The Moody’s Analytics baseline economic forecast reports that real global GDP will fall by 4.5% this year as a result of COVID-19 and the economy will not return to full-employment until mid-decade.
Real gross domestic product increased at an annual rate of 2.9% in Q3/16, according to the advance estimate released by the Bureau of Economic Analysis.
According to the Commerce Department, real gross domestic product increased at an annual rate of 1.1% in Q1/16, up from the previous estimate of 0.8%.
Real gross domestic product (GDP) increased at an annual rate of 3.7% in Q2/15, marking a major stride forward in comparison to the 0.6% growth rate in Q1/15, according to the Bureau of Economic Analysis.
The Commerce Department reported that fourth quarter GDP increased at an annual rate of 2.4%, which was substantially lower than the advanced estimate of 3.2% issued last month.
For the soon to be released data on how the U.S. economy is measured, Jack Kleinhenz, chief economist of the NRF, notes major adjustments are planned that will increase the amount of final goods and services shown as produced in the economy.