Yesterday, the Organization for Economic Coordination and Development announced that it estimated that the gross domestic product (GDP) for the OECD area covering 30 member countries fell by 2.1% in the first quarter of 2009, the sharpest economic contraction for OECD countries since 1960 (the first year records were kept). In the United States, the OECD estimates that GDP fell by 1.6% in the first quarter of 2009, the same rate as in the previous quarter, while Japan and the euro area saw current quarterly GDP declines of 4.0% and 2.5%, respectively, compared to previous quarterly declines of 3.8% and 1.6%, respectively. This data follows the Economic Outlook Interim Report issued by the OECD last month, in which it was forecast that the OECD area would experience a 4.3% decline in GDP in 2009.