Widget Image
Follow PPD Social Media
Follow Us:
Sunday, September 20, 2020
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.

Written by
Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

No comments

leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

People's Pundit Daily
You have %%pigeonMeterAvailable%% free %%pigeonCopyPage%% remaining this month. Get unlimited access and support reader-funded, independent data journalism.

Start a 14-day free trial now. Pay later!

Start Trial