OECD area GDP contracts 4.9 pct in 2020

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PARIS, Feb. 18 (Xinhua) — The real gross domestic product (GDP) in the OECD area grew by 0.7 percent in the fourth quarter (Q4) 2020, after unprecedented falls in the first half due to COVID-19 containment measures and the large rebound in the third quarter, the Paris-based Organization for Economic Co-operation and Development (OECD) said on Thursday.

For 2020 as a whole, GDP in the OECD area contracted 4.9 percent year on year, which is the largest fall ever recorded since 1962, the OECD said in a press release.

For the major seven economies as a whole, GDP growth slowed to 0.8 percent in the fourth quarter of 2020, with quite divergent patterns across countries — Japan (3.0 percent), Canada (1.9 percent), the United States and the United Kingdom (1.0 percent in both), Germany (0.1 percent), Italy (-2.0 percent) and France (-1.3 percent), said OECD in its provisional estimates.

In the euro area and the European Union, GDP contracted in the fourth quarter of 2020 by 0.6 percent and 0.4 percent respectively, following rebounds of 12.4 percent and 11.5 percent in the previous quarter.

Almost all countries were confronted with contractions in GDP in 2020, ranging from minus 3.5 percent in the U.S., minus 8.2 percent in France, minus 8.9 percent in Italy and minus 9.9 percent in the UK, it added. Enditem

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