The U.S. economy declined sharply in the first quarter

By: Trademagazin editor Date: 2020. 06. 25. 11:03

The U.S. economy’s performance decreased at a steep pace in the first quarter after the coronavirus pandemic and austerity measures to curb its spread virtually halted the entire country in March.

According to the third final estimate, released by the Department of Commerce’s statistics institute on Thursday, gross domestic product (GDP) in January-March shrank by 5.0 percent year-on-year.

The data did not change from the second estimate, in line with analyst expectations. (MTI)