Real gross domestic product (GDP) fell 2.1% in the first quarter, owing to reduced household spending and widespread shutdowns of non-essential businesses in March, in response to the COVID-19 pandemic. Final domestic demand fell 1.5%. Expressed at an annualized rate, real GDP fell 8.2% in the first quarter. By comparison, real GDP in the United States fell 5.0%. Chart 1 Chart 1: Gross domestic product and final domestic demand Gross domestic product and final domestic demand Chart 1: Gross domestic product and final domestic demand The downturn in GDP—the sharpest since the first quarter of 2009—reflects measures ... (full story)