Home Artikel Market News US GDP Plummets 32.9% In Q2 Amid Coronavirus Pandemic

US GDP Plummets 32.9% In Q2 Amid Coronavirus Pandemic

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The US economy shrank by an annualized 32.9% in the second quarter of 2020, compared to forecasts of a 34.1% plunge, the advance estimate showed.

The Bureau of Economic Analysis stressed that the drop in GDP was mostly influenced by the COVID-19 lockdowns in March and April, but noted sentiment was “partially lifted” by government relief to households and businesses.

It is the biggest contraction ever, pushing the economy into a recession as the coronavirus pandemic forced many businesses including restaurants, cafes, stores and factories to close and people to stay at home, hurting consumer and business spending.

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