São Paulo – The Gross Domestic Product (GDP) of member countries of the Organization for Economic Cooperation and Development (OECD) grew by 0.5% in quarter two from quarter one, according to information released this Thursday (22nd) by the Paris-based organization. In quarter one from quarter four, 2012, the growth rate was lower, at 0.3%. The bloc is composed of 34 countries, mostly developed and located on the Northern Hemisphere.
According to OECD, quarter two performance was driven by a pickup in growth in most of the bloc’s seven leading member countries. The economies of the United Kingdom and the United States grew by 0.6% and 0.4%, respectively, as against 0.3% in quarter one. For the sake of comparison, the GDP of Brazil, which is not a member, was up 0.6% in quarter one this year. Brazilian quarter two figures have not been disclosed yet.
France’s figures were a highlight. According to the organization, the French GDP was up 0.5% in quarter two, as against a 0.2% decline in quarter one.
On the other hand, the Japanese economy grew by 0.6% in quarter two, down from 0.9% in quarter one. In Italy, the GDP was down 0.2%, a lesser decline than quarter one’s 0.6%. Canada is also a G7 member country, but figures for the country are not available yet, according to the OECD.
The data show that the scenario has improved in the United States and Europe, which were badly shaken by the international financial crisis starting in 2008, and later by the European debt crisis.
The aggregate GDP of the European Union, according to the OECD, was up 0.3% in quarter two, as against a 0.1% decline in quarter one. The Eurozone, which was the bloc most seriously affected by the sovereign debt crisis, was up 0.3%, as against a 0.3% decline seen in quarter one. It was the first quarterly growth for the Eurozone since quarter three 2011.
In quarter two 2013 from quarter two 2012, the OECD’s GDP was up 0.9%, as against a 0.6% increase, quarter one-on-quarter one. The best performing economies were those of the United Kingdom and United States, up 1.4%. The single worst performance was Italy’s, down 2%.
*Translated by Gabriel Pomerancblum
