OECD area economic growth slows in Q1

By Tuba Sahin

ANKARA (AA) - The Organization for Economic Co-operation and Development (OECD) countries' economic growth slowed in the first quarter of 2021, the organization said on Tuesday.

The real gross domestic product (GDP) of the OECD area grew 0.3% in this January-March, down from 1% in the last quarter of 2020.

"This slowdown is partly related to the strengthening of COVID-19 containment measures in some countries in early 2021," the organization said.

With the onset of the coronavirus, the GDP in the OECD contracted by 1.9% in the same quarter of last year.

Among the major seven economies, Germany, the UK, and Japan registered a sharp decline of 1.7%, 1.5%, and 1.3%, respectively.

Italy's GDP shrank to a lesser extent compared to previous quarters with 0.4% in January-March.

The economies of Canada and the US continued to grow in the first quarter of this year with 1.6% in both countries.

In the euro area and the European Union, GDP continued to contract in the first quarter of 2021, by 0.6% and 0.4%, respectively.

The eurozone or euro area represents 19 member states of the EU that use the single currency – euro – while the bloc consists of 27 member countries.

Pointing to the figures before the pandemic (last quarter of 2019), the statement said GDP still lagged behind for the OECD area.​​​​​​​