Q1 GDP plunged 2.9%, the worst reading since 2009.
Reuters’ Vincent Flasseur has provided a breakdown of how GDP’s components fared. The real damage came in inventories, or stocks, which fell 1.7%; and trade balance, which had been foreshadowed by surging imports and flagging exports, contributing a loss of 1.5%.
We also noted earlier how a drop in healthcare spending stifled consumption.
Check it out: