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Economic development in the Oecd zone: stable GDP growth in the third quarter of 2024

22/11/2024
Source : ORISHAS FINANCE
Categories: Economy/Forex

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Le communiqué de presse stabilité sur la Croissance du PIB de l' OCDE indique que la croissance of the zone's GDP remained stable in the third quarter of 2024.

Selon les provisional estimates contained in graph 1 of the press release, the gross domestic product (GDP) in the OECD area grew by 0.5% in the third quarter of 2024, up slightly from 0.4% in the previous quarter cede . the overall GDP growth rate in the G7 area remained unchanged in Q3 2024, at 0.5%, reflecting a contrasting situation 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), in the United Kingdom (from 0.5% to 0.1%) and in Italy (from 0.2% to 0.1%), and in Italy (from 0.2% to 0.0%).

In Japan, the slowdown is explained by contractions in investments (-0.3% in Q3, compared to 1.6% in the second) and services exports (-4.2%, against 9.4%), the latter being mainly due to a drop in tourism. The decrease in growth is linked to a negative contribution from foreign trade (exports minus imports) in Italy and mainly reflects a decrease in value added in agriculture, forestry and fishing, as well as in industry. Among the other economies in the OECD area for which data are available, Hungary recorded the largest drop in GDP (-0.7%), followed by Latvia (-0.4%) and Sweden (-0.1%). Year-on-year, GDP growth in the OECD area was 1.7% in Q3 2024, up slightly from 1.6% in Q2 (Table 2).

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