BEA News: Gross Domestic Product (Third Estimate), Corporate Profits (Revised), and GDP by Industry (Annual Update), Second Quarter 2020

BEA News: Gross Domestic Product (Third Estimate), Corporate Profits (Revised), and GDP by Industry (Annual Update), Second Quarter 2020

The U.S. Bureau of Economic Analysis (BEA) has issued the following news release today:

Real gross domestic product (GDP) decreased at an annual rate of 31.4 percent in the second quarter of 2020, according to the “third” estimate released by the Bureau of Economic Analysis. The change was 0.3 percentage point higher than the “second” estimate released in August. In the first quarter of 2020, real GDP decreased 5.0 percent.

Profits decreased 10.3 percent at a quarterly rate in the second quarter after decreasing 12.0 percent in the first quarter. Corporate profits decreased 19.3 percent in the second quarter from one year ago.

Today’s release includes estimates of GDP by industry, or value added—a measure of an industry’s contribution to GDP. Private goods-producing industries decreased 34.4 percent, private services producing industries decreased 33.1 percent, and government decreased 16.6 percent. Overall, 20 of 22 industry groups contributed to the second-quarter decline in real GDP.

The full text of the release on BEA’s website can be found at: www.bea.gov/news/2020/gross-domestic-product-third-estimate-corporate-profits-revised-and-gdp-industry-annual

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