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14 Sept. 2020 - COVID-19 containment measures weighed heavily on economic activity in the second quarter of 2020, with unprecedented falls in real gross domestic product (GDP) in most G20 countries. For the G20 area as a whole, GDP dropped by a record (minus) 6.9%, significantly larger than the (minus) 1.6% recorded in the first quarter of 2009 at the height of the financial crisis.
China was the only G20 country recording growth (11.5%) in the second quarter of 2020, reflecting the earlier onset of the pandemic in this country and subsequent recovery. GDP contracted by an average of (minus) 11.8% in all other G20 economies in the second quarter of 2020, when the effects of the pandemic began to be more widely felt.
GDP fell most dramatically, by (minus) 25.2%, in India, followed by the United Kingdom (minus 20.4%). GDP also dropped sharply in Mexico (minus 17.1%), South Africa (minus 16.4%), France (minus 13.8%), Italy (minus 12.8%), Canada (minus 11.5%), Turkey (minus 11.0%), Brazil and Germany (minus 9.7% in both countries), the United States (minus 9.1%), Japan (minus 7.9%), Australia (minus 7.0%) and Indonesia (minus 6.9%). The contraction was less pronounced in Korea and Russia (minus 3.2% in both countries).
Year-on-year GDP in the G20 area fell by (minus) 9.1% in the second quarter of 2020, following a contraction of (minus) 1.7% in the previous quarter. Among G20 economies, China recorded the highest annual growth (3.2%), while India recorded the largest annual fall (minus 23.5%).
Source: OECD Quarterly National Accounts Database
Note: As a consequence of measures put in place by governments to reduce the spread of the Coronavirus (COVID-19), many statistical agencies are facing unprecedented collection, compilation and methodological challenges to develop indicators across a number of domains. To address these challenges, the statistical community is developing guidance, both conceptual and practical, to help ensure the continued delivery of timely and reliable statistics. However, in some cases, there will inevitably be an impact on quality and, as such, the statistics included in this press release may be subject to larger, and more frequent, than normal revisions.