GDP shrank in second quarter but less than predicted
Monday, August 31st, 2009Author : Biz2Credit Advisor
Real gross domestic product decreased at a better-than-expected annual rate of 1.0 percent in the second quarter of 2009, according to a U.S. Commerce Department report released July 31.
Before that number was released, many analysts predicted that the economy would shrink at an annual rate of 1.5 percent from April through June, said MSNBC.com.
The second quarter GDP is a huge improvement from the first quarter of the year, when the real gross domestic product shrank by 6.4 percent.
President Barack Obama said the country had “stepped away from the precipice” of an economic collapse akin to the Great Depression.
This article was submitted by Katie Kapler, Director of Online Strategy for Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to katie.kapler@biz2credit.com.
Tags: economy, gross domestic product, President Barack Obama, U.S. Commerce Department
