Daily Management Review

GDP growth rates of OECD countries slows to 0.4% in Q4


Preliminary estimations show that the economies of nations - members of the Organization for Economic Cooperation and Development (OECD) expanded by 0.4% in the fourth quarter of 2023 compared to the preceding three months.

Araceli Arroyo
Araceli Arroyo
The number increased by 0.5% in the third quarter.

The G7 countries' GDP growth also decreased to 0.4% from October to December, following a 0.5% increase from July to September.

The GDP shrank by 0.3% in the UK and 0.1% in Japan, respectively, marking the second consecutive quarter of negative growth and fitting the technical definition of a recession. After seeing no growth for two quarters, the German economy shrank by 0.1%.

Out of all the OECD countries, Costa Rica and Norway saw the biggest GDP recoveries in the fourth quarter, rising 1.8% and 1.5%, respectively, while Ireland saw the biggest decline, falling by 0.7%.

The OECD's estimate of economic growth for the entire year 2023 was 1.6%, down from 2.9% the year before. Of the 27 countries for which data are available, 10 had a recession. Estonia's economy had the most notable contraction with a 3% decline. Only three nations showed signs of seeing faster economic growth: Costa Rica, Japan, and the United States.

source: oecd.org