GDP in the OECD area fell by a record 2.1% in the first quarter of 2009
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%.
Methodological Notes
This first estimate of GDP growth for the OECD area in the latest quarter is produced by the OECD Secretariat. It is based on quarterly seasonally adjusted data reported by member countries and, when necessary, on estimates from the OECD Economic Outlook and statistical models. Data from all the Major Seven countries except Canada are available now. In order to calculate the growth rate of GDP for the Major Seven, GDP for Canada is estimated using the monthly Canadian series of real GDP by industry at basic prices as the indicator.
The seasonal adjustment includes a working-day correction for the majority of OECD member countries except for Denmark, Greece, Iceland, Ireland, Luxembourg, New Zealand, Norway, Portugal, Switzerland and Turkey. When seasonally adjusted data are not available from member countries, national data are adjusted by the OECD Secretariat with the ARIMA X-12 method. Seasonally adjusted data for the OECD and the Major Seven areas are calculated from seasonally adjusted data of member countries.
Growth rates for the OECD and the Major Seven areas are derived from chained volume estimates in US dollars converted using 2000 Purchasing Power Parities (PPPs) of GDP, reference year 2000. Growth rates for the European Union and the euro area shown in the two tables above are obtained from chained volume data, reference year 2000, published by Eurostat, the Statistical Office of the European Communities, in "Euro-Indicators News Release", see Eurostat Internet site. Growth over the previous quarter is not annualised in this publication.
Contributions to the total OECD growth shown in the graph are also calculated using data expressed in US dollars converted using PPPs. Note that the euro area (13) covers the thirteen OECD Member countries which belong to the euro area.
Definitions
The OECD area (i.e. OECD-Total) covers the 30 OECD member countries: Australia, Austria, Belgium, Canada, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, Korea, Luxembourg, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Slovak Republic, Spain, Sweden, Switzerland, Turkey, United Kingdom and United States.
The euro area (13) covers the following 13 OECD member countries: Austria, Belgium, Finland, France, Germany, Greece, Italy, Ireland, Luxembourg, Netherlands, Portugal, Slovak Republic and Spain.
The euro area covers the euro area (13) plus Cyprus , Malta and Slovenia.
The European Union covers the euro area plus Bulgaria, Czech Republic, Denmark, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Sweden and United Kingdom.
Quarterly GDP volume growth rates for all OECD countries and geographic groupings, as well as historical data, are available for download from the OECD online data dissemination facility OECD.Stat at:
http://stats.oecd.org/WBOS/Index.aspx?QueryName=350&QueryType=View&Lang=en
Contacts:
For further information journalists are invited to contact the OECD's Media Relations Division on
(33) 1 45 24 97 00 or e-mail news.contact@oecd.org.
For answers to technical questions contact stat.contact@oecd.org.
Next release: third week of August 2009
