OECD area economy grows 0.4% in 3rd quarter

On annual basis, gross domestic product in OECD area rises 3.3% in July-September

Gross domestic product in the Organization for Economic Cooperation and Development (OECD) area rose 0.4% quarter-on-quarter in July-September, according to provisional estimates released on Monday.

The figure slowed from a 0.5% growth posted in the second quarter, the OECD data showed.

Of the OECD countries closest to the war in Ukraine,Poland’s economy grew 0.9% in the third quarter following a 2.4% contraction in the second quarter.

On the other hand, GDP decreased in Latvia by 1.7%, Slovenia by 1.4% and Hungary by 0.4% on a quarterly basis in July-September.

Among the Group of Seven countries, GDP grew 0.6% in the US after falling in the previous two quarters.

German economy posted a quarterly growth rate of 0.3% in the third quarter of this year, accelerating from 0.1% in the previous three-month period.

Growth slowed in Italy (0.5% compared to 1.1%), Canada (0.4% compared to 0.8%) and France (0.2% compared to 0.5%).

Japanese economy contracted 0.3% in the third quarter versus a 1.1% growth in the second quarter. The British economy also narrowed 0.2% in the same period.

Among other OECD countries for which data is available, Mexico posted the strongest GDP growth with 1.8%, followed by Colombia (1.6%) and Norway (1.5%), while GDP dropped in Chile by 1.2%.

On an annual basis, the OECD area economy expanded 3.3% in the three month to September.


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