Gross domestic product (GDP) in the OECD rose by 0.3% in the fourth quarter of 2024, slightly down from 0.5% in the previous quarter,1 according to provisional estimates (Figure 1). Quarterly OECD GDP growth rates have remained relatively stable over the past two years (Table 1).
The overall GDP growth rate also slowed for the G7 in Q4 2024, from 0.5% to 0.4%, reflecting a mixed picture among G7 countries. Growth contracted in France, from 0.4% to -0.1%, and in Germany, from 0.1% to -0.2%. The contraction in France partly reflected a return to normal economic conditions after the Paris Olympic and Paralympic Games, which had boosted growth in Q3, as reported by the French statistical office. The main factors weighing on French growth were a rise in imports of goods, which increased by 0.6% in Q4, compared with a contraction of 0.6% in Q3, and destocking. In Germany, the main reason for the slowdown was that “exports were significantly lower than in the previous quarter”, according to preliminary information published by the German statistical office. Growth slowed in the United States, from 0.8% to 0.6%, driven by a decline in investment (flat in Q4 after 0.7% growth in Q3) and a 0.2% contraction in exports (following 2.3% growth in Q3). Real GDP in Italy remained stable in the last two quarters.
By contrast, growth accelerated notably in Japan, from 0.4% to 0.7%, mainly reflecting a positive contribution from net trade (exports minus imports), with imports of goods declining by 2.4% in Q4. Growth increased marginally in Canada (from 0.3% to 0.4%) and the United Kingdom (from 0.1% to 0.2%).
Among other OECD economies for which data is available, Ireland recorded the largest fall in GDP in Q4 (-1.3%), followed by Mexico and Norway (-0.6% in both countries). Portugal recorded the highest quarter-on-quarter growth rate in Q4 (1.5%), followed by Costa Rica (1.4%) and Poland (1.3%).
Initial annual estimates indicate that OECD GDP growth slowed slightly to 1.7% in 2024, compared with 1.8% in 2023 (Figure 2). Among the 28 OECD countries for which data is available, five recorded a GDP contraction in 2024. Growth slowed in ten countries and it accelerated in 13 countries, with Costa Rica recording the highest annual growth in 2024 (4.3%).
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