The OECD Gross Domestic Product (GDP) grew by 2.9% in 2022, a lower rate than in 2021 (5.7%), but higher than the levels immediately prior to the pandemic, given that in 2019 the rate was of 1.9%.
Growth slowed down especially in the last quarter of the year throughout the OECD (Organization for Economic Cooperation and Development), by 0.3% compared to the three previous months, according to the latest provisional estimates from the organization that brings together the most advanced economies in the world, revealed today in a press release.
This figure includes the slowdown in the economies of the G7 countries, in a context of high inflation and rising interest rates.
For these countries, which have already published detailed GDP estimates, the increase was 0.4% in the last months of the year, compared to 0.5% in the previous quarter, and among the seven States, Germany and Italy registered negative rates (-0.2). % and -0.1% respectively).
There was also a marked slowdown in France, Canada and the United States, but economic growth rates remained in positive territory.
In this group, “the volatile movements of the international market continued to have a substantial effect”, points out the organization, which highlights the case of the United Kingdom, for which net exports represented a fall of 0.8 points of GDP, compared to the 3.7 point increase in the third quarter.
In fact, both the UK and the European Union as a whole had zero growth in the fourth quarter of 2022, even though the eurozone grew by 0.1%.
Among the figures released today, the OECD also highlighted that, in the last part of the year, the effects of the war in Ukraine remained very present, especially in the countries closest to the conflict.
Of these, Poland had the largest contraction of all member states in the final period of 2022, with a fall of 2.4% of GDP.
The highest annual GDP growth in 2022, among OECD countries for which detailed figures have already been published, was in Ireland, at 12.2%, while Latvia had the lowest (1.5%).
Source: TSF
