Thursday, September 29, 2022

GDP of most developed countries stalled amid energy crisis

The gross domestic product (GDP) of the most developed countries, which make up the Organization for Economic Co-operation and Development (OECD), advanced 0.3% in the second quarter of 2022. Thus, the increase was in line with the growth recorded in the first three months of the year., according to data published this Monday by the Paris-based body. Economies are stabilizing amid a worsening of the food crisis caused by the energy crisis (with a sharp rise in gas prices) and the war in Ukraine; And while all the effects of the COVID crisis on supply chains are yet to be resolved.

Thus, the OECD’s GDP between April and June was 1.5% higher than the level in the fourth quarter of 2019, the last quarter before the outbreak of the COVID-19 pandemic. Among OECD countries, the largest growth in GDP was recorded in the second quarter, ahead of the Netherlands (2.6%), Israel (1.7%) and Sweden (1.4%) and Spain (1,1%). While the worst data were seen in countries such as Poland (-2.3%), Latvia (-1.4%) and Lithuania (-0.4%).

G20. member countries of (which includes the twenty largest economies on the planet) Registered GDP expansion in the second quarter of 0.2%, following the stagnation seen between January and March, despite contraction of the United States (-0.1%) and the United Kingdom (-0.1%). Germany, on the other hand, managed to grow 0.1% in the second quarter, while in Japan and France, GDP growth reached 0.5%, and in Italy and Canada they rose to 1% and 1.1%, respectively.

As such, the economy of the G7 countries was 1.6% higher than the level registered in the fourth quarter of 2019, with all member states equaling or exceeding the level of activity before the pandemic. Notably, the United States and Canada recorded GDP levels that were 2.6% and 1.9% higher, respectively, while it was 1% higher in France and Italy; 0.6% in the UK and 0.2% in Japan, while Germany managed to match pre-pandemic activity levels.

Nation World News Desk
Nation World News Desk
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