US GDP in the I Quarter Fell by 5% Year on Year for First Time since 2014
This is the first quarterly contraction of the economy since the beginning of 2014, as well as the lowest since the fourth quarter of 2008. Then, against the backdrop of the financial crisis, the economy fell 8.4% year on year. The Department of Commerce revised downward the data published by him at the end of April, according to which US GDP in the first quarter fell by 4.8%. It was expected that the agency would not make adjustments.
In the IV quarter of last year, the US economy grew by 2.1%. Continuous growth of the American economy has been observed for almost six years.