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US economy shrinks at record rate of 31.4% in Q2-20

US economy shrinks at record rate of 31.4% in Q2-20

Mubasher: The US economy shrank the most in at least 73 years in the second quarter (Q2) of 2020 due to the economic disruption caused by the coronavirus pandemic, Reuters reported on Wednesday, citing official data.

The country’s gross domestic product (GDP) fell by a record rate of 31.4% during the April-June period, registering the steepest decline in output since the government began keeping records in 1947, according to the Commerce Department.

A previous estimate showed that the US economy have plunged by 31.7% in Q2-20.