Economic growth gained a bit of momentum in the first quarter, according to new data from the Organization for Economic Cooperation and Development (OECD).
For OECD countries, GDP grew by 0.4% on a quarter-over-quarter basis, according to provisional estimates. This marked an increase from 0.2% growth in the previous quarter, the Paris-based group said.
For the G7 countries, GDP growth remained flat at 0.3% in the first quarter. While growth picked up in Canada, Japan, Italy and France, these gains were offset by slowing in the U.S. economy, the OECD said.
Canada led the way with 0.6% growth in the first quarter, following flat results in the previous period.
However, U.S. growth slowed from 0.6% in the fourth quarter of 2022 to 0.3% growth in Q1, which reflected “decreased inventory investment, despite an acceleration of private consumption growth,” the OECD said.
The group also reported that GDP for the OECD overall was above its pre-pandemic level by 4.5% in the first quarter, and up by 3.2% for the G7. However, output is still below its pre-pandemic level in the U.K. and Germany, it noted.