With the third estimate, an upward revision to nonresidential fixed investment was offset by downward revisions to private inventory investment, personal consumption expenditures (PCE), and exports (see "Updates to GDP" on page 2). More information on the source data that underlie the estimates is available in the "Key Source Data and Assumptions" file on BEA's website. Reference Number: 2020-083. Gross Domestic Product by State, 1st Quarter 2020 . GDP Resources and Uses - 1st quarter of 2020. In Thailand the decrease of GDP is further accentuated by the fact that each month of closure of the country for foreign tourists, means approximately a 1 % decrease in GDP (that is 10 % for the year, if the situation continues, taking into account that some tourists still arrived in the first quarter of 2020). Profits from current production, referred to as corporate profits with inventory valuation adjustment (IVA) and capital consumption (CCAdj) adjustment in the National Income and Product Accounts (NIPAs), is a measure of the net income of corporations before deducting income taxes that is consistent with the value of goods and services measured in GDP. Next release, July 30, 2020 at 8:30 A.M. EDT It is equal to personal income less personal current taxes. It does not include realized or unrealized capital gains or losses. GDP decreased by 1.2% in first quarter of 2020 29. Calendar years and quarters. Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) decreased $262.8 billion in the first quarter, in contrast to an increase of $53.0 billion in the fourth quarter (table 10). 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. The Minister for the Cabinet Office the Hon. The price index for gross domestic purchases increased 1.7 percent in the first quarter, compared with an increase of 1.4 percent in the fourth quarter (table 4). GDP - output approach . Organisation for Economic Co-operation and Development (OECD), © 06/02/2020 | 03:06am EST *: *: * According to the refined estimate, the gross domestic product decreased by 3.3%, q-o-q, in the Q1 2020 and by 2.0%, y-o-y. GDP - income approach. This marked the first negative GDP reading since the 1.1% decline in the first quarter of 2014 and the worst level since the 8.4% plunge in Q4 of 2008 during the worst of the financial crisis America's economy fared worse than initially reported in the first quarter, according to the Bureau of Economic Analysis. Announcing the new stimulus package shortly after the growth data’s release, Finance Minister Heng Swee Keat warned Singapore was heading for its worst recession since independence in 1965. Percent changes in quarterly not seasonally adjusted values are calculated from the same quarter one year ago. The average of real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI, decreased 4.7 percent in the first quarter, in contrast to an increase of 2.6 percent in the fourth quarter (table 1). In practice, GDP and GDI differ because they are constructed using largely independent source data. The GDP in the 1 st quarter of 2020 was down a price-adjusted 1.9%, and a calendar-adjusted 2.3%, on a year earlier. The PCE price index increased 1.3 percent, compared with an increase of 1.4 percent. Q1 GDP contracted by 0.2 percent, the lowest quarterly growth in more than 20 years. Gross Domestic Product, Second Quarter 2020 (Advance Estimate) and Annual Update. The personal consumption expenditure price index measures the prices paid for the goods and services purchased by, or on the behalf of, "persons." Singapore drastically downgraded its economic forecast for 2020 after its coronavirus-hit economy contracted in the first quarter of the year, official data showed on Tuesday. t includes income from domestic sources as well as the rest of world. The rest-of-the-world (ROW) component of profits is measured as the difference between profits received from ROW and profits paid to ROW. Quantities, or "real" volume measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2012). The decrease in nonresidential fixed investment primarily reflected a decrease in equipment, led by transportation equipment. In the fourth quarter, real GDP increased 2.1 percent. decided to lower the key policy rate from 2.25% to a new recordlow of 1.5% with two - successive cuts of 50 and 25 basis points in March and April, respectively. GFCF by institutional sector. Disposable personal income is the income available to persons for spending or saving. Release Date: Thursday, May 7, 2020. The GDP recorded a growth rate of -11.5 percent in the third quarter, compared to the previous quarter’s growth rate of -16.9 percent.. GDP 2020 Quarter 3, first estimate Industries which make up a larger proportion of the economy, or which experience large quarterly changes in output, make the largest contributions to overall GDP change. This change was mainly driven by exports but was offset by household consumption. 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 Philippines gross domestic growth experienced negative growth in the first quarter (Q1) of 2020 due to the impact of the COVID-19 pandemic. Real GDP and components - growth rates and contributions to growth. Calendar adjusted and compared with the first quarter of 2019, GDP … 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. The decrease in exports primarily reflected a decrease in services, led by travel. In the first quarter, GDP decreased 3.4 percent, or $186.3 billion. Compared with the previous quarter, GDP fell 10.6%, as all sectors of the economy were battered, according to advance estimates released by the trade ministry. The industries that contributed the least to the GDP were Construction, -39.8 percent growth; Real estate and ownership of dwellings, -22.5 percent growth; and Manufacturing, -9.7 percent growth. Quarterly National Accounts (QNA) adopts the same concepts, definitions and structure as Annual National Accounts (ANA). Only in the years of the financial and economic crisis of 2008/2009 had there been larger decreases on the relevant quarter of the preceding year. Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes. Please see our, EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, Thursday, June 25, 2020, Coronavirus (COVID-19) Impact on the First-Quarter 2020 GDP Estimate, The decline in first quarter GDP reflected the response to the spread of COVID-19, as governments issued "stay-at-home" orders in March. Among the Major Seven economies, the United States recorded the highest annual growth (0.3%), while France recorded the sharpest annual fall (minus 5.4%). Excluding food and energy prices, the PCE price index increased 1.7 percent, compared with an increase of 1.3 percent. Population and Employment - national concept. India GDP Q1 Data 2020: Owing to a strict nationwide lockdown due to the novel coronavirus during the bulk of the first quarter of the financial year 2020-21, India’s Gross Domestic Product (GDP) for the April-June quarter (Q1) slipped by a sharp 23.9 per cent, as per provisional estimates released by Ministry of Statistics and Programme Implementation (MoSPI) on Monday. Year-on-year GDP growth for the OECD area fell to minus 0.8% in the first quarter of 2020, following growth of 1.6% in the previous quarter. The GDP estimate released today is based on more complete source data than were available for the "second" estimate issued last month. GDP increased by 0.1 percent in the first quarter of 2020, seasonally adjusted and compared with the fourth quarter of 2019. An official website of the United States government. Additional resources available at www.bea.gov: Gross domestic product (GDP) is the value of the goods and services produced by the nation's economy less the value of the goods and services used up in production. May 2020 Gross Domestic Product (GDP) is estimated to have decreased by 1.2% in the first quarter of 2020 compared with the same quarter of 2019. Gross Domestic Product, 1st Quarter 2020 (Third Estimate); Corporate Profits, 1st Quarter 2020 (Revised Estimate), 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. The Congressional Budget Office has estimated that GDP will plunge in the current quarter by a 40% annual rate. For more definitions, see the Glossary: National Income and Product Accounts. For fourth quarter estimates, these data are not available until the third estimate. India (0.7%) and Turkey (0.6%) were the only two G20 economies recording positive growth in the first quarter of 2020. The percent change in real GDP in the first quarter ranged from –1.3 percent in 11 June 2020 - Following the introduction of COVID-19 containment measures across the world, real gross domestic product (GDP) in the G20 area fell by 3.4% in the first quarter of 2020, the largest contraction since the time series started in 1998, according to provisional estimates. General The good news … and the bad news PPS: GDP Q3 commentary Agriculture’s 3rd quarter 2020 GDP outcomes still impressive Consumer inflation increased to 3.3% in October 2020, beating market expectations of 3.0% CPI for October 2020 Further into junk Low rates positive for agriculture heading into the new crop season MPC Commentary The largest increases in the ratio were observed in Cyprus (+17.1 percentage points – pp), France (+12.8 pp), Italy … All published percent changes are calculated from unrounded data. The decrease in real GDP in the first quarter reflected negative contributions from PCE, private inventory investment, exports, and nonresidential fixed investment that were partly offset by positive contributions from residential fixed investment, federal government spending, and state and local government spending. Annual and comprehensive updates are typically released in late July. For estimates of real GDP and its major components, the span of the update will cover the most recent five years (2015-2019) and the first quarter of 2020. Sunday, November 1st, 2020. 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. Profits of domestic financial corporations decreased $37.5 billion in the first quarter, in contrast to an increase of $0.7 billion in the fourth quarter. Quarterly Growth Rates of real GDP, change over same quarter, previous year. The decrease in PCE reflected a decrease in services, led by health care as well as food services and accommodations. Personal outlays is the sum of personal consumption expenditures, personal interest payments, and personal current transfer payments. The full economic effects of the COVID-19 pandemic cannot be quantified in the GDP estimate for the first quarter of 2020 because the impacts are generally embedded in source data and cannot be separately identified. 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. Current-dollar GDP: decreased 34.3 percent, or $2.15 trillion, in the second quarter to a level of $19.41 trillion. India (0.7%) and Turkey (0.6%) were the only two G20 economies recording positive growth in the first quarter of 2020. In the fourth quarter, GDP increased 3.5 percent, or $186.6 billion (tables 1 and 3). The table below shows the average revisions to the quarterly percent changes in real GDP between different estimate vintages, without regard to sign. Private-sector economists are now, on average, forecasting that Ontario’s real GDP will decline by 6.6 per cent in 2020. Statistical news from Statistics Sweden 2020-05-29 9.30 . This led to rapid changes in demand, as businesses and schools switched to remote work or canceled operations, and consumers canceled, restricted, or redirected their spending. Compared with the first quarter of 2020, all Member States registered an increase in their debt to GDP ratio at the end of the second quarter of 2020. For more information, see the, Upcoming Annual Update of the National Income and Product Accounts, BEA will release results from the 2020 annual update of the National Income and Product Accounts on July 30, 2020, in conjunction with the advance estimate of GDP for the second quarter of 2020. Percent changes calculated from real quantity indexes and chained-dollar levels are conceptually the same; any differences are due to rounding. Among G20 economies, those that introduced stringent lockdowns measures earliest saw the largest contractions in GDP in the first quarter of 2020: China (by minus 9.8%), and France and Italy (minus 5.3%, in both countries). Among the Major Seven economies, the United States recorded the highest annual growth (0.3%), while France recorded the sharpest annual fall (minus 5.4%). It also continued its interventions on the foreign exchange market by selling a net EUR 185 million in the first quarter of 2020, of which a … 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. Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. Year-on-year GDP growth for the OECD area fell to minus 0.8% in the first quarter of 2020, following growth of 1.6% in the previous quarter. For details, see the FAQ "Why does BEA publish estimates at annual rates?" For more information, see the Technical Note. In the third estimate, first-quarter real GDP decreased 5.0 percent from the fourth quarter, unrevised from the second estimate. Real gross domestic income (GDI) decreased 4.4 percent in the first quarter, in contrast to an increase of 3.1 percent in the fourth quarter. “We expect the first quarter of 2021 will be a challenging one for the Canadian economy, with no growth in GDP expected. For details, see the FAQ "How is average annual growth calculated?" Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is, at "market value." Real gross domestic product (GDP) decreased in all 50 states and the District of Columbia in the first quarter of 2020, according to statistics released today by the U.S. Bureau of Economic Analysis. Real GDP: GDP decreased at an annual rate of 32.9 percent in the second quarter of 2020 according to reports 5 percent GDP was decreased in 1st quarter of 2020. Year-on-year GDP in the G20 area contracted by (minus 1.5%) in the first quarter of 2020, following growth of 2.8% in the previous quarter. OECD Chart: Quarterly GDP, Total, Percentage change, previous period, Q1 2020 or latest available, Source: OECD Quarterly National Accounts Database. As a comparison, GDP fell by only 1.5% in the first quarter of 2009 at the height of the financial crisis. This convention is used for BEA's featured, seasonally adjusted measures to facilitate comparisons with related and historical data. Employment by industry - domestic concept. Compensation of employees by industry. Real gross domestic product (GDP) decreased at an annual rate of 5.0 percent in the first quarter of 2020 (table 1), according to the "third" estimate released by the Bureau of Economic Analysis. 1st Philippine Data Festival ... GDP declines by 0.2 percent in the first quarter of 2020; the first contraction since fourth quarter of 1998. annual GDP that provides in-depth and comprehensive view of the changes in the economy. Quarterly seasonally adjusted values are expressed at annual rates, unless otherwise specified. These data have been superseded. In the fourth quarter, real GDP increased 2.1 percent. Unless noted otherwise, annual and quarterly data are presented on a calendar basis. The personal saving rate is personal saving as a percentage of disposable personal income. GDP also fell sharply in Germany (by minus 2.2%), Canada (minus 2.1%) and the United Kingdom (minus 2.0%). Imports, which are a subtraction in the calculation of GDP, decreased (table 2). For information on updates to GDP, see the "Additional Information" section below. Real gross domestic product (GDP) decreased at an annual rate of 5.0 percent in the first quarter of 2020 (table 1), according to the "third" estimate released by the Bureau of Economic Analysis. Why does BEA publish estimates at annual rates? GDP also contracted in Brazil (minus 1.5%), the United States and Korea (minus 1.3%, in both countries) and Mexico (minus 1.2%). Percent changes.Percent changes in quarterly seasonally adjusted series are displayed at annual rates, unless otherwise specified. Minister Furbert further said: “After adjusting for inflation, the GDP in constant prices for the first quarter decreased by 2.8 percent. Organisation for Economic, OECD Quarterly National Accounts Database, More information on quarterly national accounts at. Quantity and price indexes are calculated using a Fisher-chained weighted formula that incorporates weights from two adjacent periods (quarters for quarterly data and annuals for annual data). Estimates of income and saving will be subject to revision from 1999 through the first quarter of 2020. As a comparison, GDP fell by only 1.5% in the first quarter of 2009 at the height of the financial crisis. National accounts, first quarter 2020 GDP largely unchanged in the first quarter of 2020. Also referred to as "nominal estimates" or as "current-price estimates.". Scotland’s Gross Domestic Product (GDP) contracted by -19.4% in real terms during the second quarter of 2020, following contraction of -2.5% in the first quarter of 2020. This is the first estimate of Scotland’s Gross Domestic Product (GDP) for 2020 Quarter 2 (April to June). The contraction was less pronounced in Indonesia (minus 0.7%), Japan (minus 0.6%) and Australia (minus 0.3%). Personal saving is personal income less personal outlays and personal current taxes. Figure 1: First Quarter GDP Growth Rates, from 2014 - 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. In the second estimate, the decrease in real GDP was also 5.0 percent. More information on the 2020 annual update is included in the May, 4600 Silver Hill Road • Suitland, MD 20746, Glossary: National Income and Product Accounts. Profits for domestic industries reflect profits for all corporations located within the geographic borders of the United States. Annual-vs-quarterly rates. This publication captures the effects of lockdown and its initial easing on the Scottish Economy. In national economic accounting, GDP and GDI are conceptually equal. Minister Furbert further said, “After adjusting for inflation, the GDP in constant prices for the first quarter decreased by 2.8 percent. Comprehensive (or benchmark) updates are carried out at about 5-year intervals and incorporate major periodic source data, as well as major conceptual improvements. News Release: HAMILTON, Bermuda – The Minister for the Cabinet Office, Wayne Furbert released the Quarter 1, 2020 Quarterly Gross Domestic Product (GDP) by Expenditure from the Department of Statistics today. The gross domestic purchases price index measures the prices of final goods and services purchased by U.S. residents. Quantities and prices. Decreases in All States and the District of Columbia in the First Quarter . Wayne Furbert, JP, MP, released the Quarter 1, 2020 Quarterly Gross Domestic Product (GDP) by Expenditure from the Department of Statistics today. For details on the calculation of quantity and price indexes, see Chapter 4: Estimating Methods in the NIPA Handbook. Rest-of-the-world profits decreased $43.5 billion, compared with a decrease of $1.4 billion. Year-on-year GDP in the G20 area contracted by (minus 1.5%) in the first quarter of 2020, following growth of 2.8% in the previous quarter. GFCF by asset. Ontario’s real gross domestic product (GDP) declined 2.0 per cent in the first quarter of 2020, largely reflecting the pandemic’s economic impacts over a two-week period at the end of March. Year Ender 2020.. India’s first quarter GDP sharpest fall in 40 years 11 June 2020 - Following the introduction of COVID-19 containment measures across the world, real gross domestic product (GDP) in the G20 area fell by 3.4% in the first quarter of 2020, the largest contraction since the time series started in 1998, according to provisional estimates. Current‑dollar GDP decreased 3.4 percent, or $189.4 billion, in the first quarter to a level of $21.54 trillion. 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. The negative GDP development was caused by lower capital formation and by a decrease in external demand. Chained-dollar values are calculated by multiplying the quantity index by the current dollar value in the reference year (2012) and then dividing by 100. The decrease in private inventory investment was mainly in manufacturing, led by petroleum and coal products. Profits of domestic nonfinancial corporations decreased $181.8 billion, in contrast to an increase of $53.7 billion. The Gross Domestic Product (GDP) declined by 0.2 percent in the first quarter of 2020, the first contraction since the fourth quarter of 1998. 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. 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