BEA: US GDP Downgraded Again in Q1's Final Review

The US economy shrank in the first quarter of 2022 at a slightly worse rate than expected, with gross domestic production declining at a -1.6% annualized pace, according to the third and final estimate from the US Commerce Department’s Bureau of Economic Analysis (BEA).

The third review for Q1 was a slight downward revision from its first estimate of -1.5%, in line with most economists’ expectations and the worst since the pandemic-induced recession in 2020. Last quarter marked the first drop in GDP since the second quarter of 2020 – when Covid upended the economy – and a sharp reversal from an annual growth rate of 6.9% from October through December, the best performance since 1984.

David Schollaert

David Schollaert is deputy editor-in-chief for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. He can be contacted at david@steelmarketupdate.com or 724-720-1008.