US GDP contracts 4.8% as virus hit, ends decade of growth

MG News | April 29, 2020 at 07:15 PM GMT+05:00

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April 29, 2020: The decade of US economic expansion ended dramatically in the first quarter when GDP shrank 4.8 percent as the coronavirus hit, according to government data released Wednesday

It was the biggest decline in GDP in 12 years, as the pandemic forced businesses to close, halting purchases and investment, the Commerce Department reported.

But the report on the January-March quarter noted it could not quantify the full economic effects of the virus.

AFP/APP

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