August 26, 2020
- Real gross domestic product in the second quarter
OECD area recorded an unprecedented drop of -9.8%
- On a year-on-year basis, the contraction was -10.9%
- In the second quarter of this year, following the introduction of
Containment measures of the Covid-19 pandemic
around the world as of March, the domestic product
OECD, according to provisional estimates, recorded a
unprecedented drop of -9.8% on the previous quarter. Making
notes, the Organisation for Cooperation and
Economic Development has shown that this is the biggest drop in
OECD area and is significantly
-2.3% in the first quarter of 2009 at the peak
- Among the major seven economies, GDP fell
-20.4% in the UK. In France,
where - the OECD pointed out - the blockade measures were among the most
gross domestic product fell by -13.8% after the end of the year.
down -5.9% in the previous quarter.
- In the second quarter of 2020, GDP fell
Italy, Canada and Germany, respectively
-12.4%, -12.0% and -9.7% vs. -5.4% respectively,
-2.1% and -2.0% in the previous quarter.
- In the United States, where many states - the OECD pointed out - at the
late March have introduced council-based measures to "stay
at home", the GDP contracted slightly less, with a
-9.5%, compared to -1.3% in the previous quarter.
- In Japan, where containment measures have been less
GDP fell by -7.8% in the second quarter
compared to -0.6% in the previous quarter.
- In the euro area and in the European Union, domestic
fell -12.1% and -11.7% respectively, compared with
-3.6% and -3.2% in the previous quarter.
- The OECD has specified that year-on-year the fall in GDP per
OECD area in the second quarter of 2020 was -10.9%
after a decrease of -0.9% in the previous quarter. Among the
the largest seven economies, the United States has a
annual growth of -9.5%, while the UK recorded its
net annual decline (-21.7%).