US GDP declines 1.5% in the first quarter
GDP in the quarter was the worst since the second quarter of 2020
By Shubhangi Mathur
Published - May 26, 2022, 07:35 PM ET
Last Updated - Feb 29, 2024, 02:40 PM EST
• 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.
