Got a confidential news tip? The United States’ economic freedom score is 76.6, making its economy the 17th freest in the 2020 Index. "National Data: National Income and Product Accounts: Table 1.1.5 Gross Domestic Product." DataBank. In terms of raw percent change from a year earlier, the economy contracted 9% in the second quarter and 2.9% in Q3. US real gross domestic product (GDP) increased at an annual rate of 33.1 percent in the third quarter of 2020 according to the “advance” estimate released by the Bureau of Economic Analysis. The economy shrank at the sharpest rate since Q4 2008 in the first quarter as the pandemic and measures to contain it hammered activity. Makridis also serves as a senior adviser with Gallup. The Gross Domestic Product (GDP) in the United States was worth 21427.70 billion US dollars in 2019, according to official data from the World Bank and projections from Trading Economics. Makridis earned his doctorates in management science and engineering and economics at Stanford University and his undergraduate degrees in economics and mathematics at Arizona State University. Online tool for visualization and analysis. That intensity level is the share of digital workers within each industry derived from information on tasks at an occupational level from the Department of Labor’s O*NET database (see figure 1). The increase is the same as in the “advance” estimate released in October. Media: (703) 993-4881, Holbert L. Harris Chair of Economics at George Mason University, The PPP Loan Program Left Too Many American Small Businesses Out to Dry, The U.K.’s Response to Covid-19 Has Been World-Class. The latest numbers show economic output surged by an annualised 33% in the third quarter of 2020, following a record fall as a consequence of the coronavirus pandemic. According to data from the Bureau of Economic Analysis (BEA), this deceleration in the recovery follows a contraction of 5.0 percent in 1Q20, a contraction of 31.4 percent in 2Q20 and a rebound of 33.1 percent in 3Q20. That was better than the 32% estimate from a Dow Jones economist survey. Each week, we will send you the latest in publications, media, and events featuring Mercatus research and scholars. Our key assumption is that industries will remain productive in direct proportion to their degree of digitalization because at least that portion of their workforce can continue working from home and contribute services that do not depend as much on in-person interactions. While the headline number "looks spectacular," it still leaves growth 3.5% beneath its level at the end of 2019, according to Ian Shepherdson, chief economist at Pantheon Macroeconomics. Data is a real-time snapshot *Data is delayed at least 15 minutes. Real gross domestic product (GDP) increased at an annual rate of 33.1 percent in the third quarter of 2020, as efforts continued to reopen businesses and resume activities that were postponed or restricted due to COVID-19. The powerful growth pace came after states across the country shut down large swaths of activity in an effort to stem the spread of Covid-19, which the World Health Organization declared a pandemic on March 11. That was better than the 32% estimate from a Dow Jones economist survey. Trump has promised a return to the strong growth prior to the pandemic, while Biden has accused the Republican incumbent of taking a thriving economy into a ditch due to mismanagement of the virus. Private-sector investment in the economy fell by 49% percent, ... BEA Gross Domestic Product, 2nd Quarter 2020 … Gross Domestic Product, Third Quarter 2020 (Advance Estimate) Real gross domestic product (GDP) increased at an annual rate of 33.1 percent in the third quarter of 2020 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. Moreover, these effects are unevenly distributed across sectors; for example, consumption on restaurant spending fell by a third, whereas credit-card and grocery spending increased significantly. Watson Institute for International & Public Affairs. List of U.S. states, federal district, and territories by GDP (millions of current dollars) Rank State federal district or territory GDP in the 3rd quarter of 2020 % of Nation GDP per capita Region — United States: 21,170,252: 100.00: 63,565: 1 California: 3,120,386: 14.7: 79,261: West: 2 Texas: 1,772,132: 8.4: 60,357: South: 3 New York: 1,705,127: 8.1 CSV XML EXCEL. But alternative data sources could more quickly refine early estimates such as ours. "There's still a lot of work to do here and the pace of improvement ... is going to slow. We observe that counties with higher shares of digital workers are less affected by the pandemic, reflecting our assumption that industries in which employees can work from home suffer less disruption. These complementarities could deepen the downturn that we estimated. CSV XML EXCEL. Follow everything happening at the Mercatus Center from week to week by subscribing to This Week at Mercatus. The gain came after a 31.4% plunge in the second quarter and was better than the 32% estimate from economists surveyed by Dow Jones. This rate is 165 -tenths of one percent higher than the figure of -9% published in the second quarter of 2020. Get this delivered to your inbox, and more info about our products and services. Second, we forecast 2020 GDP by discounting a monthly penalty on each county’s growth rate. Fiscal support is diminishing. GDP (current US$) GDP (constant LCU) GDP: linked series (current LCU) GDP, PPP (constant 2017 international $) GDP (current LCU) GDP, PPP (current international $) GDP per capita growth (annual %) Download. Gross domestic product of Canada and the United States 2021 Gross domestic product (GDP) of China 2019, by region Quarterly U.S. Real Gross Domestic Product (GDP) 2011-2020 For a visual county-to-county comparison, we offer a heat map that shows our estimate of penalties on growth for each county (figure 2). The annualized measure represents how much GDP would grow over the course of a year at the current pace from the same level a year ago. Q3 growth came amid a resurgence in consumer activity, which accounts for 68% of GDP. In order to fill this information gap, we provide here a back-of-the-envelope estimate of the impact of current mitigation measures on the 2020 GDP growth rate. Local Phone: (703) 993-4930 - Real economic growth probably will rise by 2.8 percent* (annualized rate) in 4Q20 while the US economy continues to wrestle with the COVID-19 pandemic. Sign up for free newsletters and get more CNBC delivered to your inbox. He is also an MPP candidate at the Harvard Kennedy School. By at least one estimate, one year of severe social distancing may be required to avoid the most troubling public-health consequences of the pandemic and reduce the probability of a second wave. Counties won by Democratic President-elect Joe Biden make up 70 percent of all U.S. economic output—or gross domestic product (GDP)—a new post-election study finds. NOTE: The information regarding Military expenditures - percent of GDP on this page is re-published from the CIA World Factbook 2020. If the partial economic shutdown extends beyond two months, we foresee the need to adjust our estimate for the multiplier effect of delayed investments of physical and human capital. Accessed Oct. 8, 2020. Jonathan S. Hartley is an economics writer and researcher with interests in macroeconomics, finance, and sports analytics. Second, counties with lower median household income are likely to be more adversely affected, in principle, because they have fewer digital jobs. Therefore, the economic cost of the first two months spent fighting the pandemic will be $2.14 trillion (10 percent), which is surprisingly close to the static fiscal cost of the CARES Act. The economy contracted 4.8% in Q1 in seasonally-adjusted annualized terms (SAAR), according to an advance GDP estimate released by the Bureau of Economic Analysis. His research focuses on the areas of labor and organizational economics, the digital economy and cybersecurity, and household finance and well-being, with a driving commitment to understanding how individuals and firms respond to large-scale change, particularly social and technological. 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