OECD countries maintain GDP growth of 0.5% in the third quarter

The gross domestic product in all the countries of the OECD rose 0.5% in the third quarter of the year, maintaining the same growth as in the second, thanks mainly to USAthe organization announced this Tuesday.

In addition, second quarter growth was revised from the previously announced 0.4% to 0.5%, the Organization for Economic Co-operation and Development (OECD) said in a statement.

In the G7 countries, the most developed, growth accelerated between July and September, with a rise in GDP 0.6%, from 0.4% from April to June.

USA is mainly responsible for this growth, since its GDP rose 1.2% in the third quarter compared to 0.5% in the second, thanks mainly to the 1% increase recorded in private consumption.

The other countries of the G7 They recorded very low or no growth and there were even declines in GDP. France rose 0.1% in the third quarter, while the index was unchanged in the United Kingdom, Italy and Canada.

In addition, there were decreases in Germany (-0.1%), due to a reduction in private consumption, and in Japan (-0.5%), in this case due to decreases in investment and an increase in imports.

In year-on-year terms, GDP rose in OECD 1.7% in the third quarter, compared to 1.6% in the second.

The United States also has the highest year-on-year GDP growth in the G7, with 2.9% (compared to the average of 1.8% in the group), and clearly above Japan (1.4%), France (0.7%), United Kingdom and Canada (0.6%), Italy (unchanged) and Germany (-0.4%).

In the other OECD countries, the largest increase in GDP In the third quarter it was recorded in Poland (1.4%), followed by Costa Rica (1.3%). Hungary and Mexico recorded increases of 0.9%.

Instead, the biggest drop occurred in Ireland (-1.8%), followed by Finland (-0.8%).

Among other countries, Spain’s GDP registered an increase of 0.3% and Colombia’s GDP rose 0.2%, while in Chile there was no data available for the third quarter.

Furthermore, GDP in OECD countries was 6% higher in the third quarter of the year than it was in the same period in 2019, before the start of the coronavirus pandemic.

The Czech Republic is the only OECD country that has not yet recovered its pre-pandemic GDP level.

Among the G7 countries, USA It is the one that has exceeded its pre-pandemic GDP level the most, with 7.4%, while Germany is the least, with just 0.3%.