US GDP Plunges Record 32.9% in Second Quarter Amid COVID-19 Induced Shutdown

  • Jul 31, 2020 AEST
  • Team Kalkine

The economy of the United States fell off a cliff in the second quarter of 2020 due to coronavirus induced lockdowns. The Second-quarter GDP tumbled by worst-ever 32.9%.

The decline in 2Q GDP showed the response to COVID-19, as ‘stay-at-home’ orders issued in March & April were moderately lifted in some areas of the country in May and June.

A drop in exports, inventories, business, and residential investment, along with state and local government spending, also impacted this historic fall in GDP.

 

 


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