Important: GDP is reported at a seasonally adjusted annual rate (SAAR). So a 33% Q2 decline is around 8% decline from Q1 (SA).
From Merrill Lynch: We revise up 2Q GDP to -35% qoq saar from -40% and 3Q to 20% from 7%, given the faster and more successful reopening. [June 18 estimate]
From Goldman Sachs: We have adjusted our real GDP growth forecasts and now expect -33% in Q2, +33% in Q3, and +8% in Q4 (vs. -36%, +29%, and +11% previously) in qoq annualized terms. [June 18 estimate]Well, that's bad. Here's hoping the damage isn't too deep.