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- U.S. GDP: It will get much worse – Nordea
U.S. GDP: It will get much worse – Nordea
FXStreet reports that according to analysts at Nordea, the U.S. Q1 GDP came in at -4.8 % q/q annualized, the worst since Q4 2008. It will, however, be much worse in Q2.
“Q1 GDP came in at -4.8 % q/q annualized, the worst since Q4 2008 with personal consumption unsurprisingly collapsed by 7.7% q/q ann. in line with recent data from retail sales and auto sales.”
“We project Q2 GDP at -31% q/q ann., thereby ending the longest expansion in US history.”
“Overall, we expect a U-shaped recovery with 2020 GDP growth at 5%.”
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