-1 C°
Traffic jam:   0

US GDP showed record fall since World War II

31 January 2021
2 min.
US GDP showed record fall since World War II


The US gross domestic product fell by 3.5% last year, the worst since World War II. The US Department of Commerce's Bureau of Economic Analysis said in a report.

The report said the economy experienced a significant drop for the first time since the 2008 financial crisis. At the time, GDP shrank by 2.5 per cent. However, the agency said the US economy grew by 4% year on year in the last quarter of 2020. Meanwhile, in the first quarter, the economy shrank by 5%, in the second by a record 31.4%, and in the third it also grew by a record 33.4%.

The ministry said last year's decline in the world's biggest economy was the steepest since 1946, when the figure fell 11.6%. In addition, the report claimed that the annual drop in US GDP was the first in 11 years.

According to initial estimates, real US consumer spending growth for the fourth quarter was 2.5% on an annualised basis, compared with a 41% increase in the third quarter. At the same time, according to a preliminary estimate, the US economy declined by 2.5% year-on-year in the final quarter of 2020. There was a 0.3% year-on-year growth in the first quarter, a 9% decline in the second quarter and a 2.8% decline in the third quarter.

Last week the Chinese authorities published figures claiming that the country's GDP will grow by 2.3% in 2020. This is the lowest growth rate since 1976. Back then China's economy shrank by 1.6%. In recent years the Chinese economy has grown at an annual rate of more than 6%. The country's GDP growth was 6.8% in 2017, 6.6% in 2018 and 6% in 2019.

Meanwhile, China showed a high rate of economic recovery after the COVID-19 coronavirus outbreak and amid a trade rivalry with the US. The PRC economy accelerated in the fourth quarter and was in "surprisingly good shape" by the end of the year, even in the face of the pandemic. While China's GDP fell 6.8% in the first quarter, it already grew 3.2% in the second, 4.9% in the third and 6.5% in the fourth.



Rating companies
41 Mention
38 Mention
35 Mention
32 Mention
31 Mention
White House
30 Mention
Dow Jones
29 Mention


News from GlobalNY.biz is the freshest and most relevant information about high-profile events in the region. The task of the resource's news feed is to convey to readers with maximum accuracy and objectivity information about important events in business, politics, economy, healthcare, culture and other spheres of life in New York.
GlobalNY.biz news is a coverage of economic processes taking place in New York, the latest news of public life, incidents and an overview of political events. New York news is information about the activities of small and medium-sized businesses, the work of housing and communal services and utilities, the implementation of significant projects.
The site's journalists describe not only the life of the region, but also talk about the current state of the US economy. Everything you need to know about innovations in the field of industry and agriculture, economy and power is collected in the "News" section at GlobalNY.biz.
New York news quickly informs the reader, shows the real picture and opens up hot topics. Communication with government structures and business enables us to provide our readers with reliable, information-rich material. The main page of the portal contains the key news of New York!
Alena Potapova

Development Director