Look at the year over year 9.5% decline.

Multiplying by 4 distorts the reading

However, the 32.9% decline is distorted due to the way the BEA calculates it. What the BEA does is to use the quarter-to-quarter change in the economy and essentially multiply it by four to get an annualized number. The BEA is assuming that the one-quarter change will continue for the next three quarters.