Fourth Quarter GDP in the US Came in Below Expectations – By wagnerap (The Intellectualist) / January 28 2021
On Thursday, the Commerce Department reported that US gross domestic product came in below economist predictions.
On Thursday, the Commerce Department reported that US gross domestic product came in below economist predictions, according to CNBC.
However, the economy performed better than most economists expected when COVID-19 shut down the country back in the spring of 2020. On Thursday, the Commerce Department reported that GDP grew 4 percent in the fourth quarter. Economists polled by Dow Jones forecasted that US GDP would grow 4.3 percent in the quarter.
The annualized GDP data showed a 3.5 percent decline for the full year and 2.5 percent from the fourth quarter of 2019. The 3.5 percent annualized decline is the worst year for the US since the end of WWII. The economy contracted a 31.4 percent rate in the second quarter but rebounded to a 33.3 percent gain for the rest of the year.
