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Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

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 trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.