OECD Member Countries' Q2 GDP Rises 0.4% Quarter-on-Quarter

Gross Domestic Product (GDP) of OECD member countries in the second quarter of this year increased by 0.4% compared to the previous quarter.

OECD announced this in its Q2 GDP growth report published on the 28th (local time). This figure is slightly lower than the growth rate of 0.5% in the first quarter.

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Among the member countries, the GDP growth rate of the Group of Seven (G7) was 0.5%, slightly up from 0.4% in the first quarter. By country, Japan (0.9%→1.5%) and France (0.1%→0.5%) recorded high growth rates. Both Japan and France showed that net exports drove growth. The United States (0.5%→0.6%) and the United Kingdom (0.1%→0.2%) also showed modest growth.

On the other hand, among the G7, Italy's growth rate slowed to 0.3% in the second quarter from 0.6% in the first quarter, and Canada also fell from 0.8% in the first quarter to 0.3% in the second quarter. Germany showed stagnation in growth after two consecutive quarters of contraction.

Meanwhile, the cumulative GDP growth rate of OECD member countries from the fourth quarter of 2019, just before the outbreak of COVID-19, to the second quarter of this year recorded 5.1%.