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GDP contracts 4.8% in first quarter, first negative growth rate since 2014
by Jay Heflin
 | April 29, 2020 08:33 AM



Efforts to curb the spread of the coronavirus have also slowed the economy with gross domestic product contracting 4.8% at a seasonally adjusted annualized rate in the first quarter, the Commerce Department reported Wednesday in a preliminary estimate.

The contraction was even steeper than economists had anticipated. Nevertheless, forecasters expect a far larger downturn in the second quarter, reflecting the full extend of the shuttering of businesses that took place across the country.

Economic output had been growing steadily before the pandemic struck. In the fourth quarter of 2019, GDP increased 2.1% at a seasonally annualized rate. For the entire year of 2019, GDP growth was 2.3%.

Wednesday's report marked the first time the GDP has contracted since 2014, when it was negative 1.1% in the first quarter.

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https://www.washingtonexaminer.com/news/gdp-contracts-4-8-in-first-quarter-first-negative-growth-rate-since-2014
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