GDP of OECD area expands by 0.4 percent in January-March
Date
5/23/2024 9:26:38 AM
(MENAFN) Data released on Thursday indicated that the gross domestic product (GDP) in the Organization for Economic Cooperation and Development (OECD) region increased by 0.4 percent during the first quarter of the current year compared to the preceding period, marking a slight uptick from the 0.3 percent growth recorded in the final quarter of the previous year.
Among the G7 nations, both the United Kingdom and Germany experienced a rebound in growth, with GDP rising by 0.6 percent and 0.2 percent, respectively, in the January-March period following contractions of 0.3 percent and 0.5 percent in the October-December 2023 timeframe. Similarly, Canada saw growth accelerate from 0.2 percent to 0.6 percent during the same period, while Italy and France also experienced an uptick from 0.1 percent to 0.3 percent in Italy and 0.2 percent in France during the first quarter of this year compared to the fourth quarter of last year.
In the euro area, GDP expanded by 0.3 percent in the three months ending in March, rebounding from a contraction of 0.1 percent observed in the preceding two quarters. However, the United States witnessed a slight easing in economic growth, with GDP increasing by 0.4 percent in the first quarter of 2024 compared to the previous quarter's 0.8 percent growth, primarily due to a slowdown in final domestic demand and an increase in imports. Conversely, Japan's GDP contracted by 0.5 percent after stagnating in the final quarter of the previous year.
Israel emerged as a standout performer among other OECD nations, recording the strongest quarterly GDP growth of 3.3 percent in January-March, following a contraction of 5.9 percent in October-December 2023.
On an annual basis, GDP in the OECD area expanded by 1.6 percent in the first quarter of this year, showing a marginal easing from the 1.7 percent growth observed in the previous quarter.
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