National accounts

GDP Growth - First quarter of 2020, OECD


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


Download the entire news release (PDF 120KB)


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).

GDP also fell sharply in Canada, Germany and the United Kingdom (by minus 2.6%, minus 2.2% and minus 2.0% respectively, compared with 0.1%, minus 0.1% and 0.0% in the previous quarter‎).

In the United States, where many states introduced ‘stay-at-home’ measures in late March,the contraction inGDP was less dramatic (by minus 1.2%, compared with 0.5% in the previous quarter).

In Japan, where containment measures have been less stringent, GDP contracted by minus 0.9% in the first quarter of 2020, compared with minus 1.9% in the previous quarter.

In the euro area and in the European Union GDP shrank by minus 3.8% and minus 3.3% respectively, compared with growth of 0.1% and 0.2% in the previous quarter.

Year-on-year GDP growth for the OECD area fell to minus 0.8% in the first quarter of 2020, following growth of 1.6% in the previous quarter. Among the Major Seven economies, the United States recorded the highest annual growth (0.3%), while France recorded the sharpest annual fall (minus 5.4%).



Link to underlying data - Source: Quarterly National Accounts: Quarterly growth rates of real GDP


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.





Related Documents


21点点数一样怎么算 股票分析方法分为 泳坛夺金直选如何好中 江西11选5官网 基础k线图入门图解 2020年白小姐四肖必中一肖 重庆幸运农场是官方的吗 北京pk是怎么下载 甘肃11选5中奖 高中生炒股赚4.5亿 青海快三追号技巧 河南11选5开奖查询 浙江20选5最新开奖结果走势图 快乐12开奖结果走势图 山西省体彩11选五 最近新股上市一览表 湖南动物快乐十分