GDP in the OECD area fell by a record 2.1% in the first quarter of 2009; Recovery could begin at the end of this year
May 25th, 2009 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
Gross domestic product (GDP) in the OECD area fell by 2.1% in the first quarter of 2009, the largest fall since OECD records began in 1960, according to preliminary estimates, and followed a fall of 2.0% of GDP in the previous quarter. However, contraction in world economic output appears to be slowing and a recovery could begin at the end of this year, the OECD director-general Angel Gurría said last Friday.