OECD GDP growth slowed in the first quarter

Combined growth of countries belonging to the Organization for Economic Co-operation and Development (OECD) in the first quarter of 2022 slowed to a quarter-by-quarter rate of 0.3%, nine-tenths less than the rise seen between October and December, the Club of Nations reported Tuesday.

The increase between January and March is the smallest increase recorded by the Organization for Economic Co-operation and Development since the start of the post-pandemic recovery. Compared to the fourth quarter of 2019, before Covid-19 hit any economy, the OECD as a whole posted growth of 2.4%.

The increase in the number of state clubs in the first quarter is a twenty percent improvement over the initial data estimate, published three weeks ago, which forecast a 0.1% quarterly expansion. Previous forecasts calculated that combined GDP at the end of the first quarter was 2.2% above the level observed before the pandemic.

On an annual basis, the OECD recorded an expansion in its economic activity of 4.4% compared to the first quarter of 2021, which is an improvement of twenty over the first estimate of the data.

The gross domestic product of the G20 countries expanded by 0.7% in the first quarter of the year compared to the fourth quarter of 2022, when it grew by 1.3%; While it grew year-on-year by 4.5%, the same rate as the previous quarter. In this way, the cumulative expansion of the world’s 20 most advanced economies was 4.8% higher than it was before the pandemic.

The OECD explained that the slowdown in the gross domestic product of the Group of Twenty in the first quarter reflects above all the poor performance of the United States, whose economy contracted by 0.4% in the first quarter after expanding by 1.7% in the fourth quarter.

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