Gross domestic product in OECD area rises 0.5 percent in Q3

(MENAFN) The gross domestic product (GDP) within the Organization for Economic Cooperation and Development (OECD) area recorded a 0.5 percent increase during the third quarter of 2024 compared to the preceding quarter, as indicated by data released on Thursday. This marks a slight improvement from the second quarter, which experienced a 0.4 percent growth rate. The Paris-based organization highlighted that this positive trend reflects continued, albeit moderate, economic expansion across its member countries during the July-September period.

In contrast, the GDP growth rate of the G7 countries, comprising the world’s largest advanced economies, declined to 0.2 percent in the third quarter, down from the 0.5 percent growth achieved in the second quarter of 2024. Among these economies, Japan witnessed a slowdown in its growth rate, reporting a 0.2 percent quarter-on-quarter increase in GDP for the third quarter, which was a decrease from the 0.5 percent growth recorded in the previous quarter. Similarly, the German economy exhibited modest recovery, expanding by 0.2 percent following a contraction of 0.3 percent in the April-June period.

The United States, however, maintained a steady growth trajectory, with its GDP rising by 0.7 percent in the third quarter, matching the rate of expansion observed in the second quarter. In contrast, Italy’s economic performance remained stagnant, with no growth recorded during the July-September period. This flat growth underscores challenges within Italy’s economy, as it continues to grapple with structural inefficiencies and sluggish demand.

Across the broader European Union (EU), economic growth continued at a measured pace, with the EU as a whole achieving a quarterly growth rate of 0.3 percent in the third quarter of 2024. Meanwhile, the euro area, which includes 20 of the EU member states that share the euro currency, posted a slightly higher growth rate of 0.4 percent. These figures indicate modest economic momentum in the region, reflecting ongoing efforts to balance economic recovery with inflation control and fiscal challenges.

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