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.
Charlotte Whitmore is a contributor at Mediarunsearch.co.uk, covering a broad range of topics including news, politics, business, technology, sport, entertainment, and lifestyle. She focuses on delivering clear, balanced reporting and practical information that helps readers stay informed about current events and emerging developments. Her work highlights stories that matter to everyday audiences, with an emphasis on accuracy, relevance, and accessible journalism that keeps readers connected to the issues shaping the UK and beyond.