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The final estimate of US GDP in the I quarter: a fall of 5%

Thu Jun 25, 2020
watermark Economic news

According to the final estimate of the US Department of Commerce, the country's GDP in the first quarter fell by 5% in annual terms. The indicator coincided with the forecasts of analysts and the second assessment of the department. The first estimate suggested a decrease of only 4.8%. At the same time, exports fell by almost 9% and imports by 15.7%.

In the first quarter of 2019, US GDP growth in annual terms was 3.1%, in the second – 2%, in the third – 2.1%, in the fourth – also 2.1%.

The decrease in US GDP was noted for the first time since the first quarter of 2014, when this decrease amounted to 1.1%. It also became the strongest since the fourth quarter of 2008, when the country's economy shrank by 8.4%. Experts point out that social isolation measures in response to the coronavirus pandemic had a negative impact on the American economy in the spring of 2020.

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