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OECD GDP grows by 0.4% in the fourth quarter of 2023

21 Feb 2024 – Gross domestic product (GDP) in the OECD rose by 0.4% in the fourth quarter of 2023 according to provisional estimates. Quarterly OECD GDP growth rates have remained weak over the past two years.

In the G7, quarter-on-quarter GDP growth slowed slightly to 0.4% in Q4 2023 compared with 0.5% in Q3. This reflects a mixed picture among G7 countries. On the one hand, GDP contracted in the United Kingdom (-0.3%) and Japan (-0.1%) for the second quarter in a row. GDP also contracted in Germany (-0.3%) following two quarters of zero growth. Growth slowed in the United States (to 0.8% in Q4, compared with 1.2% in Q3), and France recorded zero growth for the second quarter in a row. On the other hand, the Canadian economy saw a recovery, with growth of 0.3% in Q4 following a contraction in Q3. Growth in Italy picked up slightly to 0.2%. 


         

   

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