US Q2 Economic Growth Rate -31.7%... Worst Ever
[Asia Economy Reporter Joselgina] The U.S. economy recorded a negative growth rate exceeding 30% in the second quarter due to the impact of the novel coronavirus infection (COVID-19).
The U.S. Department of Commerce announced on the 27th (local time) that the second quarter gross domestic product (GDP, preliminary) growth rate was -31.7%. This follows a -5.0% contraction in the first quarter, marking a return to negative growth for the first time in six years, with a further increase in the decline.
However, compared to the advance estimate (-32.9%) released by the Department of Commerce on the 30th of last month, it was revised upward by 1.2 percentage points. It also showed improvement compared to the market expectation of -32.5%.
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The U.S. growth rate is announced three times: as an advance estimate, preliminary estimate, and final estimate.
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