OECD area GDP increases 0.5% in 3rd quarter

ISTANBUL

The gross domestic product (GDP) in the Organization for Economic Cooperation and Development (OECD) area increased by 0.5% in the third quarter of 2024 compared to the second quarter, according to data released on Thursday.

The figure followed a 0.4% quarterly growth in the second quarter of this year, data from the Paris-based organization showed.

GDP growth in the G7 countries dropped to 0.2% in July-Sept, compared to 0.5% in April-June.

The Japanese economy grew 0.2% quarter-on-quarter in the three months to September, down from 0.5% in the previous period.

The US economy increased by 0.7% in the third quarter, matching the previous quarter's growth rate.

The German economy posted a slight expansion of 0.2% following a 0.3% contraction.

The Italian economy remained flat in the third quarter, with a growth rate of zero percent.

The EU's quarterly growth rate in the third quarter was 0.3%, while the euro area's was 0.4%.