"OECD Countries Grow 1.2% in Q4 Last Year... Up from 1.1% in Previous Quarter"

Economic Growth Rate Change from Q3 to Q4 This Year [Image Source=Organisation for Economic Co-operation and Development (OECD)]

[Asia Economy Reporter Lee Chun-hee] The Organization for Economic Cooperation and Development (OECD) reported that the GDP growth rate for the fourth quarter of last year was 1.2%, an increase from 1.1% in the third quarter. Notably, the United States led this growth trend with 1.7%, and Canada also showed a 1.6% growth.

On the 21st (local time), the OECD stated, "According to provisional estimates, the GDP growth rate for the OECD region in the fourth quarter of 2021 was 1.2%, slightly up from 1.1% in the third quarter." Among the Group of Seven (G7) countries, the United States, Canada, and Japan saw higher growth rates compared to the previous quarter. In particular, the United States surged by 1.1 percentage points from 0.6% in the previous quarter to 1.7%, and Japan successfully shifted from a -0.7% contraction to a 1.3% growth.

On the other hand, except for the United Kingdom, which maintained a steady growth rate of 1.0% in both the third and fourth quarters, France (3.1% → 0.7%), Italy (2.6% → 0.6%), and Germany (1.7% → -0.7%) showed a slowdown in growth compared to the third quarter. Notably, Germany experienced a shift to negative growth.

Among countries that have maintained steady growth, some have recovered their cumulative growth to pre-COVID-19 pandemic levels. Previously, the United States and France surpassed their cumulative growth levels of the fourth quarter of last year in the second and third quarters of last year, respectively. Canada also recovered to pre-pandemic levels, growing 0.2% compared to the fourth quarter of 2019 through growth in the fourth quarter of last year. However, Japan, the United Kingdom, Italy, and Germany have yet to recover to pre-pandemic levels. In particular, Germany's cumulative growth since the fourth quarter of 2019 remains at around -1.5%.

This content was produced with the assistance of AI translation services.