OECD area GDP growth slows to 1.6% in 2023

The GDP in the Organization for Economic Cooperation and Development (OECD) area increased 1.6% in 2023, slowing from 2.9% in 2022, according to data released on Wednesday, Anadolu reports. 

Among the 27 OECD countries for which data is available, 10 recorded an economic contraction last year, with Estonia shrinking the most by 3% year-on-year.

Only Costa Rica (5.1% vs 4.6%), the US (2.5% vs 1.9%) and Japan (1.9% vs 1.0%) posted higher growth in 2023 than the previous year, the Paris-based organization said in a statement.



4th quarter data


In the fourth quarter of 2023, the OECD area GDP growth came in at 0.4% quarter-on-quarter.


Among the Group of Seven (G-7) countries, GDP rose by 0.4% in October-December, following a 0.5% hike in July-September.

The GDP shrank in the UK by 0.3% and Japan by 0.1% for two quarters in a row, and Germany by 0.3%.

Growth eased in the US to 0.8% in three months to December from 1.2% in the prior period.

France recorded zero growth for the second consecutive quarter while the Canadian economy grew 0.3% in the final quarter following a contraction in the third quarter.

Among other OECD countries, Costa Rica and Norway recorded the strongest GDP growth in October-December with 1.8% and 1.5%, respectively, while GDP contracted most in Ireland by 0.7%.

On an annual basis, the GDP in the OECD area rose 1.7% in the fourth quarter of last year.