In the second quarter of 2023, there was a slowdown in growth in OECD countries, as indicated by preliminary estimates released by the organization. The Gross Domestic Product (GDP) of the 38 OECD member countries increased by 0.4% compared to the previous quarter, when it showed growth of 0.5%.

This trend confirms the "moderate growth" trend that has persisted since the first quarter of 2022, according to the OECD analysis.

In the context of the G7, the dynamic is instead the opposite: GDP in the second quarter recorded an increase of 0.5% compared to 0.4% in the first three months. However, notable disparities between the seven major world powers must be highlighted. Japan stood out for "considerable growth" (+1.5%), while Italy suffered a contraction of -0.3%.

When you hear information like: "In the G7 countries, GDP is growing with an increase of 0.5% compared to 0.4% in the first three months of 2023". True but misleading news if not told in full, as specified below.

Within the G7 countries, two fronts have emerged: on the one hand, there is "considerable growth" in Japan (which accelerated from +0.9% in the first quarter to +1.5%), as well as in France (from +0.1% to +0.5%). The United States and the United Kingdom present a more modest, but significant acceleration, with rates of +0.6% (compared to +0.5%) and +0.2% (compared to +0.1%) respectively .

On the other hand, the OECD analysis highlights a different context. In Italy, GDP contracted by 0.3% after recording growth of 0.6% in the first quarter. Canada also experienced a slowdown (+0.3% compared to +0.8%). Germany, however, remained essentially stable after the contractions of the previous two quarters. (Source Ansa)

In-depth analysis

“ITALY's GDP is the gross domestic product at market prices (GDP) and represents the final result of the productive activity of the resident units. It is equal to the sum of the value added to the basic prices of resident production units, plus product taxes net of product subsidies.

ISTAT releases a cyclical percentage change, calculated on the previous quarter, and a trend, calculated compared to the previous year". (Money online)