Growth stayed sluggish in Q3, OECD says

Global economic growth remained weak in the third quarter, according to the latest data from the Organization for Economic Cooperation and Development (OECD).

The Paris-based group reported that GDP growth came in at 0.4% for the third quarter, based on provisional estimates.

“Quarterly OECD growth rates have remained weak for the past three quarters,” it said.

For the G7 countries, GDP growth returned in the U.S. following two straight quarterly contractions, it noted. However, the growth rate slowed in Canada, France and Italy, while it turned negative in the U.K. and Japan.

Shifts in global trade were the main factor driving the changes in quarterly performance, the OECD said.

“In the United States, net exports drove the return to growth, reflecting a 4% increase in goods exports and a drop of 2.3% in goods imports,” it said.

For the OECD area overall, total output was up by 3.7% from its pre-pandemic level, the OECD said.

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