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India second worst-hit major economy in Q2; UK tops the list

Contracting for the second consecutive quarter, India's GDP fell 7.5 per cent during the September quarter, albeit much slower than the 23.9 per cent decline registered in the June quarter

Chitranjan Kumar & Mudit Kapoor | November 27, 2020 | Updated 19:44 IST
India second worst-hit major economy in Q2; UK tops the list
Barring China, all other major economies continued to struggle with the COVID-19 pandemic and restrictions on activity

India has been the second worst performer among major economies during July-September quarter as COVID-19 pandemic continued to impact businesses. India's GDP fell 7.5 per cent during September quarter, albeit much slower than 23.9 per cent decline registered in June quarter, signalling a rebound.

Barring China, the world's second-largest economy, all other major economies continued to struggle with COVID-19 pandemic and restrictions on activity. In the July-September quarter of 2020, Chinese economy grew by 4.9 per cent compared to 3.2 per cent in the previous quarter.  

Here's how major economies of the world performed (YoY) in Q2FY21:

United Kingdom

UK was the worst performer among major economies recording 9.6 per cent contraction. UK is in the middle of a recession with the third consecutive quarterly decline. British economy suffered its biggest slump of 21.7 per cent in the April-June quarter of 2020.

Japan

Japanese economy contracted to 5.8 per cent in July-September period. The economy had shrank a record 9.9 per cent in the April-June quarter in worst economic contraction since comparable data became available in 1980, eclipsing the brutal impact of the 2008 global financial crisis.  

Italy    

Italy's GDP contracted 4.7 per cent in September quarter as compared to record decline of 17.7 per cent in the April-June quarter of 2020, which was the lowest since Q1 of 1995.

France

France's GDP shrank by 4.3 per cent in July-September quarter of 2020 compared to record decline of 18.9 per cent in the previous quarter.  

Germany

The GDP of Germany contracted by 4 per cent in Q2 as against drop of 11.3 per cent in the previous quarter, which was its lowest since the country's statistical office began tracking quarterly economic data half a century ago.  

US

The United States' GDP shrank 2.9 per cent during September quarter as against decline of 9.1 per cent in the April-June quarter. The US real GDP grew at an annual rate of 33.1 per cent (7.4 per cent at a quarterly rate) in the September quarter of 2020.

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