Washington, Mar 27: United States economy shrinked to a 26 year low of 6.3 per cent in the fourth quarter of 2008 as country's exports weakened and consumers reduced spending as per the reports from the Bureau of Economic Analysis. The decline in GDP (Gross Domestic Product) is higher than the official estimate of 62 per cent.
World's largest economy is facing deep recession in the fourth quarter of 2008 in the wake of financial meltdown. United States saw many financial institutions collapse in addition to huge job losses. US economy slipped to red after finance giant Lehman Brothers filed bankruptcy in Sep.
Officially the United States of America entered to recession in Dec 2007.