Gross Domestic Product (GDP): First Estimate for Q2, 2020

Earlier this morning, the Commerce Department's Bureau of Economic Analysis (BEA) released its first estimate for U.S. Real Gross Domestic Product (GDP) for the second quarter of 2020:

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Predicted: -32.0%

• Actual: -32.9%
  
  
• Real Consumer Spending, Quarter-to-Quarter Change: -34.6%

The yellow-highlighted percentage represents the first estimate of the quarter-to-quarter change for Real Gross Domestic Product for the entire United States.

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"...Coronavirus (COVID-19) Impact on the Second-Quarter 2020 GDP Estimate

The decline in second quarter GDP reflected the response to COVID-19, as “stay-at-home” orders issued in March and April were partially lifted in some areas of the country in May and June, and government pandemic assistance payments were distributed to households and businesses. This led to rapid shifts in activity, as businesses and schools continued remote work and consumers and businesses canceled, restricted, or redirected their spending. The full economic effects of the COVID-19 pandemic cannot be quantified in the GDP estimate for the second quarter of 2020 because the impacts are generally embedded in source data and cannot be separately identified. For more information, see the Technical Note...

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The GDP is a very broad measure of economic activity for the entire United States, covering all sectors of the economy. The Commerce Department defines real GDP as, "the output of goods and services produced by labor and property located in the United States."

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CHART: GDP - Q2 2020 - First Estimate

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• Click here to view the full Commerce Department report (PDF).
  
  
• Gross Domestic Product, Second Quarter 2020 - Technical Note (PDF)

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