The economy of OECD countries grew by 0.4% in the second quarter

The Organization for Economic Co-operation and Development (OECD) announced on Monday, August 28 that the economies of the 38 member states of the Organization for Economic Co-operation and Development (OECD) grew by 0.4% in the second quarter compared to the previous quarter. The record slows compared to the series’ 0.5% first-quarter increase in GDP for all of these states.

The organization confirms that since the first quarter of 2022, economic growth has been moderate in OECD countries as a whole, a trend that was not broken in April, May and June of this year.

Gross domestic product among OECD countries in the second quarter exceeded by 5.1% the levels of the last quarter of 2019, which is the last without the effects of the Covid-19 pandemic. All OECD countries, except the Czech Republic, had a higher GDP than the last pre-pandemic period. Spain surpassed pre-pandemic levels for the first time in the second quarter, by 0.4%.

Among OECD countries, Ireland stands out, with GDP growth of 3.3%, while Slovenia and Costa Rica recorded growths of 1.4% and 1.3%, respectively. The economies of Poland, Sweden, and Colombia, in turn, contracted by 3.7%, 1.5%, and 1%, respectively, in the second quarter. On the other hand, Portugal stagnated, with no variation in GDP between the first and second quarters.

In the G7 countries, GDP growth was 0.5%, respectively, in the relevant quarter, accelerating slightly from 0.4% recorded in the first three months of the year.

Inconsistencies in the economic performance of the G-7 countries – the group consisting of Germany, Canada, the US, France, Italy, Japan, the United Kingdom, and the European Union – drove this modest growth.

The Japanese economy grew by 1.5% in the second quarter, while the French economy grew by 0.5%, accelerating from growth of 0.9% and 0.1% respectively in the previous quarter.

“Growth also accelerated, albeit slightly, in the US and UK (to 0.6% and 0.2% in the second quarter, respectively), compared to 0.5% and 0.1% in the UK (% in the first quarter)”, Explains in detail. Organization for Economic Co-operation and Development.

On the other hand, GDP contracted in Italy in the second quarter of 2023 (minus 0.3%), after growing by 0.6% in the first quarter. Growth also slowed in Canada (to 0.3% in the second quarter, compared to 0.8% in the previous quarter). The first quarter).He adds that growth stopped in Germany in the second quarter after it contracted in the previous two quarters.