US Economy Declined for the First Time in Six Years
OREANDA-NEWS. Against the backdrop of the coronavirus pandemic, the decrease in the gross domestic product (GDP) of the United States in the first quarter of 2020 amounted to 4.8 % in annual rate. This was reported on April 29 by the US Department of Commerce.
This is the first quarterly reduction of the American economy since the beginning of 2014 and the most significant since the end of 2008. Then, in the last quarter, US GDP fell by 8.4 % in annual rate.
As for 2019, the GDP of the country grew by 3.1 % in the first quarter, by 2 % in the second, by 2.1 % in the third and in the fourth.Currently, the United States is the world leader in the number of people infected with coronavirus. On April 28, it exceeded 1 million people. 58.3 thousand Americans died, 115.9 thousand patients recovered.