US trade deficit jumps to record high amid Russia-Ukraine war

WASHINGTON: US Gross Domestic Product contracted by 1.4% in the first quarter of this year, the Commerce Department said Thursday in a preliminary estimate for the period which compared with a growth of 6.9% in the fourth quarter of 2021.

“Real gross domestic product (GDP) decreased at an annual rate of 1.4 per cent in the first quarter of 2022 ” the Bureau of Economic Analysis, a unit within the Commerce Department, said in a press release.