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GDP Takes Hit from Pandemic Shutdown

Wed, April 29, 2020 12:24 PM | Anonymous member (Administrator)

Real gross domestic product (GDP) decreased at an annual rate of 4.8 percent in the first quarter of 2020 according to the "advance" estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2019, real GDP increased 2.1 percent. The first quarterly turn-down in nearly six years was driven by the near complete shutdown of the economy in an attempt to slow the spread of the COVID-19 (Wuhan virus). The current GDP estimate is based on source data that are incomplete and/or subject to further revision by the source agency. The "second" estimate for the first quarter, based on more complete data, will be released on May 28, 2020.

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