US GDP in the second quarter, according to the first estimate, fell by a record 32.9% in annual terms, according to a press release from the Bureau of economic analysis of the US Department of Commerce.
Analysts polled by Reuters had expected a 34.1% decline.
In the first quarter of 2020, US GDP fell by 5%. In the first quarter of 2019, the country’s GDP growth in annual terms was 2.9%, in the second – 1.5%, in the third – 2.6%, in the fourth – 2.4%.
The fall in the country’s GDP in the second quarter was the record for the history of monitoring by the Department since 1947. The previous record was recorded in the first quarter of 1958 when the figure fell by 10%. The strongest annual decline was recorded in 1932 – by 12.9%, such statistics are maintained by the Department since 1930.
“The decline in GDP in the second quarter reflects the response to COVID-19, instructions to stay at home, which was introduced in March and April, were partially lifted in several regions of the country in May and June and the authorities’ support payments during the pandemic were sent to households and businesses,” the Ministry said in a release.
The real rate of decline in consumer spending in the United States for the quarter, according to the first estimate, was 34.6% after a decline in the first quarter of 6.9%.
Data on US GDP is published monthly by the Bureau of economic analysis in both nominal and real (adjusted for inflation) prices. The quarterly GDP report is first published at the end of the month following each quarter, after which the initial estimate is revised twice.