OECD GDP growth remains stable in the third quarter of 2024

November 21, 2024--"Gross domestic product (GDP) in the OECD rose by 0.5% in the third quarter of 2024, slightly up from 0.4% in the previous quarter, according to provisional estimates."
Gross domestic product (GDP) in the OECD rose by 0.5% in the third quarter of 2024, slightly up from 0.4% in the previous quarter,1 according to provisional estimates (Figure 1).
The overall GDP growth rate for the G7 remained unchanged in Q3 2024, at 0.5%. This reflects a mixed picture among G7 countries. While growth in the United States remained stable in Q3 at 0.7%, it slowed in Canada and Japan (from 0.5% in Q2 to 0.2% in Q3 in both countries), the United Kingdom (from 0.5% to 0.1%) and Italy (from 0.2% to 0.0%).

The slowdown in Japan mainly reflected contractions in investment (-0.3% in Q3, compared with 1.6% in Q2) and exports of services (-4.2%, compared with 9.4%), the latter mostly due to lower tourism. In Italy, the reduction in growth was related to a negative contribution from net trade (exports minus imports) and mainly reflected a decrease of value added in agriculture, forestry and fishing, and in industry2 (see Italian statistical office). In the United Kingdom, the Q3 slowdown reflected destocking, which was the main drag on growth.