OECD area GDP grows 0.4% in 1st quarter

OECD area GDP grows 0.4% in 1st quarter

On annual basis, GDP in OECD area rises by 1.6% in January-March

By Tuba Ongun

The gross domestic product (GDP) in the Organization for Economic Cooperation and Development (OECD) area rose 0.4% in the first quarter of this year, compared to the previous period, according to data released on Thursday.

The GDP growth was slightly up from 0.3% in the last quarter of last year.

Among G7 countries, growth rebounded in the UK and Germany with GDP rising 0.6% and 0.2% in January-March, respectively, following contractions of 0.3% and 0.5% in October-December 2023.

Growth also gained momentum in Canada, from 0.2% to 0.6% in the same period, and in Italy and France, from 0.1% in both countries in the fourth quarter of last year to 0.3% in Italy and 0.2% in France in the first quarter of this year.

The euro area GDP increased 0.3% in the three months to March, shifting from a 0.1% contraction in the previous two quarters.

The US economy grew 0.4% in the first quarter of 2024, easing from the previous quarter's 0.8% growth due to a slowdown in final domestic demand and a rise in imports.

Japan's GDP contracted by 0.5% after stagnating in the last quarter.

Among other OECD countries for which data is available, Israel posted the strongest quarterly GDP growth in January-March at 3.3%, following a contraction of 5.9% in October-December 2023.

On an annual basis, the GDP in the OECD area went up by 1.6% in the first quarter of this year, marginally easing from 1.7% in the previous quarter.

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