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Real gross domestic product (GDP) decreased at an annual rate that 32.9 percent in the second quarter the 2020 (table 1), follow to the "advance" estimate released by the bureau of economic Analysis. In the first quarter, actual GDP decreased 5.0 percent.

The GDP calculation released now is based on source data that are incomplete or subject to more revision by the resource agency (see "Source Data because that the advancement Estimate" on page 2). The "second" estimate for the second quarter, based on much more complete data, will certainly be exit on respectable 27, 2020.


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Coronavirus (COVID-19) impact on the Second-Quarter 2020 GDP Estimate
The decline in 2nd quarter GDP reflected the an answer to COVID-19, as "stay-at-home" order issued in March and April were partly lifted in some areas of the nation in May and also June, and also government pandemic aid payments were dispersed to households and businesses. This resulted in rapid move in activity, together businesses and schools continued remote work and consumers and also businesses canceled, restricted, or redirected their spending. The full economic effects of the COVID-19 pandemic cannot be quantified in the GDP calculation for the second quarter that 2020 because the results are generally installed in resource data and also cannot be individually identified. For more information, view the technological Note.

The diminish in real GDP reflect decreases in personal consumption expenditures (PCE), exports, private inventory investment, nonresidential resolved investment, residential solved investment, and state and also local federal government spending that were partly counter by an increase in federal government spending. Imports, which are a individually in the calculation of GDP, lessened (table 2).

The diminish in PCE reflected decreases in solutions (led by health care) and goods (led through clothing and also footwear). The to decrease in exports mainly reflected a diminish in goods (led by resources goods). The decrease in exclusive inventory investment primarily reflected a decrease in sleeve (led by motor car dealers). The to decrease in nonresidential solved investment mainly reflected a diminish in tools (led by transport equipment), while the decrease in residential investment primarily reflected a diminish in new single-family housing.

Current‑dollar GDP diminished 34.3 percent, or $2.15 trillion, in the 2nd quarter to a level of $19.41 trillion. In the an initial quarter, GDP decreased 3.4 percent, or $186.3 billion (table 1 and table 3).

The price index for gross residential purchases decreased 1.5 percent in the second quarter, in comparison to an increase of 1.4 percent in the first quarter (table 4). The injected price index decreased 1.9 percent, in comparison to an increase of 1.3 percent. Excluding food and energy prices, the sprayed price index lessened 1.1 percent, in comparison to boost of 1.6 percent.

Personal Income and also Outlays

Current-dollar personal income boosted $1.39 trillion in the second quarter, compared with boost of $193.4 billion in the very first quarter. The increase in personal income was an ext than accounted because that by an increase in an individual current transfer receipts (notably, government social benefits) that was partly counter by declines in compensation and proprietors" earnings (table 8). Extr information ~ above several factors impacting an individual income have the right to be uncovered in "Effects that Selected federal Pandemic solution Programs on an individual Income."

Disposable personal income increased $1.53 trillion, or 42.1 percent, in the second quarter, compared with an increase of $157.8 billion, or 3.9 percent, in the first quarter. Real disposable personal income enhanced 44.9 percent, contrasted with an increase of 2.6 percent.

Personal outlays decreased $1.57 trillion, ~ decreasing $232.5 billion. The to decrease in outlays was led through a decrease in PCE for services.

Personal saving to be $4.69 sunshine in the second quarter, contrasted with $1.59 trillion in the an initial quarter. The personal saving rate—personal conserving as a percentage of disposable an individual income—was 25.7 percent in the 2nd quarter, contrasted with 9.5 percent in the very first quarter.

Source Data because that the development Estimate

Information on the source data and an essential assumptions used in the advancement estimate is detailed in a Technical note that is posted v the news relax on londonchinatown.org"s web site. A thorough "Key resource Data and also Assumptions" record is additionally posted because that each release. For details on updates to GDP, view the "Additional Information" section that follows.

Annual update of the national Income and Product Accounts

The estimates released today additionally reflect the outcomes of the yearly Update that the national Income and Product account (NIPAs). The timespan that the update is the first quarter of 2015 through the fourth quarter of 2019 for estimates of genuine GDP and also its significant components, and the very first quarter the 1999 with the 4th quarter that 2019 for estimates of income and saving. The referral year continues to be 2012. An ext information on the 2020 yearly Update is had in the might Survey of current Business article, "GDP and also the Economy."

For the duration of expansion from the second quarter that 2009 v the 4th quarter that 2019, actual GDP increased at an annual rate that 2.3 percent, the same as previously published.

With today"s release, most NIPA tables are easily accessible through londonchinatown.org"s interaction Data application on the londonchinatown.org web site (www.londonchinatown.org). Check out "Information on Updates come the nationwide Income and Product Accounts" because that the finish table release schedule and a an overview of results, which contains a discussion of methodology changes. A table mirroring the significant current‑dollar revisions and their resources for every component the GDP, national income, and an individual income is additionally provided. The respectable 2020 Survey of existing Business will certainly contain an article describing the update in much more detail.

Previously published estimates, which are superseded through today"s release, are uncovered in londonchinatown.org"s archives.

Updates because that the first Quarter that 2020

For the first quarter the 2020, real GDP is estimated to have reduced 5.0 percent (table 1), the exact same decrease as formerly published. An upward revision to private inventory invest was counter by a bottom revision come exports and an upward revision to imports.

Real GDI is now approximated to have diminished 2.5 percent in the very first quarter (table 1); in the formerly published estimates, first-quarter GDI was estimated to have lessened 4.4 percent. The top contributor to the increase revision was compensation, based mainly on brand-new first-quarter wage and also salary estimates from the BLS Quarterly Census the Employment and Wages.

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The price index for gross domestic purchases is now estimated to have actually increased 1.4 percent in the an initial quarter, 0.3 percentage allude lower than previously published (table 4). The injected price index enhanced 1.3 percent, the same boost as formerly published. Not included food and also energy prices, the injected price index raised 1.6 percent, 0.1 percentage allude lower than formerly published.