Gross domestic product in GDP surges by 0.5 percent in Q2
Date
8/22/2024 8:01:56 AM
(MENAFN) According to data released on Thursday, the gross domestic product (GDP) in the Organization for Economic Cooperation and Development (OECD) area grew by 0.5 percent in the second quarter of 2024 compared to the previous quarter. This marks a continuation of the 0.5 percent quarterly growth observed in the first quarter of the year, as reported by the Paris-based organization. The consistent growth rate indicates a stable economic trajectory across the OECD region.
In particular, the G7 countries saw an acceleration in economic activity, with GDP growth increasing to 0.5 percent during the April-June period, up from 0.2 percent in the January-March period. Japan's economy rebounded with a notable 0.8 percent growth quarter-on-quarter in the second quarter, reversing the 0.6 percent contraction experienced in the previous quarter. This recovery reflects a positive shift in Japan's economic performance.
In contrast, the U.S. economy also showed an improvement, with growth rising from 0.4 percent in the first quarter to 0.7 percent in the second quarter, largely driven by increased private consumption. However, the German economy experienced a slight contraction of 0.1 percent during the April-June period, a downturn from the 0.2 percent growth recorded in the earlier quarter. Similarly, Italy and the UK saw a slight deceleration in growth, with Italy's GDP increasing by 0.2 percent and the UK's by 0.6 percent in the second quarter, compared to 0.3 percent and 0.7 percent respectively in the first quarter.
Israel, which has been significantly impacted by ongoing conflict in Gaza, experienced the most pronounced slowdown, with GDP growth plummeting from 4.1 percent in the first quarter to just 0.3 percent in the second quarter. On a more positive note, several OECD countries recorded higher growth rates in the second quarter. Poland led with a robust 1.5 percent growth, followed by Costa Rica and Ireland, both with 1.2 percent growth, and the Netherlands with 1 percent. On an annual basis, OECD GDP growth rose to 1.8 percent in the second quarter, a slight increase from the 1.7 percent growth seen in the first quarter.
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