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US GDP declines 1.5% in the first quarter

By Shubhangi Mathur - May 26, 2022, 07:35 PM ET

Last Updated - Feb 29, 2024, 02:40 PM EST

GDP in the quarter was the worst since the second quarter of 2020

• GDP in the quarter was the worst since the second quarter of 2020

The US gross domestic product declined at an annual rate of 1.5% in the first quarter of 2022, the Commerce Department reported on Thursday.

The GDP in the quarter was the worst since the second quarter of 2020 while the decline was higher than the 1.3% Dow Jones estimate.

High omicron cases in January and supply chain constraints due to Russia’s invasion of Ukraine led to the deeper GDP decline.

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Technology

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Oil & Gas

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Manufacturing

Show more

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Nvidia is Wall Street's most valuable company. How it got there, by the numbers

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GDP in the quarter was the worst since the second quarter of 2020

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