OECD economic output exceeds pre-pandemic level for first time
Economic output in the OECD block rose above its pre-pandemic level for the first time in the third quarter, despite slower growth than in the previous three-month period.
Gross domestic product (GDP) in Organisation for Economic Co-operation and Development countries was 0.5 per cent higher in the three months to the end of September than in the pre-Covid-19 fourth quarter of 2019, driven by strong growth in the UK, Korea, Israel and some European countries, the OECD said.
However, quarter-on-quarter GDP growth slowed to 0.9 per cent in the third quarter of this year, from 1.7 per cent in the second quarter.
“All G7 countries except Japan experienced increases in GDP in the third quarter of 2021, but between Q4 2019 and Q3 2021 there was no change in GDP for the G7 countries as a whole,” the OECD said.
The US, which recorded a GDP growth rate of 0.5 per cent, down from 1.6 per cent in the previous quarter, exceeded its pre-pandemic…
