The Organization for Economic Co-operation and Development reports that GDP in the OECD area fell by a record 1.5% in the fourth quarter of 2008.

The OECD said that GDP suffered the largest fall since it began keeping records 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 G7 countries (although data for Canada is not yet available, the OECD calculates the growth rate of GDP for the G7 estimating GDP for Canada).

IE