OECD area's GDP rebounds by 9 pct in Q3
Source: Xinhua | 2020-11-20
The Paris-based Organisation for Economic Co-operation and Development (OECD) announced on Thursday that on a quarterly basis, the real gross domestic product (GDP) in the OECD area rebounded by 9 percent in the third quarter (Q3) of 2020.
The rebound came after unprecedented falls in GDP in the first half of this year in the wake of the COVID-19 containment measures. GDP in Q3 rebounded most strongly in the major seven economies that saw the sharpest falls in Q2, said the OECD.
In France, the economy grew by 18.2 percent in Q3 following a 13.7-percent contraction in Q2, followed by Italy (a 16.1-percent growth following a contraction of 13 percent) and the United Kingdom (a 15.5-percent growth following a contraction of 19.8 percent).
GDP also rebounded in all other major economies: in Canada (by 10 percent, following a contraction of 11.5 percent in previous quarter), Germany (8.2 percent, minus 9.8 percent), Japan (5 percent, minus 8.2 percent) and the United States (7.4 percent, minus 9.0 percent).
In the euro area and the European Union, GDP increased by 12.6 percent and 11.6 percent respectively, following contractions of 11.8 percent and 11.4 percent in the previous quarter.
GDP remained significantly below the levels of a year earlier in the OECD area as a whole (minus 4.1 percent) and in all major seven economies, with the United States (minus 2.9 percent) recording the smallest annual fall and the United Kingdom (minus 9.6 percent), the largest.
The OECD, founded in 1961 to stimulate economic progress and world trade, has 37 member countries spanning from North and South America to Europe and Asia-Pacific.
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