In-Depth Look at COVID-19’s Early Effects on Consumer Spending, GDP
May 1, 2020
Washington, D.C. – On Thursday, April 20th, 2020, the Bureau of Economic Analysis (BEA) released its advance estimate of U.S. GDP for the first quarter of 2020.
BEA estimates that real GDP contracted 4.8 percent at an annual rate in the first quarter of 2020, the first decline in six years. In comparison, real GDP expanded 2.5 percent annually over the first three years of the Donald Trump Administration.
This release confirms that COVID-19’s unprecedented adverse shock to the economy brought an end to the longest economic expansion in U.S. history.
Coronavirus
