The US economy shrank at its fastest pace in the country's history in the second quarter of 2020, contracting by 31.4 percent amid widespread lockdowns due to the COVID-19 pandemic, the Commerce Department said in a statement on Wednesday
WASHINGTON (Pakistan Point News / Sputnik - 30th September, 2020) The US economy shrank at its fastest pace in the country's history in the second quarter of 2020, contracting by 31.4 percent amid widespread lockdowns due to the COVID-19 pandemic, the Commerce Department said in a statement on Wednesday.
"Real gross domestic product (GDP) decreased at an annual rate of 31.4 percent in the second quarter of 2020," the Bureau of Economic Analysis, an unit within the Commerce Department, said in its "third" and final estimate of Q2 GDP. The change was 0.3 percentage point higher than the "second" estimate released in August, it said, adding that in the first quarter of 2020, real GDP decreased 5.0 percent.
