Deniz Kılınç / Istanbul, August 29 (HNA) – Economic growth in the Organization for Economic Cooperation and Development (OECD) area increased by 3.6 percent in the second quarter of the year year-on-year, while the quarterly growth stood at 0.3 percent.
The G7 economy grew by 0.2 percent in the second quarter of 2022 compared to the previous quarter, according to a report by the OECD. On country basis, the USA and the UK recorded negative growth with -0.1 percent, while German economy only expanded by 0.1 percent, down from 0.8 percent in the first quarter of the year. Japan and France’s GDP strengthened by 0.5 percent, while Italy and Canada recorded 1 percent and 1.1 percent economic growth, respectively.
“Net exports (exports minus imports) were the main driver of the positive GDP growth in France,” the OECD report said. “Net exports also made a positive contribution in the United Kingdom and the United States, but this was offset by decreases in inventory investment (destocking) in both countries and by contractions in investment in the United States and in government consumption in the United Kingdom.
“Italy and Japan exceeded their pre-pandemic (Q4 2019) levels of GDP for the first time in Q2 2022, by 1.0 percent and by 0.2 percent, respectively. Furthermore, Germany reached its pre-pandemic level for the first time. This means that as of Q2 2022 all G7 countries are now recording GDP levels equal to or exceeding pre-pandemic levels.”