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OECD GDP falls by 1.8% in the first quarter of 2020

Gross Domestic Product
Percentage change on the previous quarter, s.a.

 Gross domestic product, Percentage change on the previous quarter, seasonally adjusted data‌‌‌

26/05/2020 - Following the introduction of COVID-19 containment measures across the world, real gross domestic product (GDP) in the OECD area fell by 1.8% in the first quarter of 2020, the largest drop since the 2.3% contraction in the first quarter of 2009 at the height of the financial crisis, according to provisional estimates. 

Among the Major Seven, GDP dropped significantly in France and Italy, where lockdown measures were most stringent and implemented earliest (by minus 5.8% and minus 4.7% respectively, compared with minus 0.1% and minus 0.3%, in the previous quarter).


 

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