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. In the first quarter, real GDP decreased 5.0 percent.
The “third” estimate of GDP released today is based on more complete source data than were available for the “second” estimate issued last month. In the second estimate, the decrease in real GDP was 31.7 percent. The upward revision with the third estimate primarily reflected an upward revision to personal consumption expenditures (PCE) that was partly offset by downward revisions to exports and to nonresidential fixed investment.
From the BEA revision information, here is a Comparison of Third and Second Estimates. PCE growth was revised up to -33.2% from -34.6%. Residential investment was revised up from -37.9% to -35.6%. This was close to the consensus forecast.