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US GDP plunged by worst-ever 32.9% in the II quarter


July, 30 2020
watermark Economic news

According to the US Department of Commerce, US GDP in the second quarter contracted by a record 32.9% year-on-year. The American economy has not seen such a sharp decline since 1947.


At the same time, experts predicted a decrease in the indicator by 34.1%. Therefore, the current figures are even better than the forecast.


A key component of GDP, consumer spending, fell 34.6%. Private gross investment plunged 49%, continuing its decline for the fifth consecutive quarter. Exports decreased by 64.1% and imports by 53.4%.


The Department notes that the social isolation measures in response to the coronavirus pandemic had a negative impact on the US economy.

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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.