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OECD GDP still below pre-pandemic levels, despite accelerating GDP growth of 1.6% in the second quarter of 2021

Gross domestic product (GDP) of the OECD area rose above its pre-pandemic level for the first time in the third quarter of 2021, despite slower growth than in the second quarter.

GDP in the OECD area rose by 0.5% between Q4 2019 and Q3 2021 according to provisional estimates, driven by the strong performance of the United States, Korea, Israel and some European countries.

However, quarter-on-quarter GDP growth of the OECD area is estimated to have slowed to 0.9% in the third quarter of 2021, compared with 1.7% in the second quarter.

In the major seven (G7) economies, quarter-on-quarter GDP growth matched the OECD trend, slowing to 0.9% in the third quarter of 2021 from 1.7% in the second quarter. All G7 countries except Japan experienced increases in GDP in the third quarter of 2021, but between Q4 2019 and Q3 2021 there was no change in GDP for the G7 countries as a whole. While United States GDP exceeded its pre-pandemic level by 1.4% in the third quarter of 2021, GDP of the other six countries remained below pre-pandemic levels.

In the third quarter of 2021, Francerecordedthe strongest quarter-on-quarter GDP growth (3.0%, compared with 1.3% in the previous quarter), followed by Italy (2.6%, compared with 2.7% in the previous quarter). In Germany and the United Kingdom, GDP grew by 1.8% and by 1.3% respectively, compared with 1.9% and 5.5% in the previous quarter.

In Canada, GDP grew by 0.5% in the third quarter of 2021 after falling by 0.3% in the second quarter. The United States recorded a growth rate of 0.5%, down from 1.6% in the previous quarter. Japan was the only G7 country to report a GDP contraction in the third quarter of 2021 (minus 0.8% compared with an increase of 0.4% in the previous quarter).

In the euro area and the European Union GDP rose by 2.2% and 2.1% respectively in the third quarter of 2021, following increases of 2.1% and 2.0% in the previous quarter.

Quarterly GDP
Total, Percentage change, previous period, Q3 2021 or latest available
Source: OECD

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