According to the U.S. Department of Commerce, the American economy experienced a contraction of approximately 3.5% during 2020.
The gross domestic product (GDP) of the United States grew by 4% in the last quarter of 2020 on a year-over-year basis, according to new data released by the U.S. Department of Commerce. In comparison, the GDP recorded a growth rate of 33.4% in the third quarter of 2020. The last quarter saw a sharp contraction as the recovery lost momentum amid rising COVID-19 cases during the winter and the expiration of federal pandemic relief legislation.
