• Istat: GDP in the second quarter collapsed by 12.4%: the lowest since 1995
  • Work, Istat: in June the unemployment rate rises to 8.8%, among young people 27.6%
  • Istat. In June, imports + 20% and exports + 14.9%
  • Istat: population falls, births at an all-time low

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August 26, 2020 Following the introduction of COVID-19 containment measures around the world as of March 2020, gross domestic product in the OECD area recorded a 9.8% decline in the second quarter of 2020, according to estimates. provisional.

This is the largest decline ever recorded for the OECD area, significantly above the -2.3% recorded in the first quarter of 2009, at the height of the financial crisis.

Among the top seven economies, GDP fell more drastically by 20.4% in the UK. In France, where the blockade measures were among the most severe, GDP fell by 13.8%, after a drop of 5.9% in the previous quarter. GDP also decreased in Italy, Canada and Germany in the second quarter respectively -12.4%, -12.0% and -9.7% (compared to -5.4%, -2.1% and -2, 0% in the previous quarter.

In the United States, where many states introduced "stay-at-home" measures at the end of March, GDP contracted slightly less (-9.5%), compared to -1.3 % in the previous quarter. In Japan, where containment measures were less stringent, GDP contracted by 7.8% in the second quarter of 2020, compared to 0.6% in the previous quarter.

In the euro area and in the EU, GDP fell by -12.1% and -11.7% respectively, compared with drops of -3.6% and -3.2% in the previous quarter. GDP growth compared to the previous year for the OECD area it was minus 10.9% in the second quarter of 2020, after growth of minus 0.9% in the previous quarter. Among the top seven economies, the United States recorded an annual growth of minus 9.5 %, while the UK recorded the annual decline stronger ale (minus 21.7%).