USA

The United States experienced a steep decline in GDP of 2.4% in 2009. Gross investment in fixed assets was dramatically reduced and inventories scaled back as a consequence of the economic crisis. In addition, rising unemployment, loss of assets and much more restrictive access to credit caused private consumption to contract – despite tax relief measures and the “cash for clunkers” programme (similar to the German car scrappage scheme). As the year progressed, however, the US too began to gather fresh momentum. In the third quarter GDP grew for the first time in a year, and an end to the recession was in sight.