PTI reported that, with recession extending its grip on the US economy, the country witnessed wealth erosion of USD 1.3 trillion, much more than India's GDP, in the first three months of 2009.

The Americans saw their wealth tumble to USD 50.4 trillion in January to March 2009 period against USD 51.7 trillion at the end of 2008. The total loss of USD 1.3 trillion is higher than the value of Indian economy, which is little over USD 1 trillion.

According to the figures from the US Federal Reserve, the household net worth or wealth of Americans, declined to USD 50.4 trillion in the first quarter of 2009.

Federal Reserve's report 'Flow of Funds Accounts o f the United States' said that "Household net worth the difference between the value of assets and liabilities was an estimated USD 50.4 trillion at the end of the first quarter of 2009, USD 1.3 trillion less than at the end of 2008."

Going by the official estimates, the size of Indian economy the second fastest growing after neighboring China is USD 1.04 trillion. Despite the global financial turmoil, in the first quarter of 2009, India's GDP recorded a growth of 5.8% while the US economy shrank 5.7% during the same period.

(Sourced from PTI)