Saturday, June 10, 2023

Spain, one of four OECD countries whose GDP is still below pre-Covid

The government sells economic reforms. He assures that employment is at its maximum, that the minimum wage has increased as never before, that GDP is growing above the European average … But there is one significant “but” regarding this last point: Spain has yet to recover pre-pandemic levels of wealth, Furthermore, it is one of the few countries in the Organization for Economic Co-operation and Development (OECD), the club of the world’s most developed countries, that has not yet done so.

According to the data released today by this institution, Spain is with Germany, UK and Czech Republic The only country in which activity in the first quarter of this year was still lower than in the last quarter of 2019, before the effects of the Covid crisis began to be felt.

OECD said in a statement that production The entire block in the first quarter of this year was 4.5% higher than in the fourth quarter of 2019, The United States has stood out as one of the fastest and fastest recoverers since being hit by the coronavirus: Its GDP grew by more than 5.3% in the last quarter of 2019, between January and March. Other G7 members also made progress: Canada up 3.5%, Italy up 2.4% and France and Japan up 1.3% each.

However, in the caboose is the United Kingdom, whose GDP was down 0.5% before the pandemic; and Germany 0.1%. In the case of Spain, its GDP in the first quarter of this year was Euro 298,958 million, compared to Euro 299,494 million in the previous pre-Covid quarter which represents a delay of about 0.2%,

In the first three months of the year, OECD GDP increased slightly 0,4% followed by 0.2% that was recorded in the last three months of 2023. Among the G7 countries, the biggest advance in the quarterly rate was in Canada (after holding steady between October and December) at 0.6%. , Italy with 0.5%. (after -0.1%) and Japan with 0.4% (after 0%). In the United States, activity increased by 0.3% compared to 0.6% in the last quarter of 2022. In Germany, GDP stabilized after a 0.5% decline in late 2022. France, for its part, came out of stagnation with a 0.2% increase in the last quarter of 2022 thanks to its sales abroad. The same happened in the euro area after registering a modest increase of 0.1%.

Of the OECD countries for which data are available, the country with the largest growth in the first quarter was Portugal (1.6%), followed by Colombia (1.4%), Mexico (1.3%) and Finland (1.1%), while growth in Spain stood at 0.5%, At the opposite extreme, output fell 2.7% in Ireland).

Nation World News Desk
Nation World News Deskhttps://nationworldnews.com/
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