OECD area growth slows in Q4 2020

OECD GDP saw largest fall last year in nearly 60 years, says international economic organization

Yunus Girgin   | 18.02.2021
OECD area growth slows in Q4 2020


The gross domestic product (GDP) growth in the Organization for Economic Co-operation and Development (OECD) area slowed to 0.7% in the fourth quarter of 2020, the group said on Thursday.

Among the seven major economies, the GDP growth slowed to 0.8% in the same period.

It remained positive in Japan, Canada, the US, and the UK with 3%, 1.9%, 1%, and 1%, respectively.

On the other hand, the figure was minus 2% for Italy and minus 1.3% for France, according to the OECD.

Meanwhile, the GDP growth declined in both the EU and the euro area over the same period, 0.4% and 0.6%, respectively.

In 2020, the GDP fell 4.9% in the OECD area, marking the largest fall ever since 1962, the group said.

Almost all countries in the OECD area recorded fall in GDP last year.

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