the January-March period. Regent Road More information on the source data that underlie the estimates is available in the "Key Source Data and Assumptions" file on BEA’s website. Find In the second estimate, real GDP decreased 31.7 percent in the second quarter, an upward revision of 1.2 percentage points from the previous estimate issued last month. Gross domestic income (GDI) is the sum of incomes earned and costs incurred in the production of GDP. GDP by Industry, Second Quarter 2020 and Annual Update. Real GDI decreased 2.5 percent in the first quarter, unrevised from the previously published estimate. In comparison, Finland's statistics body said that its Q2 GDP was down 3.2%, and Denmark's said GDP there was down 7.4%. In June 2020, the month when COVID-19 containment measures started being phased out in most Member States, the euro area seasonally-adjusted unemployment rate was 7.8%, up from 7.7% in May 2020. Sales at non-store retailers, including online sales, were flat versus the previous month, with no back-to-school surge. Quarterly seasonally adjusted values are expressed at annual rates, unless otherwise specified. We’ll likely see a torrid snapback in this metric, too, when third-quarter data are released at the end of the month. This is the first estimate of Scotland’s Gross Domestic Product (GDP) for 2020 Quarter 2 (April to June). 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. 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, 4600 Silver Hill Road • Suitland, MD 20746, coordinate more closely with the quarterly estimates, These three major dimensions of GDP will be synchronized, Effects of Selected Federal Pandemic Response Programs on Federal Government Receipts and Expenditures, Effects of Selected Federal Pandemic Response Programs on Personal Income, Glossary: National Income and Product Accounts. Annual and comprehensive updates are typically released in late July. Corporate Profits, Second Quarter 2020 (Revised Estimate) Euro-zone GDP decreased by 12.1% – this in comparison with a decline of 3.6% in Q1-2020 – and the one of the EU with 11.9% in Q2-2020, as can be seen from below chart. This led to rapid shifts in activity, as businesses and schools continued remote work and consumers and businesses canceled, restricted, or redirected their spending. Edinburgh Annual-vs-quarterly rates. This publication captures the effects of lockdown and its initial easing on the Scottish Economy. The decrease in private inventory investment primarily reflected a decrease in retail (led by motor vehicle dealers). Overall, 20 of 22 industry groups contributed to the second-quarter decline in real GDP.” The only two industries that bucked the trend, said the Commerce Department: finance and insurance. 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? And looking ahead, noted the site, GDP is projected to accelerate by 30 percent (annualized) in the third quarter. The US economy shrank by an annualized 31.4 percent in the second quarter of 2020, slightly lower than a 31.7 percent plunge in the second estimate and a 32.9 percent fall in the advance one. The drop in GDP was more than triple the previous all-time decline. Any data collected is anonymised. The devil – and the sustainability – of the great GDP rebound will be in the details. Why does BEA publish estimates at annual rates? It is principally measured using industry sales or receipts, including sales to final users (GDP) and sales to other industries (intermediate inputs).
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