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26 May 2009
Gross domestic product (GDP) across the developed world continued to plummet in 2009's first quarter with the value of UK goods and services down 4.1 per cent year on year.
Figures from the Organisation for Economic Co-operation and Development (OECD) found GDP across its 30 member countries fell 2.1 per cent sequentially in Q1. This follows a two per cent drop from Q3 to Q4 2008 and the year-on-year decline in Q1 reached 4.1 per cent.
After a 1.6 per cent drop-off in 2008's closing quarter, the contraction of UK GDP gathered pace in Q1 with a 1.9 per cent decline. Of the OECD's Major Seven nations (comprising the UK, the US, Germany, France, Japan, Italy and Canada), only France saw GDP contraction slow in Q1.
Further reading
Japan remains one of the hardest hit nations, with GDP falling four per cent sequentially and 9.1 per cent year on year in Q1. Germany is also feeling the pain after a 3.8 per cent quarterly decline and a 6.9 per cent drop off on the same period last year. The value of Italian goods and services plummeted 2.4 per cent sequentially and 5.9 per cent year-on-year.
The overall 2.1 per cent decline on Q4 2008 to this year's opening quarter is the biggest fall since OECD records began in 1960.
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