The Commerce Department confirmed today that the US economy fell by 0.6%, on an annualized basis, in the second quarter of this year, in the third and final estimate of the evolution of Gross Domestic Product (GDP).

The second estimate, released in August, already indicated this contraction of 0.6%.

The retreat between April and June follows another one registered in the first three months of the year (-1.6%), which corresponds to the classic definition of recession, with two consecutive falls in GDP, but this scenario has been dismissed by the US administration and by several economists, who consider that the economy is not necessarily in recession, having other favorable indicators, such as the unemployment rate, which remains low (3.7%).

The first estimate for the performance of the economy in the quarter between July and September will be released on October 27th.

According to Lusa, the Commerce Department also released a revision of the 2020 and 2021 figures, indicating that the fall in GDP in 2020 under the effect of the covid-19 pandemic was less steep than had been announced, standing at 2.8% instead of 3.4%.

In 2021, the recovery was also stronger, with GDP increasing by 5.9% rather than 5.7%.