Reference Number: 2020-083. 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. 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). Disposable personal income is the income available to persons for spending or saving. 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). For more definitions, see the Glossary: National Income and Product Accounts. The percent change in real GDP in the first quarter ranged from –1.3 percent in Organisation for Economic, OECD Quarterly National Accounts Database, More information on quarterly national accounts at. 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. Estimates of income and saving will be subject to revision from 1999 through the first quarter of 2020. The decrease in private inventory investment was mainly in manufacturing, led by petroleum and coal products. 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. 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. 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. 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 … Wayne Furbert, JP, MP, released the Quarter 1, 2020 Quarterly Gross Domestic Product (GDP) by Expenditure from the Department of Statistics today. 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. The Congressional Budget Office has estimated that GDP will plunge in the current quarter by a 40% annual rate. 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 decrease in nonresidential fixed investment primarily reflected a decrease in equipment, led by transportation equipment. The gross domestic purchases price index measures the prices of final goods and services purchased by U.S. residents. 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. GDP decreased by 1.2% in first quarter of 2020 29. 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. 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. 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. Why does BEA publish estimates at annual rates? 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. 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 PCE reflected a decrease in services, led by health care as well as food services and accommodations. Rest-of-the-world profits decreased $43.5 billion, compared with a decrease of $1.4 billion. 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. As a comparison, GDP fell by only 1.5% in the first quarter of 2009 at the height of the financial crisis. 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). This is the first estimate of Scotland’s Gross Domestic Product (GDP) for 2020 Quarter 2 (April to June). In national economic accounting, GDP and GDI are conceptually equal. GDP Resources and Uses - 1st quarter of 2020. 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. For fourth quarter estimates, these data are not available until the third estimate. Minister Furbert further said, “After adjusting for inflation, the GDP in constant prices for the first quarter decreased by 2.8 percent. Quantities, or "real" volume measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2012). Quarterly not seasonally adjusted values are expressed only at quarterly rates. 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%). 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. More information on the source data that underlie the estimates is available in the "Key Source Data and Assumptions" file on BEA's website. National accounts, first quarter 2020 GDP largely unchanged in the first quarter of 2020. For more information, see the Technical Note. 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. Release Date: Thursday, May 7, 2020. Quantities and prices. GDP increased by 0.1 percent in the first quarter of 2020, seasonally adjusted and compared with the fourth quarter of 2019. annual GDP that provides in-depth and comprehensive view of the changes in the economy. 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. Employment by industry - domestic concept. Percent changes in quarterly not seasonally adjusted values are calculated from the same quarter one year ago. 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. 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. The rest-of-the-world (ROW) component of profits is measured as the difference between profits received from ROW and profits paid to ROW. Current‑dollar GDP decreased 3.4 percent, or $189.4 billion, in the first quarter to a level of $21.54 trillion. 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. It is equal to personal income less personal current taxes. 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. 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. 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. To address these challenges, the statistical community is developing guidance, both conceptual and practical, to help ensure the continued delivery of timely and reliable statistics. In the second estimate, the decrease in real GDP was also 5.0 percent. India (0.7%) and Turkey (0.6%) were the only two G20 economies recording positive growth in the first quarter of 2020. This convention is used for BEA's featured, seasonally adjusted measures to facilitate comparisons with related and historical data. 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. The GDP estimate released today is based on more complete source data than were available for the "second" estimate issued last month. As a comparison, GDP fell by only 1.5% in the first quarter of 2009 at the height of the financial crisis. Download the entire news release (PDF 120KB). GFCF by institutional sector. 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.. 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). Real GDP and components - growth rates and contributions to growth. 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. GDP also fell sharply in Germany (by minus 2.2%), Canada (minus 2.1%) and the United Kingdom (minus 2.0%). 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. In the fourth quarter, real GDP increased 2.1 percent. 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. In the fourth quarter, real GDP increased 2.1 percent. 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 In the first quarter, GDP decreased 3.4 percent, or $186.3 billion. All published percent changes are calculated from unrounded data. 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 personal saving rate is personal saving as a percentage of disposable personal income. Quarterly Growth Rates of real GDP, change over same quarter, previous year. “We expect the first quarter of 2021 will be a challenging one for the Canadian economy, with no growth in GDP expected. America's economy fared worse than initially reported in the first quarter, according to the Bureau of Economic Analysis. The largest increases in the ratio were observed in Cyprus (+17.1 percentage points – pp), France (+12.8 pp), Italy … t includes income from domestic sources as well as the rest of world. Calendar adjusted and compared with the first quarter of 2019, GDP … 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. 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. The personal consumption expenditure price index measures the prices paid for the goods and services purchased by, or on the behalf of, "persons." GDP - output approach . Sunday, November 1st, 2020. The contraction was less pronounced in Indonesia (minus 0.7%), Japan (minus 0.6%) and Australia (minus 0.3%). 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%). Gross Domestic Product, Second Quarter 2020 (Advance Estimate) and Annual Update. 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. 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 "How is average annual growth calculated?" Annual-vs-quarterly rates. 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). Organisation for Economic Co-operation and Development (OECD), © Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes. 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. 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. This publication captures the effects of lockdown and its initial easing on the Scottish Economy. 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. 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. In practice, GDP and GDI differ because they are constructed using largely independent source data. 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. 1st Philippine Data Festival ... GDP declines by 0.2 percent in the first quarter of 2020; the first contraction since fourth quarter of 1998. 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. The Philippines gross domestic growth experienced negative growth in the first quarter (Q1) of 2020 due to the impact of the COVID-19 pandemic. Personal outlays is the sum of personal consumption expenditures, personal interest payments, and personal current transfer payments. Gross Domestic Product by State, 1st Quarter 2020 . Minister Furbert further said: “After adjusting for inflation, the GDP in constant prices for the first quarter decreased by 2.8 percent. In the third estimate, first-quarter real GDP decreased 5.0 percent from the fourth quarter, unrevised from the second estimate. OECD Chart: Quarterly GDP, Total, Percentage change, previous period, Q1 2020 or latest available, Source: OECD Quarterly National Accounts Database. “How Singapore manages this, and … Figure 1: First Quarter GDP Growth Rates, from 2014 - 2020 . Q1 GDP contracted by 0.2 percent, the lowest quarterly growth in more than 20 years. Personal saving is personal income less personal outlays and personal current taxes. Percent changes calculated from real quantity indexes and chained-dollar levels are conceptually the same; any differences are due to rounding. The PCE price index increased 1.3 percent, compared with an increase of 1.4 percent. Percent changes.Percent changes in quarterly seasonally adjusted series are displayed at annual rates, unless otherwise specified. These data have been superseded. For details on the calculation of quantity and price indexes, see Chapter 4: Estimating Methods in the NIPA Handbook. Statistical news from Statistics Sweden 2020-05-29 9.30 . Next release, July 30, 2020 at 8:30 A.M. EDT The table below shows the average revisions to the quarterly percent changes in real GDP between different estimate vintages, without regard to sign. Profits of domestic nonfinancial corporations decreased $181.8 billion, in contrast to an increase of $53.7 billion. Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. The Minister for the Cabinet Office the Hon. Current-dollar GDP: decreased 34.3 percent, or $2.15 trillion, in the second quarter to a level of $19.41 trillion. The negative GDP development was caused by lower capital formation and by a decrease in external demand. For details, see the FAQ "Why does BEA publish estimates at annual rates?" For information on updates to GDP, see the "Additional Information" section below. 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. Also referred to as "nominal estimates" or as "current-price estimates.". India (0.7%) and Turkey (0.6%) were the only two G20 economies recording positive growth in the first quarter of 2020. This change was mainly driven by exports but was offset by household consumption. 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. Excluding food and energy prices, the PCE price index increased 1.7 percent, compared with an increase of 1.3 percent. GFCF by asset. GDP - income approach. Gross domestic income (GDI) is the sum of incomes earned and costs incurred in the production of GDP. Private-sector economists are now, on average, forecasting that Ontario’s real GDP will decline by 6.6 per cent in 2020. The decrease in exports primarily reflected a decrease in services, led by travel. Calendar years and quarters. Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is, at "market value." An official website of the United States government. 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). GDP also contracted in Brazil (minus 1.5%), the United States and Korea (minus 1.3%, in both countries) and Mexico (minus 1.2%). 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. In the fourth quarter, GDP increased 3.5 percent, or $186.6 billion (tables 1 and 3). 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. Among G20 economies, Turkey recorded the highest annual growth (4.4%), while China recorded the largest annual contraction (minus 6.8%). Quarterly National Accounts (QNA) adopts the same concepts, definitions and structure as Annual National Accounts (ANA). Profits for domestic industries reflect profits for all corporations located within the geographic borders of the United States. An upward revision to nonresidential fixed investment was offset by downward revisions to private inventory investment, PCE, and exports. 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. It does not include realized or unrealized capital gains or losses. 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. Year Ender 2020.. India’s first quarter GDP sharpest fall in 40 years Imports, which are a subtraction in the calculation of GDP, decreased (table 2). Unless noted otherwise, annual and quarterly data are presented on a calendar basis. Compensation of employees by industry. Quarterly seasonally adjusted values are expressed at annual rates, unless otherwise specified. 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. Population and Employment - national concept. 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 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). Annual and comprehensive updates are typically released in late July. 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. Decreases in All States and the District of Columbia in the First Quarter . Comprehensive (or benchmark) updates are carried out at about 5-year intervals and incorporate major periodic source data, as well as major conceptual improvements. 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