GDP Growth In OECD Countries Slowed To 0.3% In Q4

GDP: The economies of the countries that are members of the Organization for Economic Cooperation and Development (OECD) grew by 0.3% in quarterly terms in the fourth quarter of 2022, the organization said in a press release.

Thus, the growth rate slowed down compared to 0.4% in the third quarter. Performance remains weak due to high inflation and rising interest rates.

The economies of the G7 countries grew by 0.4% in October-December after rising by 0.5% in the previous three months. Eurozone GDP growth slowed to 0.1% from 0.3%.

US GDP grew by 0.7% after growing by 0.8% a quarter earlier, the growth of the French economy slowed to 0.1% from 0.2%, Canada – to 0.4% from 0.7%.

The Japanese economy grew by 0.2% after shrinking by 0.3% in the third quarter, UK GDP remained unchanged (-0.2% a quarter earlier).

Meanwhile, the GDP of Germany and Italy in October-December decreased by 0.2% and 0.1%, respectively, after rising by 0.5% in the third quarter.

The sharpest drop in GDP among OECD countries was recorded in Poland – by 2.4%, while the Lithuanian economy shrank by 1.7%.

The most significant growth in quarterly terms was recorded in Ireland – by 3.5%.

The report also notes that the economy of all OECD countries in the fourth quarter was 3.8% higher than the level of the pre-pandemic fourth quarter of 2019. Of the world’s leading economies, only the UK was below this level, at 0.8%.

Established in 1961, the OECD is one of the leading economic organizations in the world, which includes 38 states. Currently, it includes Australia, Austria, Belgium, Great Britain, Hungary, Germany, Greece, Denmark, Israel, Ireland, Iceland, Spain, Italy, Canada, Colombia, Costa Rica, Latvia, Lithuania, Luxembourg, Mexico, the Netherlands, New Zealand, Norway, Poland, Portugal, Slovakia, Slovenia, USA, Turkey, Finland, France, Czech Republic, Chile, Switzerland, Sweden, Estonia, South Korea and Japan. The headquarters of the OECD is located in Paris.