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

Jul 7, 2020

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.