US GDP declines 1.5% in the first quarter
GDP in the quarter was the worst since the second quarter of 2020
• GDP in the quarter was the worst since the second quarter of 2020
The US gross domestic product declined at an annual rate of 1.5% in the first quarter of 2022, the Commerce Department reported on Thursday.
The GDP in the quarter was the worst since the second quarter of 2020 while the decline was higher than the 1.3% Dow Jones estimate.
High omicron cases in January and supply chain constraints due to Russia’s invasion of Ukraine led to the deeper GDP decline.
According to the Bureau of Economic Analysis, the decrease in real GDP reflected decreases in private inventory investment, exports, federal government spending, and state and local government spending, while imports, which are a subtraction in the calculation of GDP, increased.
Picture Credits: Getty Images
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