Monday, May 25, 2009

OCED: Richer Countries Suffer Greatest GDP Fall Since 1960

The GDP of the countries of the Organization for the Cooperation and Economic Development fell 2.1% in the first quarter of 2009 relative to the previous quarter, according to preliminary studies divulged by the entity today.

This is about the biggest fall since that the OCED started to recprd the GDP data in 1960, and also the third consecutive fall since the third quarter of 2008.

Relative to the same quarter last year, the GDP of the same countries suffered a fall from 4.2%.

The most affected country in the three first months of 2009 was Japan, with a 4% fall, followed by Germany with -3.8%. After them, Italy fell - 2.4%, Great-Britain - 1.9%, United States - 1.6% and France - 1.2%.

Last week, Japan announced to have suffered in the first quarter of this year, the biggest contraction since these records started in 1955, because of the accentuated fall of country's exports.

Italy also announced that its GDP fell 5.9% in the first quarter of the year, in comparison the same the period in 2008, the worse fall since 1980.

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