OECD GDP growth slows to 0.3% in the first quarter, nine tenths less

MADRID, 14 Jun. (EUROPA PRESS) -

The joint growth of the countries belonging to the Organization for Economic Co-operation and Development (OECD) in the first quarter of 2022 slowed down to a quarter-on-quarter rate of 0.3%, which is nine tenths less than the rise observed between October and December, as reported on Tuesday by the club of countries.

The increase between January and March is the smallest recorded by the OECD since the recovery began after the pandemic. Compared to the fourth quarter of 2019, before Covid-19 hit any economy, the OECD as a whole accumulates growth of 2.4%.

The increase of the club of countries in the first quarter represents an improvement of two tenths compared to the initial estimate of the data, published three weeks ago, which contemplated a quarter-on-quarter expansion of 0.1%. The previous forecast calculated the joint GDP at the end of the first quarter was 2.2% higher than the level observed before the pandemic.

In annual terms, the OECD registered an expansion of its economic activity of 4.4% compared to the first quarter of 2021, which represents an improvement of two tenths compared to the first estimate of the data.

The combined GDP of the G20 countries expanded by 0.7% in the first quarter of the year compared to the fourth quarter of 2022, when it had grown by 1.3%; while in annual terms it grew by 4.5%, the same rate as the previous quarter. In this way, the accumulated expansion of the 20 most advanced economies in the world was already 4.8% higher than before the pandemic.

The OECD has explained that the slowdown in the GDP of the G20 in the first quarter reflects above all the worse performance of the United States, whose economy contracted 0.4% in the first quarter after having expanded by 1.7% in the fourth.