US Q1 Economic Growth Rate -5.0%...Same as Preliminary Figure

Published 25 Jun.2020 22:01(KST)

[Asia Economy Reporter Eunbyeol Kim] The United States' first-quarter economic growth rate remained at -5.0% (annualized, final), the same level as the preliminary figure.

The U.S. Department of Commerce announced on the 25th (local time) that the first-quarter Gross Domestic Product (GDP) growth rate was -5.0%, unchanged from the previous level.

The first-quarter GDP was initially reported as -4.8% in the flash estimate but was later revised downward by 0.2 percentage points in the preliminary figure.

The U.S. quarterly growth rate grew by 2.1% in the fourth quarter of last year but turned negative in the first quarter of this year due to the impact of the novel coronavirus disease (COVID-19).