The US economy shrank by an annualized 5 percent in the first quarter of 2020, more than an advance estimate of a 4.8 percent contraction and ending the longest period of expansion in the country's history, the second estimate showed. It is the biggest drop in GDP since the last quarter of 2008 as the Covid-19 pandemic forced several states to impose lockdown measures in mid-March, throwing millions of people out of work. Private inventory investment was revised downwards while personal consumption and business investment shrank less than anticipated. In the second quarter of the year, the economy is seen contracting as much as 40%, which would be the biggest plunge ever as the "stay-at-home" orders issued in March extended through the quarter, with businesses and schools switching to remote work or canceling operations, and consumers canceling, restricting, or redirecting their spending.
GDP Growth Rate in the United States averaged 3.18 percent from 1947 until 2020, reaching an all time high of 16.70 percent in the first quarter of 1950 and a record low of -10 percent in the first quarter of 1958. This page provides the latest reported value for - United States GDP Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United States GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on June of 2020. source: U.S. Bureau of Economic Analysis
GDP Growth Rate in the United States is expected to be -17.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in the United States to stand at 1.00 in 12 months time. In the long-term, the United States GDP Growth Rate is projected to trend around 1.70 percent in 2021 and 1.90 percent in 2022, according to our econometric models.