Gross domestic product (GDP) in the OECD area stabilised in the second quarter of 2009 (minus 0.002%), according to preliminary estimates, following a fall of 2.1% in the previous quarter.

For the Major Seven countries, GDP fell marginally by 0.1% but with considerable variation in national rates, ranging from a 0.9% increase in Japan, following two quarters of significant falls (minus 3.1% and minus 3.5%), to a 0.8% decline in the United Kingdom. Positive growth was also recorded in France and Germany, both up 0.3% compared with falls of 1.3% and 3.5% respectively in the previous quarter. GDP fell by 0.3% in the United States following a 1.6% fall in the previous quarter.

GDP in the euro area was down 0.1% and down 0.3% in the European Union, following falls of 2.5% and 2.4% respectively in the previous quarter.

Compared with the same quarter a year earlier, all of the Major Seven* economies continued to show falls in GDP, ranging from minus 2.6% in France to minus 6.5% in Japan. For the OECD area GDP fell 4.6% between the second quarter of 2008 and the second quarter of 2009. The United States contributed 1.4% to the total OECD fall, with Japan contributing 0.7%, the euro area (13 countries) 1.2%, and the remaining countries 1.2%.