US economy shrinks 3.5%

The cost of gross domestic product (GDP) in the United States decreased by 3.5% amid the coronavirus pandemic in 2020, compared to 2019, Report mentions, citing the US Department of Commerce.

According to the document, the last time the country's economy showed such a rate of decline was 75 years ago.

In 2020, the US economy shrank by 5% in the first quarter, 31.4% in the second quarter, and gained 33.4% and 4% in the third and fourth quarters, respectively.