US GDP Contracts by Nearly 33% in Q2

The United States economy saw its worst quarter on record, after the gross domestic product (GDP) contracted by around 33% during the second quarter (Q2) of 2020, due to the COVID-19 pandemic.

Preliminary data by the US Department of Commerce showed that GDP declined by 32.9% on an annual basis.

Personal consumption accounted for 25% of the GDP, compared with its usual level near 65%, according to CNBC.

Prices for domestic purchases decreased by 1.5%, after rising by 1.4% in Q1.