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The US Commerce Department says:
The increase in fourth quarter GDP reflected both the continued economic recovery from the sharp declines earlier in the year and the ongoing impact of the Covid-19 pandemic, including new restrictions and closures that took effect in some areas of the United States.
The US economy shrank by 3.5% last year, the figures show –– the worst year since 1946. It’s the first annual contraction since 2009, the height of the financial crisis. when the economy declined by 2.5%.
US economy grew 4% QoQ (annualized) in Q4 driven by strong business and residential investments. Investments should power growth in 2021 as well. Private consumption continues to recover, but at slower pace. In Q4, US GDP was 2.5% lower YoY – much better than situation in Europe pic.twitter.com/BSpciJkFZx
2020 was the worst year for economy since 1946.
US GDP fell by -3.5%, @BEA_News reported this morning.
(The worst year of the Great Recession saw -2.5% GDP in 2009).https://t.co/mKbBq3E34T via @rachsieg @andrewvandam
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