Gross domestic product (GDP) in the OECD area fell by 1.5% in the fourth quarter of 2008, the largest fall since OECD records began in 1960, according to preliminary estimates.

In the United States GDP fell by 1.0% in the fourth quarter of 2008, following a 0.1% decrease in the previous quarter. Japan’s GDP declined by 3.3%, following a 0.6% decrease in the previous quarter. GDP in the euro area was down 1.5%, following a 0.2% fall in the previous quarter.

GDP fell in the fourth quarter of 2008 in all of the Major Seven countries, ranging from -3.3% in Japan to -1.0% in the United States.
Compared with the same quarter a year earlier, all the Major Seven economies recorded negative growth rates, and a marked deterioration on the previous quarter’s year-on-year figures.

The United States contributed 0.1% to the total OECD fall of 1.1% between the fourth quarter of 2007 and the fourth quarter of 2008. Japan contributed 0.5%, the euro area (12 countries) 0.3%, and the remaining countries 0.2%.