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US GDP falls 1.4% as the economy shrinks for the first time since the early pandemic




US gross domestic product shrank at an annual rate of 1.4% in the first quarter as supply disruptions weighed on the economy, although solid consumption and business spending suggest that growth will pick up again.

The decline in the US gross domestic product marked a sharp reversal from an annual growth of 6.9% in the fourth quarter, the Ministry of Trade said on Thursday. The first quarter was the weakest since the spring of 2020, when the Covid-19 pandemic and related shutdowns drove the US economy into a deep – albeit short – recession.



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