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OECD GDP falls by 1.8% in first quarter 2020

Jun 1, 2020 | News

(01 June 2020) – Following the introduction of COVID-19 containment measures, real 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.

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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 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.

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