Economy US GDP shrinks 4.8% in Q1 Updated : April 29, 2020 06:43 PM IST GDP in the first quarter contracted 4.8%, compared to estimates of a 3.5% drop, the Bureau of Economic Analysis reported Wednesday. This was the first negative reading since the first quarter of 2014, though not as bad as the worst of the financial crisis. Economists expect the Q1 reading to decline even more when the final revisions are issued. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.