US GDP Shrank 4.8% in the First Quarter Amid Biggest Contraction Since the Financial Crisis

April 29, 2020

Article by:  Jeff Cox

  • GDP in the first quarter contracted 4.8%, compared to estimates of a 3.5% drop, the Bureau of Economic Analysis reported Wednesday.
  • This was the first negative reading since the first quarter of 2014, though not as bad as the worst of the financial crisis.
  • Economists expect the Q1 reading to decline even more when the final revisions are issued.

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