OECD Countries Face Stagnant Economic Growth
Date
11/21/2023 3:25:42 PM
(MENAFN- The Rio Times) OECD countries sustained a 0.5% GDP growth in the third quarter, mirroring their second-quarter performance, largely driven by the U.S.
The OECD revised the second quarter's growth from 0.4% to 0.5%.
G7 nations saw faster growth from July to September, increasing to 0.6% compared to 0.4% in the previous quarter.
The U.S. significantly influenced this growth, with a 1.2% rise in its GDP, mainly due to a 1% boost in private consumption.
Other G7 countries like France experienced minimal growth at 0.1%, while the UK, Italy, and Canada saw no change.
Germany's GDP fell by 0.1%, and Japan's decreased by 0.5%, attributed to lower investment and higher imports.
The OECD's GDP grew by 1.7% in the third quarter, a slight increase from 1.6% in the second.
The U.S. led the annual GDP growth among G7 countries with 2.9%, exceeding the group's 1.8% average and outpacing other nations like Japan, France, the UK, and Canada.
Italy's GDP remained stable, and Germany faced a 0.4% decline.
Poland and Costa Rica recorded the highest GDP increases in the OECD with 1.4% and 1.3%, respectively, in the third quarter.
Hungary and Mexico each marked a 0.9% rise. Ireland saw the largest drop at -1.8%, followed by Finland at -0.8%.
OECD Countries Face Stagnant Economic Growth
Spain and Colombia observed modest increases, but Chile's third-quarter data was unavailable.
Overall, the OECD's GDP in this quarter was 6% higher than the same period in 2019, pre-pandemic.
The Czech Republic remains the only OECD country not to have reached its pre-pandemic GDP level.
In the G7, the U.S. significantly exceeded its pre-pandemic GDP level with a 7.4% increase, while Germany showed the least growth at just 0.3%.
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