WORLD US GDP contracts 4.8% as virus hit

WORLD

US GDP contracts 4.8% as virus hit

By Wu Lejun | People's Daily app

20:42, April 29, 2020


The US gross domestic product, the total output of goods and services, posted a quarterly drop for the first time in six years, says the Commerce Department. 

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A worker delivers groceries at Masbia Soup Kitchen to help those in need during the Coronavirus crisis on April 20, 2020 in the Brooklyn Borough of New York City. (Photo: AFP)

The 4.8% drop in the first quarter at an annual rate was the sharpest fall since the economy shrank at an 8.4% annual rate in the fourth quarter of 2008 in the depths of the Great Recession.

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