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Sharpest GDP fall ever recorded in Q1: OECD

Staff Reporter 1 minute read

GDP in OECD (Organisation for Economic Cooperation and Development) countries recorded its sharpest contraction on record in the first quarter of 2009, the body revealed overnight.

Economic growth was -2.1 per cent, the OECD said, the largest fall since it began keeping records in 1960 and slightly worse than the -2.0 per cent recorded for the previous quarter.

Compared to the same quarter in 2008, GDP fell by a sizeable 4.2 per cent.

Over the quarter Japan experienced the largest contraction of 4 per cent, followed by Germany which contracted by 3.8 per cent. The United States contracted by a smaller 1.6 per cent

 

Sharpest GDP fall ever recorded in Q1: OECD
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