OECD Average GDP Fell 2.1%, Q1, 2009

The OECD member countries global GDP average numbers are out for Q1, 2009 and it ain't pretty. It even beat Q4, 2008 numbers by 0.1%.

Gross domestic product (GDP) in the OECD area fell by 2.1% in the first quarter of 2009, the largest fall since OECD records began in 1960, according to preliminary estimates, and followed a fall of 2.0% of GDP in the previous quarter.

In the United States GDP fell by 1.6% in the first quarter of 2009, the same rate as in the previous quarter. Japan's GDP declined by 4.0%, following a 3.8% decrease in the previous quarter. GDP in the euro area was down 2.5%, following a 1.6% fall in the previous quarter.

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%.

Also noted trade flows and exports are down around the globe, although no longer in free fall.

global exports Q2 2009

A very nice post by Paul Rosenburg at the Progressive political blog Open Left details not only the various global GDP numbers released by the OECD, but also various economists reaction to the report.

(Although he missed the new frenzy of the global tax man out to collect your money to pay for those deficits!)

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