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Business and Economy

Federal Figures Show Speed Of COVID-19's Impact On Maine Economy

It didn't take long for the new coronavirus to slow Maine's economy.  The federal Bureau of Economic Analysis says Maine's gross domestic product shrank at a 6.3% rate in the first quarter of this year.It was only in the last few weeks of the quarter that large segments of the economy were shut down in a bid to encourage social distancing and slow the spread of COVID-19. 

Economic output figures for the 2nd quarter, which ended last month, are likely to show bigger declines.