The coronavirus pandemic has pushed most of the world's major economies into unprecedented contractions in the second quarter, except for China which escaped a recession.
Here are the second quarter changes in gross domestic product compared to the previous quarter for the world's top economies. Unless stated otherwise, the figures are from the national statistics institutes.Europe's top economy was hit less hard by the coronavirus than its neighbours, but still saw its GDP fall by 10.1 percent in the second quarter.
As GDP had already declined by 2 percent in the first quarter, Germany's economy met the definition of a recession: two consecutive quarters of contracting GDP. Germany's previous record for a quarterly GDP drop: 4.7 percent in the first quarter of 2009.The eurozone's number two economy was in a longer and stricter lockdown than its eastern neighbour, and second quarter GDP fell more steeply, by 13.8 percent, after a drop of 5.9 percent in the previous three months.
In the second quarter its economy rebounded by 11.5 percent, having fallen by 10 percent in the first quarter. Still, growth for this year will be much below what China has become accustomed to for decades.Japan announced in mid-May it was already in recession when first quarter GDP slid by 0.6 percent after a 1.9 percent drop in the final quarter of 2019. The world's number three economy has yet to publish second quarter GDP figures.
no thanks to china and her veerus!
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