The U.S. Gross Domestic Product Tumbles 4.8%
The coronavirus pandemic has officially triggered a steep decline in gross domestic product. For the first time since the financial crisis of 2008 the United States GDP retreated 4.8% according to the U.S. Bureau of Economic Analysis. The decline was not unexpected and many economists anticipate the decline to continue well into the second quarter of 2020.
The gross domestic product first quarter second estimate will be released on May 28, 2020, at 8:30 AM EST.
Gross domestic product is the value of the goods and services produced by the nation’s economy less the value of the goods and services used up in production. GDP is also equal to the sum of personal consumption expenditures, gross private domestic investment, net exports of goods and services, and government consumption expenditures and gross investment.