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GDP growth in the OECD slowed down in the second quarter: those that fell the most

GDP growth in the OECD slowed down in the second quarter: those that fell the most

economic growth in the whole OECD it slowed down slightly in the second quarter, with 0.4%, one tenth less than in the first, with a contrasting evolution among the member countries that reveals a plurality of situations.

The Organization for Economic Cooperation and Development (OECD) said this Monday in a statement that in year-on-year terms, the gross domestic product (GDP) at the end of June in what is known as the “club of developed countries” was 1.5%, compared to 1.6% at the end of March.

Among the large economies of this bloc, the greatest increase in GDP between April and June was that of Japan, of 1.5% compared to the previous quarter, thanks in particular to the boost in net exports (foreign sales minus purchases), after a rise which had already been very significant between January and March (0.9%).

At the opposite extreme, Italy suffered a 0.3% drop in its activity due to the contraction of domestic demand, after having risen 0.6% in the first quarter.

It was not the only country in the OECD that had a quarterly contraction of GDP, but there were ten in total, in particular Poland (-3.7%), Sweden (-1.5%) and Colombia (-1%).

Among the members of the G7, Germany stagnated between April and June, after experiencing two consecutive quarters of decline, which is considered, from a technical point of view, its entry into recession.

Germany was the only G7 country with a drop in GDP in year-on-year terms at the end of June (-0.1%).

The OECD noted in its statement that Spain, which had been the country most economically affected by the pandemic (its GDP sank 11.3% in 2020), exceeded its pre-covid activity level for the first time in the second quarter of 2023, is That is, the one I had at the end of 2019.

Specifically, it exceeded that level by 0.4% when in the OECD as a whole GDP was 5.1% higher than the pre-covid benchmark and in the United States (one of the fastest recoveries) it was 6.2%. The United States is also the G7 country with the steepest year-on-year rise at the end of June, at 2.6%, clearly above the second, Japan (2.1%).

Among the large countries, only the United Kingdom was still in the second quarter without having recovered the activity prior to the pandemic (-0.2%). In Germany, this recovery was still very timid (0.2%). In the euro zone as a whole (thus including Germany and Spain) of 2.7%.

Source: EFE

Source: Gestion

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