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. 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 US Bureau of Economic Analysis (BEA) released their initial results for the GDP in the 2nd Quarter of 2020 on Wednesday. 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. 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. Figure 1: GDP saw its second consecutive quarterly decline in Quarter 2 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 In the first quarter of 2020, real GDP decreased 5.0 percent. Quarterly GDP growth. 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). GDP down by 11.8 % in the euro area and by 11.4 % in the EU-27. There was a broad downturn, but it was particularly affected by a drop in exports and households' consumption. Unprecedented fall in OECD GDP by 9.8% in Q2 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 … 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! 1 With the second estimate, real GDP growth for the second quarter was revised up by 1.2 percentage points. 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). 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. “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. The bank had earlier predicted a 25% hit to second-quarter GDP. 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. 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). National accounts, second quarter 2020 GDP indicator: Sharp contraction in second quarter 2020 . Gross Domestic Product by State, 2nd Quarter 2020. Sweden’s GDP declined by 8.6 percent in the second quarter of 2020, seasonally adjusted and compared with the first quarter. 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. The GDP estimates for the third quarter of the financial year came in at 7.2%. That is a sharp rise from 5.7% in the first quarter and 6.5% in the second quarter of the year. 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. GDP decreased by 8.3 percent in the second quarter of 2020, seasonally adjusted and compared with the first quarter of 2020. April and May 2020). 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. 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. For the same period, GDP in Bulgaria creased by 10.0% de (Table 1 of the Annex). JPMorgan was the latest big bank to cut its second-quarter GDP forecast even more, with its economists now foreseeing a 40% decline. National Accounts, quarterly and annual estimates; National accounts, second quarter 2020 Listen. The decline of GDP was mainly attributable to the continued weak performance in both domestic and external demand. “The NBS published on Monday August 24, 2020, the 2nd Quarter (Q2) 2020 GDP estimates, which measure economic growth. 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. 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. Evolution of Atlanta Fed GDPNow real GDP growth estimates for 2020: Q4 *Note: Annualized quarterly growth rate of real GDP. 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 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. Previously published estimates, which are superseded by today’s release, are found in BEA’s archives. By S. Jack Heffernan Ph.D on August 3, 2020. Download the data. 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. Updates for the First Quarter of 2020. Gross Domestic Product, 2nd Quarter 2020 (Advance Estimate) and Annual Update. These preliminary GDP flash estimates are based on data sources that are incomplete and subject to further revisions under the COVID-19 containment measures. 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. They are intended as an early indication of the GDP growth in the quarter, and may be revised when more comprehensive data become available. Statistical news from Statistics Sweden 2020-08-05 9.30 . Embed code. GDP Preliminary Estimate - 2nd quarter of 2020 GDP decreased by 8.4%, q-o-q. 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 … In the first quarter of 2020, GDP had decreased by 3.6% in the euro area and by 3.2% in the EU. The decline in GDP is the largest ever since the start of the time series in 1980. The next estimates for the second quarter of 2020 will be released on 14 August 2020. UK GDP growth, Quarter 1 (Jan to Mar) 2005 until Quarter 2 (Apr to June) 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. Latest News. 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. Singapore's economy contracted by 5.8% year over year in 2020, advance estimates by the Ministry of Trade and Industry showed. 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. Compared to the previous quarter, in the secondquarter of 2020 lowest economic decline was … That's better than … 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 … 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. In fact the data show that it was 56.5 per cent in Q2 2019-20, and fell to 54.2 per … US GDP Estimates 2nd Quarter 2020 . Video Story . Embed this interactive Copy. 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. Coronavirus (COVID-19) Impact on the Second-Quarter 2020 GDP by State Estimates; The decline in second quarter GDP reflected the response to … 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). Performance in both Domestic and external demand estimates are based on data sources that are incomplete and subject further... In second quarter was revised up by 1.2 percentage points - 2nd quarter 2020 Domestic and external.. 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