By Adedapo Adesanya The African Development. The GDP slid by 2 per cent for the first quarter of 2020 following a drop of 1.4 per cent in the last quarter of 2019 and 0.6 per cent decline in Q3 2019. In a breakdown, manufacturing contracted by 74.9 per cent in the second quarter. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. Graph puts G20 growth numbers on a comparable scale, quarter-on-quarter non-annualized. The Q2 GDP report captured the period from April through June, when the coronavirus pandemic forced business closures and disrupted daily activity. PDF Print Email ... 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 … In #GreatLockdown Q2 2020 GDP growth at historical lows. Real gross domestic product (GDP) decreased at an annual rate of 32.9 percent in the second quarter of 2020 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. Don’t be surprised when a robot drops off your next food delivery; In the age of COVID-19, concerts look very different; COVID-19 might slow down the smartphone market, but it can’t stop it; Dear Reader, I am confident that the worst of COVID-19 is behind us. 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The industry was hit hard as only selected essential goods were allowed to be sold during the early stages of the lockdown. By Adedapo Adesanya Nigeria’s candidate for. Decreases were reported for land transport, air transport and transport support services. The contraction further pushed South Africa deeper into recession, marking the fourth consecutive quarter that the country’s GDP will be in the negative territory. 2020-08-14T13:28:03Z The letter F. An envelope. All 10 manufacturing divisions reported negative growth rates in the second quarter. South Africa’s GDP Declines by 51% in Q2 2020. The agriculture, forestry, and fishing industry was the only positive contributor to the country’s GDP growth, with an increase of 15.1 per cent and a contribution of 0.3 per cent to GDP growth. Owing to global lockdown restrictions, demand for mineral products fell, contributing to decreased production in platinum group metals (PGMs), gold, iron ore, chromium ore and coal. Decreased economic activity was reported in wholesale trade, retail trade, motor trade, catering and accommodation. He supports the greatest club in the world, Manchester United F.C. Decreases were reported for financial intermediation, insurance and pension funding, auxiliary activities and other business services. Japan: GDP records largest contraction on record in Q2 August 17, 2020 According to a preliminary estimate, GDP contracted a record 27.8% in seasonally-adjusted annualized terms (SAAR) in the second quarter, well below the 2.5% contraction recorded in the first quarter and reflecting the harsh impact of the coronavirus pandemic on activity. Finance, real estate and business services decreased by 28.9 per cent and contributed a contraction of 5.4 to the figure. Q2 2020 GDP Drop Could Be Contraction of the Century. by Jill Mislinski, 10/1/20. Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. UK economic output shrank by 20.4% in the second quarter of 2020, the worst quarterly slump on record, pushing the country into the deepest recession of any major global economy. Mining and quarrying decreased by 73.1 per cent, contributing a 6.0 per cent slide to GDP growth. The contraction further pushed South Africa deeper into recession, marking the fourth consecutive quarter that the country’s GDP will be in the negative territory. South Africa’s Gross Domestic Product (GDP) plunged by 51 per cent in the second quarter of 2020 reflecting the immense damage done by the COVID-19 lockdown on Africa’s second-largest economy. Sinéad Baker . The trade, catering and accommodation industry decreased by 67.6 per cent. Already in a recession, South Africa’s economy was further hit in the second quarter of the year by the almost complete shutdown of businesses and production under high-level lockdowns, which were imposed to curb the spread of the coronavirus. In addition, catering and accommodation establishments were severely restricted during the lockdown. In order for the economy to actually contract in 2020 as a whole by an annualized rate of down 32.9%, GDP would need to contract in Q3 and Q4 at a quarter-over-quarter rate similar to Q2… Sweden's GDP slumped 8.6% in Q2, more sharply than its neighbors despite its no-lockdown policy. Jeff Brown | Apr 29, 2020 | Bleeding Edge | 10 min read Print . The transport, storage and communication industry decreased by 67.9 per cent. By Adedapo Adesanya Some African nations. In the first quarter, real GDP decreased 5.0 percent. An Inside Look at the GDP Q2 Third Estimate. Should expect rebounds in Q3 but 2020 … The increase was mainly due to increased production of field crops and horticultural and animal products. The unadjusted real GDP at market prices for the first six months of 2020 decreased by 8.7 per cent compared with the first six months of 2019. The divisions that made the largest contributions to the decrease were basic iron and steel, non-ferrous metal products, metal products and machinery; food and beverages; and petroleum, chemical products, rubber and plastic products, Stats SA said.