US GDP contracted by a record 32.9% pace last quarter

Posted By: Staff
July 30, 2020 @ 8:47 am
ABC Business

Stadtratte/iStock

Stadtratte/iStockBy CATHERINE THORBECKE, ABC News

(WASHINGTON) — Real gross domestic product (GDP) plunged by a record annual rate of 32.9% last quarter, according to government data released Thursday.

The figure reflects how the coronavirus pandemic has clobbered the U.S. economy with unprecedented speed and furor as it shut down much of the economy over the past few months. For comparison, real GDP decreased by 5% in the first quarter of 2020.