WASHINGTON: The US economy contracted in the first quarter at its sharpest pace since the Great Recession as stringent measures to slow the spread of the novel coronavirus almost shut down the country, ending the longest expansion in the nation’s history.
The Commerce Department said gross domestic product (GDP) fell at a 4.8% annualised rate in the January-to-March period after expanding at a 2.1% rate in the final three months of 2019.
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