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Nosediving GDP takes U-turn in Q3 in OECD area
By TII News Services
Nov 19, 2020 , New Delhi

    

GDP in the OECD Area rebounded by 9.0% in the third quarter of 2020 but it remains 4.3% below its pre-crisis high.

Among the Major Seven economies, GDP in the third quarter rebounded most strongly in those economies that also saw the sharpest falls in the second quarter by: 18.2% in France, (following a contraction of 13.7%), 16.1% in Italy (following a contraction of 13.0%) and 15.5% in the United Kingdom (following a contraction of 19.8%).

GDP also rebounded in all other major economies: in Canada (by 10%, following a contraction of 11.5% in the previous quarter), Germany (8.2%, minus 9.8%), Japan (5.0%, minus 8.2%) and the United States (7.4%, minus 9.0%).

In the euro area and the European Union, GDP increased by 12.6% and 11.6% respectively, following contractions of 11.8% and 11.4% in the previous quarter.

GDP remained significantly below the levels of a year earlier in the OECD area as whole (minus 4.1%) and in all Major Seven economies, with the United States (minus 2.9%) recording the smallest annual fall and the United Kingdom (minus 9.6%) the largest.

 

 
 
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