The decrease in exports primarily reflected a decrease in services, led by travel. 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. Download the entire news release (PDF 120KB). Imports, which are a subtraction in the calculation of GDP, decreased (table 2). Current-dollar GDP: decreased 34.3 percent, or $2.15 trillion, in the second quarter to a level of $19.41 trillion. Unless noted otherwise, annual and quarterly data are presented on a calendar basis. 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. Percent changes in quarterly not seasonally adjusted values are calculated from the same quarter one year ago. India (0.7%) and Turkey (0.6%) were the only two G20 economies recording positive growth in the first quarter of 2020. It is equal to personal income less personal current taxes. Calendar adjusted and compared with the first quarter of 2019, GDP … These data have been superseded. This publication captures the effects of lockdown and its initial easing on the Scottish Economy. The percent change in real GDP in the first quarter ranged from –1.3 percent in Statistical news from Statistics Sweden 2020-05-29 9.30 . Decreases in All States and the District of Columbia in the First Quarter . 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). 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. 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 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. Annual-vs-quarterly rates. This is the first estimate of Scotland’s Gross Domestic Product (GDP) for 2020 Quarter 2 (April to June). In the first quarter, GDP decreased 3.4 percent, or $186.3 billion. GFCF by asset. The rest-of-the-world (ROW) component of profits is measured as the difference between profits received from ROW and profits paid to ROW. For information on updates to GDP, see the "Additional Information" section below. 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. All published percent changes are calculated from unrounded data. Organisation for Economic, OECD Quarterly National Accounts Database, More information on quarterly national accounts at. 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. For details on the calculation of quantity and price indexes, see Chapter 4: Estimating Methods in the NIPA Handbook. 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. 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