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Home News Research and Markets Growth remained weak in Q4: OECD


GROWTH REMAINED WEAK IN Q4: OECD

While Canada turned positive, fourth quarter GDP slowed in G7

 * By: James Langton
 * February 21, 2024 February 21, 2024
 * 11:48

 * 

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James Langton

Economic growth limped along in the fourth quarter, according to new data from
the Organization for Economic Cooperation and Development (OECD).

The Paris-based group reported that GDP in the OECD area rose by 0.4% in the
fourth quarter.

“Quarterly OECD GDP growth rates have remained weak over the past two years,” it
noted.





For the G7 countries, quarter-over-quarter GDP growth slowed to 0.4% in the
fourth quarter, down from 0.5% in the previous quarter.





“This reflects a mixed picture among G7 countries,” it said.



For instance, growth contracted in the U.K., Germany and Japan, but stayed
positive in the U.S., where quarterly growth slowed to 0.8% in Q4 from 1.2% in
the previous quarter.





Conversely, the Canadian economy saw a recovery in Q4, the OECD said, with
fourth quarter growth coming in at 0.3%, reversing a contraction in the third
quarter.





Growth also increased slightly in Italy, it noted.



The OECD said initial estimates of annual growth indicate that GDP rose 1.6% in
2023, down from 2.9% in 2022, amid higher core inflation and tighter monetary
policy.



Among the countries with available data, 10 saw GDP contract in 2023, and 14
countries saw growth slow but stay positive.



Only three economies recorded higher annual growth in 2023, including a couple
of heavyweights, the U.S. and Japan — with the U.S. recording 2.5% growth in
2023, up from 1.9% in 2022, and Japan generating 1.9% in 2023, up from 1.0% the
previous year.




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Keywords Economic indicators,  Inflation,  Interest rates,  Monetary policy, 
U.S.,  Japan


COMPANIES

Organisation for Economic Co-operation and Development

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