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Unprecedented falls in the GDP of the G20 countries except… for China

Unprecedented falls in the GDP of the G20 countries except... for China

September 14th, 2020

With the exception of China, the implementation of VIDOC-19 containment measures weighed heavily on economic activity in the second quarter of 2020, with unprecedented falls in real gross domestic product (GDP) in most G20 economies according to the OECD.

For the G20 area, GDP fell by a record minus 6.9 percent, significantly higher than the (minus) 1.6 percent recorded in the first quarter of 2009 at the height of the financial crisis.

 

China, the exception

China was the only G20 country to experience growth (11.5%) in the second quarter of 2020, reflecting the early onset of the pandemic in that country and the subsequent recovery. GDP contracted by (less) 11.8 percent on average in all other G20 economies in the second quarter of 2020, as the effects of the pandemic began to be felt more widely.

GDP fell most dramatically, by (minus) 25.2%, in India, followed by the United Kingdom (minus 20.4%). GDP also fell sharply in Mexico (minus 17.1%), South Africa (minus 16.4%), France (minus 13.8%), Italy (minus 12.8%), Canada (minus 11.5%), Turkey (minus 11.0%), Brazil and Germany (both minus 9.7%), the United States (minus 9.1%), Japan (minus 7.9%), Australia (minus 7.0%) and Indonesia (minus 6.9%). The contraction was less pronounced in Korea and Russia (down 3.2% in both countries).

Year-on-year GDP in the G20 area declined by minus 9.1% in the second quarter of 2020, following a contraction of minus 1.7% in the previous quarter. Among the G20 economies, China recorded the strongest year-on-year growth (3.2%), while India recorded the largest year-on-year decline (-23.5%).

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