Only the United Kingdom fell more than Spain in the second quarter of the year in the entire OECD

Only the United Kingdom fell more than Spain in the second quarter of the year in the entire OECD

The developed countries club enters a technical recession with a 9.7% drop between April and June

Only the United Kingdom fell more than Spain in the second quarter of the year in the entire OECD

The gross domestic product (GDP) of the countries of the Organization for Economic Cooperation and Development (OECD) recorded an unprecedented contraction of 9.8% in the second quarter of 2020, after having fallen by 1.8% in the first three months of the year, confirming the entry into a technical recession of the so-called 'club of developed countries' for the first time since the global financial crisis between 2008 and 2009.

The collapse of activity in the OECD between the months of April and June as a result of the Great Reclusion caused by the Covid-19 pandemic multiplies by more than four the adverse impact of 2.3% registered in the first quarter of 2009, at the worst moment of the global financial crisis.

Among the OECD economies, the United Kingdom recorded the largest drop in GDP in the second quarter, with a 20.4% collapse, followed by Spain , with a decline of 18.5%, and Mexico , with a drop in GDP. 17.3%, according to Europa Press.

In the second quarter of the year, the GDP of the United States registered a fall of 9.5%, after having fallen by 1.3% in the first three months of 2020, while in the euro zone the economy experienced a contraction of the 12.1%, after the 3.6% drop in the first quarter. In the case of Japan , GDP fell 7.8% in the second quarter, after falling 0.6% between January and March.

Compared to the second quarter of 2019, OECD GDP contracted 10.9%, adding to the 0.9% year-on-year decline in the first three months of the year.

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