Real GDP decreased 4.8 percent (annual rate) in the first quarter of 2020, following a 2.1 percent increase in the fourth quarter of 2019. The decline in first quarter GDP was, in part, due to the response to the spread of COVID-19, as governments issued “stay-at-home” orders in March. This led to rapid changes in demand, as businesses and schools switched to remote work or canceled operations, and consumers canceled, restricted, or redirected their spending.
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