3 years ago
Accommodation and nutrient services; finance and insurance; and wellness attraction and societal assistance industries were nan starring contributors to nan 5.0 percent (annual rate) alteration successful gross home merchandise (GDP) successful nan first 4th of 2020, according to nan Bureau of Economic Analysis. All sectors of nan U.S. system contributed to nan decrease, led by a diminution successful backstage services-producing industries.
Coronavirus (COVID-19) Impact connected nan First-Quarter 2020 GDP Estimate
The diminution successful first-quarter GDP reflected nan consequence to nan dispersed of COVID-19, arsenic governments issued "stay-at-home" orders successful March. This led to accelerated changes successful production, arsenic businesses and schools switched to distant activity aliases canceled operations, and consumers and businesses canceled, restricted, aliases redirected their spending. The afloat economical effects of nan COVID-19 pandemic cannot beryllium quantified successful nan GDP estimate for nan first 4th of 2020 because nan impacts are mostly embedded successful root information and cannot beryllium separately identified. For much information, spot "Federal Recovery Programs and BEA Statistics: COVID-19 and Recovery" connected nan BEA website.
Real worth added by industry
Overall, 17 of 22 manufacture groups contributed to nan first-quarter diminution successful existent GDP. Of nan 5 manufacture groups that offset nan diminution successful nan first-quarter existent GDP, agriculture, forestry, fishing, and hunting was nan largest contributor, expanding 15.5 percent.
- For accommodation and nutrient services, existent worth added—a measurement of an industry's publication to GDP—decreased 26.8 percent successful nan first quarter, chiefly reflecting a alteration successful nutrient services and drinking places.
- Finance and security decreased 9.0 percent successful nan first quarter. The largest contributor to nan alteration was security carriers and related activities.
- Health attraction and societal assistance decreased 7.8 percent successful nan first quarter, chiefly reflecting decreases successful ambulatory wellness attraction services and successful hospitals.
- Arts, entertainment, and recreation decreased 34.7 percent successful nan first quarter, chiefly reflecting a alteration successful performing arts, spectator sports, museums, and related activities.
Gross output by industry
Real gross output—principally a measurement of an industry's income aliases receipts, which includes income to last users successful nan system (GDP) and income to different industries (intermediate inputs)—decreased 4.0 percent successful nan first quarter. This reflected a alteration of 5.7 percent for nan backstage services-producing sector, a alteration of 0.8 percent for nan backstage goods-producing sector, and a alteration of 0.4 percent for nan authorities sector. Overall, 16 of 22 manufacture groups contributed to nan alteration successful existent gross output.
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Next merchandise – September 30, 2020 astatine 8:30 A.M. EDT for:
Gross Domestic Product by Industry: Second Quarter 2020
Annual Update of nan Industry Economic Accounts
Bringing Together National, Industry, and State GDP Statistics
BEA is speeding up nan merchandise of its manufacture and authorities GDP statistic to coordinate much intimately pinch nan quarterly estimates of nationalist GDP. Starting connected September 30, manufacture GDP statistic will beryllium issued connected nan aforesaid time – and successful nan aforesaid news merchandise – arsenic nan 3rd estimate of nationalist GDP. State-by-state GDP statistic will travel successful a abstracted news merchandise wrong 2 days. These 3 awesome dimensions of GDP will beryllium synchronized to screen nan aforesaid quarter, giving users a fuller and much timely position of nan U.S. economy.
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