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    Unprecedented Fall in OECD GDP by 9.8% in Q2 2020

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    Βασίλης Βήττας
    The OECD reported an unprecedented 9.8% decline in GDP for the second quarter of 2020 across OECD countries due to COVID-19 containment measures. This is the largest quarterly drop ever recorded and significantly larger than the decline during the 2009 financial crisis. GDP fell sharply across major economies such as the UK (-20.4%), France (-13.8%), Italy (-12.4%), Canada (-12.0%), and Germany (-9.7%). The unprecedented economic contraction was driven by lockdowns and social distancing measures put in place to control the spread of the pandemic.

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    Unprecedented Fall in OECD GDP by 9.8% in Q2 2020

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    Βασίλης Βήττας
    188 views2 pages
    The OECD reported an unprecedented 9.8% decline in GDP for the second quarter of 2020 across OECD countries due to COVID-19 containment measures. This is the largest quarterly drop ever recorded and significantly larger than the decline during the 2009 financial crisis. GDP fell sharply across major economies such as the UK (-20.4%), France (-13.8%), Italy (-12.4%), Canada (-12.0%), and Germany (-9.7%). The unprecedented economic contraction was driven by lockdowns and social distancing measures put in place to control the spread of the pandemic.

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    The OECD reported an unprecedented 9.8% decline in GDP for the second quarter of 2020 across OECD countries due to COVID-19 containment measures. This is the largest quarterly drop ever recorded and significantly larger than the decline during the 2009 financial crisis. GDP fell sharply across major economies such as the UK (-20.4%), France (-13.8%), Italy (-12.4%), Canada (-12.0%), and Germany (-9.7%). The unprecedented economic contraction was driven by lockdowns and social distancing measures put in place to control the spread of the pandemic.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    188 views2 pages

    Unprecedented Fall in OECD GDP by 9.8% in Q2 2020

    Uploaded by

    Βασίλης Βήττας
    The OECD reported an unprecedented 9.8% decline in GDP for the second quarter of 2020 across OECD countries due to COVID-19 containment measures. This is the largest quarterly drop ever recorded and significantly larger than the decline during the 2009 financial crisis. GDP fell sharply across major economies such as the UK (-20.4%), France (-13.8%), Italy (-12.4%), Canada (-12.0%), and Germany (-9.7%). The unprecedented economic contraction was driven by lockdowns and social distancing measures put in place to control the spread of the pandemic.

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    of 2

    Paris, 26 Aug 2020

    News Release: OECD GDP growth


    Quarterly National Accounts

    Unprecedented fall in OECD GDP by 9.8% in Q2 2020


    Following the introduction of COVID-19 containment measures across the world since March 2020, real
    gross domestic product (GDP) in the OECD area showed an unprecedented fall, by (minus) 9.8%, in the
    second quarter of 2020, according to provisional estimates. This is the largest drop ever recorded for the
    OECD area, significantly larger than the (minus) 2.3% recorded in the first quarter of 2009, at the height
    of the financial crisis.
    Among the Major Seven economies, GDP fell most dramatically, by (minus) 20.4%, in the United
    Kingdom. In France, where lockdown measures were among the most stringent, GDP declined by
    (minus) 13.8%, after a drop of (minus) 5.9% in the previous quarter.
    GDP also fell sharply in Italy, Canada and Germany in the second quarter (by (minus) 12.4%,
    (minus) 12.0% and (minus) 9.7% respectively (compared with (minus) 5.4%, (minus) 2.1% and (minus)
    2.0% in the previous quarter).
    In the United States, where many states introduced ‘stay-at-home’ measures late March, GDP
    contracted slightly less ((minus) 9.5%, compared with (minus) 1.3% in the previous quarter).
    In Japan, where containment measures were less stringent, GDP contracted by (minus) 7.8% in the
    second quarter of 2020, compared with (minus) 0.6% in the previous quarter.
    In the euro area and the European Union, GDP dropped by (minus) 12.1% and (minus) 11.7%
    respectively, compared with declines of (minus) 3.6% and (minus) 3.2% in the previous quarter.
    Year-on-year GDP growth for the OECD area was minus 10.9% in the second quarter of 2020,
    following growth of minus 0.9% in the previous quarter. Among the Major Seven economies,
    the United States recorded an annual growth of minus 9.5%, while the United Kingdom recorded
    the sharpest annual fall (minus 21.7%).

    Gross domestic product


    Percentage change on the previous quarter, seasonally adjusted data
    2020Q1 2020Q2
    0

    -5

    -10

    -15

    -20

    -25

    Visit the interactive OECD Data Portal to explore this data further.
    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.
    >> Methodological Notes:
    Further methodological information can be downloaded from:
    http://www.oecd.org/sdd/na/OECDQuarterlyGDPGrowth_Methodology_EN.pdf
    and http://www.oecd.org/sdd/na/G20QuarterlyGDPGrowth_Methodology.pdf.
    >> Access data:
    Quarterly real GDP growth rates for all OECD countries and geographic groupings, as well as historical data, can be downloaded from the
    OECD online data dissemination facility OECD.Stat at: http://stats.oecd.org/WBOS/Index.aspx?QueryName=350.
    >> Contacts:
    For further information journalists are invited to contact the OECD’s Media Relations Division on (33) 1 45 24 97 00 or at
    [email protected] ; others should contact the Statistics Directorate at [email protected].
    >> Next QNA releases:
    G20 GDP growth – Q2 2020: 14 September 2020
    OECD GDP growth – Q3 2020: 19 November 2020
    Quarterly Real GDP growth
    Percentage change on the previous quarter, seasonally adjusted data
    2018 2019 2020
    Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
    OECD-Total 0.6 0.2 0.3 0.6 0.4 0.4 0.2 -1.8 -9.8
    G20 0.7 0.7 0.6 0.8 0.7 0.7 0.6 -3.5 ..
    European Union 0.4 0.3 0.5 0.5 0.3 0.3 0.1 -3.2 -11.7
    Euro area 0.3 0.2 0.4 0.5 0.2 0.3 0.0 -3.6 -12.1
    Major Seven 0.5 0.2 0.4 0.6 0.2 0.4 0.0 -2.0 -10.8
    Canada 0.4 0.6 0.2 0.3 0.8 0.3 0.1 -2.1 -12.0
    France 0.2 0.4 0.7 0.5 0.2 0.2 -0.2 -5.9 -13.8
    Germany 0.5 -0.3 0.3 0.6 -0.5 0.3 0.0 -2.0 -9.7
    Italy 0.0 -0.1 0.2 0.2 0.1 0.0 -0.2 -5.4 -12.4
    Japan 0.4 -0.8 0.6 0.7 0.4 0.0 -1.8 -0.6 -7.8
    United Kingdom 0.5 0.6 0.2 0.7 -0.1 0.5 0.0 -2.2 -20.4
    United States 0.7 0.5 0.3 0.7 0.4 0.6 0.6 -1.3 -9.5
    .. : Latest quarter not yet available.

    Quarterly Real GDP growth


    Percentage change on the same quarter of the previous year, seasonally adjusted data
    2018 2019 2020
    Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
    OECD-Total 2.7 2.2 1.6 1.7 1.5 1.7 1.6 -0.9 -10.9
    G20 3.8 3.4 3.0 2.9 2.8 2.8 2.8 -1.6 ..
    European Union 2.4 1.9 1.5 1.7 1.5 1.6 1.2 -2.5 -14.2
    Euro area 2.2 1.6 1.2 1.4 1.3 1.4 1.0 -3.1 -15.0
    Major Seven 2.4 1.9 1.5 1.7 1.5 1.7 1.4 -1.3 -12.1
    Canada 1.7 2.0 1.8 1.5 2.0 1.6 1.5 -0.9 -13.5
    France 1.9 1.6 1.4 1.8 1.8 1.6 0.8 -5.7 -19.0
    Germany 2.0 0.8 0.3 1.1 0.1 0.8 0.4 -2.2 -11.7
    Italy 0.9 0.4 0.1 0.3 0.4 0.5 0.1 -5.5 -17.3
    Japan 1.0 -0.4 -0.3 0.8 0.9 1.7 -0.7 -2.0 -10.0
    United Kingdom 1.3 1.6 1.4 2.0 1.4 1.3 1.1 -1.7 -21.7
    United States 3.3 3.1 2.5 2.3 2.0 2.1 2.3 0.3 -9.5
    .. : Latest quarter not yet available.

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