OECD area growth slows in Q4 2020
OECD GDP saw largest fall last year in nearly 60 years, says international economic organization
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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