The US economy contracted 3.5% in 2020, its biggest decline since 1946

The United States economy suffered a contraction of 3.5% in 2020 from its worst year 1946 Start Due to the Kovid-19 crisis, it was published on Thursday according to an initial estimate by the Department of Commerce.

In the fourth quarter, the economy recorded a recovery with a 4% increase in annual projection, which was used as per annual indicators The us

These figures are lower than analysts expected, expecting a 4.4 percent increase.

The increase was 1 percent between October and December compared to the third quarter of the year.

The Commerce Department indicated that D. Fall of GDP In 2020, it reflected a contraction in personal spending, exports, non-residential private investment and a reduction in spending by local and state administrations.

These investment losses were partially offset by an increase in federal government funds.

Exports fell 13% last year and personal consumption fell 3.9 percent.

These preliminary data will be reviewed and a second estimate will be published on 25 February.