The U.S. economy showed great positive momentum in 2021 with the gross domestic product (GDP) growing at a record pace, recouping much of the drop in GDP in 2020. In fact, a new report from Axios shows that the current GDP growth trend is now within just 1% of the pre-pandemic trend.
Q2 GDP Crashes 33% in Worst Economic Quarter in Recorded History
In new economic data released by the government today, the real gross domestic product (GDP) for the second quarter of 2020 declined an astonishing 32.9%, the worst ever such reading in recorded history. This result follows a decline of 5% in the first quarter and demarks a deep and painful recession resulting from the impact of the COVID-19 pandemic engulfing the United States, and the world.