The Organization for Economic Cooperation and Development (OECD) announced the leading economic growth data for the first quarter of the year.
Accordingly, Gross Domestic Product (GDP) in OECD countries grew by 0.4 percent in the January-March period. Economic growth was recorded as 0.3 percent in the previous quarter.
Among the G7 countries, growth in the UK and Germany recovered in the first quarter with 0.6 percent and 0.2 percent, respectively. In the last quarter of last year, the economy contracted by 0.3 percent in the UK and 0.5 percent in Germany.
Economic growth was 0.2 percent in Canada, 0.1 percent in Italy and France, and 0.3 percent in the Eurozone in the January-March period. The economy in the Eurozone shrank by 0.1 percent in the last quarter of last year.
While the US economy was 0.4 percent in the first quarter of the year, it slowed down due to the decline in private consumption compared to the 0.8 percent growth in the previous quarter.
In Japan, the economy contracted by 0.5 percent in the first three months of the year.
Economic growth in OECD countries was calculated as 1.6 percent on an annual basis in the first quarter.
