The US economy grew less than anticipated in the last quarter of 2020, with most economists attributing a resurgence of coronavirus cases as the mitigating factor.
US gross domestic product grew at an annualized rate of 4% over the last three months of 2020, according to data from the U.S. Commerce Department’s Bureau of Economic Analysis (BEA) released this week.
The downshifting of the GDP comes after a record 33%-plus annualized gain in the third quarter, which was attributed to the reopening of the economy in the summer after business lockdowns to combat the pandemic in the spring.
To see BEA’s full report, click here.
