COVID-19 Hits US, Q1 Growth Rate -4.80%... First Contraction Since 2014
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[Asia Economy Reporter Donghoon Jeong] The U.S. Department of Commerce announced on the 29th (local time) that the United States' first-quarter Gross Domestic Product (GDP) growth rate was -4.80% (annualized). This falls short of Bloomberg News experts' forecast of -4.1%. It is 6.9 percentage points lower than the 4th quarter of last year (2.1%).
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This is the first time since 2014 that the U.S. quarterly GDP growth rate has recorded negative growth. It is also the largest negative growth since the financial crisis in 2008.
This content was produced with the assistance of AI translation services.
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