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OECD GDP growth remains stable in the third quarter of 2024

Gross domestic product (GDP) in the OECD rose by 0.5% in the third quarter of 2024, slightly up from 0.4% in the previous quarter,1 according to provisional estimates.

The overall GDP growth rate for the G7 remained unchanged in Q3 2024, at 0.5%. This reflects a mixed picture among G7 countries. While growth in the United States remained stable in Q3 at 0.7%, it slowed in Canada and Japan (from 0.5% in Q2 to 0.2% in Q3 in both countries), the United Kingdom (from 0.5% to 0.1%) and Italy (from 0.2% to 0.0%). The slowdown in Japan mainly reflected contractions in investment (-0.3% in Q3, compared with 1.6% in Q2) and exports of services (-4.2%, compared with 9.4%), the latter mostly due to lower tourism. In Italy, the reduction in growth was related to a negative contribution from net trade (exports minus imports) and mainly reflected a decrease of value added in agriculture, forestry and fishing, and in industry2 (see Italian statistical office). In the United Kingdom, the Q3 slowdown reflected destocking, which was the main drag on growth.

By contrast, growth accelerated in France in Q3 (from 0.2% in Q2 to 0.4%), mainly driven by an increase in private consumption (0.5% compared with 0.0% in Q2) boosted by the Paris Olympic and Paralympic Games, as reported by the French statistical office. Growth also rebounded in Germany (from a 0.3% contraction to 0.2% growth) after both government and private consumption increased notably in Q3, according to preliminary information published by the German statistical office.

Of the other OECD economies for which data is available, Hungary recorded the largest fall in GDP (-0.7%), followed by Latvia (-0.4%) and Sweden (-0.1%). Ireland recorded the highest quarter-on-quarter growth rate in Q3 (2.0%), followed by Mexico (1.3%) and Lithuania (1.0%).

Year-on-year, GDP growth in the OECD was 1.7% in Q3 2024, slightly up from 1.6% in Q2. Among G7 economies, the United States recorded the highest growth over the last four quarters (2.7%), while Germany recorded the largest fall (-0.2%).
Source: OECD

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