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Tuesday, May 21, 2024
HomeNewsEconomySecond Estimate for Q2 2020 GDP Revised Higher to -31.7%, Beating Forecast

Second Estimate for Q2 2020 GDP Revised Higher to -31.7%, Beating Forecast

GDP, Coronavirus (Covid-19) virus and economic crisis, symbolized by graph with word GDP going down to picture that coronavirus affects Gdp and leads to downturn and recession, 3d illustration. (Photo: AdobeStock)

Private Inventory Investment, Consumer Spending Chip Away at ‘Stay-at-Home’ Orders

The Bureau of Economic Analysis (BEA) reported the “second” estimate for second quarter (Q2) gross domestic product (GDP) was -31.7% on an annualized basis, revised up from the advance estimate of -32.9%. Real GDP was -5.0% in Q1 2020, though BEA specifically cited the mitigation efforts to slow the spread of coronavirus (COVID-19) for both quarters.

Forecasts ranged from a low of -33.6% to a high of -31.6%. The consensus forecast was -32.6%.

The second estimate is based on more complete source data than the “advance” estimate reported last month. Private inventory investment and personal consumption expenditures (PCE) fell less than initially estimated.

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