April 29, 2009
GDP Takes 6.1% Dive
By Matthew L. Brown
Gross domestic product (GDP), the measure of all goods and services produced in the Unites States, declined at a 6.1 percent annualized rate during the first quarter, according to the U.S. Bureau of Economic Analysis.
In the fourth quarter of 2008, GDP declined at a 6.3 percent rate. Taken together, the six-month decline was the worst in the last 50 years.
GDP declined by 0.5 percent in the third quarter of 2008. The first quarter decline marks the first time since 1975, measuring by GDP, that the economy has contracted for three consecutive quarters.
In the last 12 months, the economy has contracted by 2.6 percent, the biggest yearly decline since 1982.
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