US gross domestic product (GDP) fell 4.8 percent in the first quarter of 2020 amid the coronavirus pandemic lockdown, according to data released by the Department of Commerce on Wednesday.
The decline is worse than expected by economists. It is the first negative GDP reading since the 1.1 percent decline in the first quarter of 2014, and the lowest level since the 8.4 percent plunge in Q4 of 2008 during the global financial crisis.
Consumer spending, nonresidential fixed investment, exports and inventories were the biggest drags on the economy. Consumer expenditures, which comprise 67 percent of total GDP, plummeted 7.6 percent in the quarter as all nonessential stores were closed.