US GDP in the first quarter grew by 6.4%

According to a press release from the Bureau of Economic Analysis of the US Department of Commerce, the country's GDP in the first quarter of the year, according to the first estimate, grew by 6.4% on an annualized basis (if GDP grew at the same rate for four quarters in a row). Analysts predicted that the economy would expand by 6.1%.

At the same time, according to the first estimate in annual terms (that is, in relation to the same period of the previous year), the US economy in the first quarter grew by 0.4%.

According to the results of the whole last year, the US economy declined by 3.5%. Experts note that such a decline in the largest economy in the world was the strongest since 1946, when the indicator fell by 11.6%. In addition, this was the first decline in US GDP in a year since 2009 – then the indicator dropped by 2.5%.

US GDP in the IV quarter of 2020 grew by 4.3% on an annualized basis and decreased by 2.4% compared to the same period of the previous year.