The output of goods and services produced by labor and property located in the
in the Organisation for Economic Co-operation and Development [OECD] area fell by 2.1% in the first quarter of 2009, the OECD reported this week. It is the largest fall since the organization’s records began in 1960.
» In the U.S. GDP fell by 1.6% in Q1’09.
» In the United Kingdom GDP deteriorated to 1.9% in Q1’09 from a decline of 1.6% in Q4’08.
» Japan’s GDP declined by 4.0%, following a 3.8% decrease in the previous q.
» GDP in the euro zone was decreased 2.5%, compared with a 1.6% fall in Q4’08.
From OECD: Of the Major Seven countries, only in France, where GDP fell 1.2%, did the rate of contraction ease in the first quarter.
Compared with the same quarter a year earlier, all the Major Seven economies recorded a fall in GDP, and a marked deterioration on the previous quarter’s year-on-year figures.
The United States contributed 0.9% to the total OECD fall of 4.2% between the first quarter of 2008 and the first quarter of 2009. Japan contributed 1.0%, the euro area (13 countries) 1.3%, and the remaining countries 1.0%.
OECD expects the economy across OECD countries to contract by 4.3% this year.