Poland has achieved the most substantial GDP growth in the third quarter of this year within the OECD countries, solidifying its position at the forefront.
According to initial projections, the Gross Domestic Product (GDP) in the OECD increased by 0.5% in Q3 2023, maintaining a consistent pace with the previous quarter.
G7 countries witnessed a growth of 0.6% in Q3, showcasing an improvement from the 0.4% recorded in the second quarter. This positive shift is credited to a significant acceleration in the GDP growth of the United States, reaching 1.2% in Q3 compared to 0.5% in Q2. Other G7 nations experienced either zero, nearly zero, or negative growth in the third quarter, with Canada, Italy, and the United Kingdom seeing stagnant growth, France with a 0.1% increase, and Japan and Germany with negative growth at -0.5% and -0.1%, respectively.
Among other OECD countries, Poland and Costa Rica stood out with the most robust GDP growth in Q3, registering 1.4% and 1.3%, respectively. Hungary and Mexico followed closely with growth rates of 0.9% each. Conversely, Ireland saw the most significant GDP decline at -1.8%, trailed by Finland at -0.9%.
Among #OECD countries for which data is available, 🇵🇱Poland, 🇨🇷Costa Rica and 🇺🇸the US recorded the strongest GDP growth (1.4%, 1.3% & 1.2% respectively) in Q3 2023, while GDP contracted the most in 🇮🇪Ireland (-1.8%).
— OECD Statistics (@OECD_Stat) November 21, 2023
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The GDP in the OECD surpassed pre-pandemic levels by 6.0% in the third quarter of 2023.
The Organisation for Economic Co-operation and Development (OECD) is an international economic organization comprising 38 highly developed and democratic countries. Established by the Convention on the Organisation for Economic Co-operation and Development in Paris on December 14, 1960, Poland became an OECD member in 1996.