OECD GDP growth up 0.3% QoQ in Q2 2022
This result reflects a mixed picture. On the one hand, GDP growth was negative in the United States and the United Kingdom (minus 0.1% each), and GDP growth in Germany slowed sharply (0.1% against 0.8% in the previous quarter). By contrast, growth turned positive in Japan and France (0.5%) and accelerated in Italy (1.0%) and Canada (1.1%), the OECD said in a statement. Press.
In the second quarter of 2022, the gross domestic product (GDP) of the Organization for Economic Co-operation and Development (OECD) increased by 0.3% quarter-on-quarter (QQ) according to preliminary estimates, which is in line with the growth of the previous quarter. In the G7, QoQ GDP growth increased slightly in Q2 2022, by 0.2%, compared to zero growth in Q1 2022.
Net exports (exports minus imports) were the main driver of positive GDP growth in France. Net exports also made a positive contribution in the United Kingdom and the United States, but this contribution was offset by declines in inventory investment (destocking) in both countries and contractions in investment in United States and public consumption in the United Kingdom. On the contrary, net exports contributed negatively to GDP growth in Germany, while private consumption and public consumption had a positive impact. In Japan, destocking had a negative contribution to GDP growth, but this was more than offset by an increase in private consumption.
Among the other OECD countries for which data is available for the second quarter of 2022, the picture is also mixed. Among the countries closest to the war in Ukraine, Poland fell from a GDP growth of 2.5% in the first quarter of 2022 to a contraction of 2.3% in the following quarter. In the second quarter of 2022, Latvia and Lithuania also experienced a shift from positive GDP growth to contraction (minus 1.4% and minus 0.4% respectively), while growth in Hungary slowed by 2 .1% to 1.1%.
However, GDP growth increased in several European countries in the second quarter of 2022, notably the Netherlands, which recorded an increase of 2.6%, Sweden (1.4%), Spain (1.1 %), Norway and Denmark (0.7% each), and Finland (0.6%). Among other OECD countries further away from the conflict, Israel recorded the highest GDP growth (1.7%), followed by Mexico (1%).
Italy and Japan exceeded their pre-pandemic (Q4 2019) GDP levels for the first time in Q2 2022, by 1% and 0.2%, respectively. In addition, Germany reached its pre-pandemic level for the first time. This means that in Q2 2022, all G7 countries are now recording GDP levels at or above pre-pandemic levels.
Fibre2Fashion (KD) News Desk