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OECD GDP growth accelerates to 0.4% in Q1
The gross domestic product (GDP) of the OECD area grew by 0.4% in the first quarter, one-tenth of a percentage point more than in the last three months of 2023, thanks to a rebound in the euro area.
© Lusa
Economia PIB da OCDE
In the statement released today, the Organisation for Economic Co-operation and Development (OECD) explains that, among the G7 countries, the situation has improved, particularly in Germany and the United Kingdom, with activity increasing by 0.2% and 0.6% respectively in the first quarter.
It should be recalled that, in the last quarter of 2023, GDP had fallen by 0.5% in Germany and 0.3% in the United Kingdom.
In the eurozone, which had recorded two successive quarters of declines in the second half of last year (-0.1% in each quarter), production recovered by 0.3% between January and March.
At the other end of the scale, Japan's GDP fell by 0.5% in the first quarter, after stagnating between October and December.
In the United States, activity slowed in the first quarter to 0.4%, half the 0.8% increase recorded in the last three months of 2023.
Among the OECD countries for which data are available, the largest increase in the first quarter was recorded in Israel, at 3.3%, but this followed a 5.9% drop between October and December.
Apart from this specific case, the second largest increase in GDP was recorded in South Korea, 1.3%, against 0.6% in the last quarter of 2023.
In year-on-year terms, the OECD's GDP grew by 1.6% up to the first quarter in the organisation as a whole, with a particularly strong increase in the United States (3%).
At the other extreme, among the G7 countries, Japan recorded a 0.4% decline and Germany a 0.2% drop.
Read Also: Unemployment rate in the OECD remains at 4.9% in March (Portuguese version)
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