State’s Economy Shrinks 31% in Second Quarter
Connecticut’s GDP contracted an astonishing 31.1.% in the second quarter of 2020 as COVID-19 restrictions further disrupted business and consumer activity.
The state’s economy ranked 23rd in the country in the second quarter, performing slightly better than the New England region overall, which declined 32.3%.
All 50 states saw GDP declines for the quarter, with the U.S. economy contracting 31.4%.
The U.S. Bureau of Economic Analysis said GDP growth “reflected the response to COVID-19, as ‘stay-at-home’ orders issued in March and April were partially lifted in some areas of the country in May and June, and government pandemic assistance payments were distributed to households and businesses.
“This led to rapid shifts in activity, as businesses and schools continued remote work and consumers and businesses canceled, restricted, or redirected their spending” the agency noted in its Oct. 2 report.
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