Economic growth continued in the third quarter, according to new data from the Organization of Economic Cooperation and Development (OECD).
Based on provisional estimates, GDP in the OECD area overall grew by 0.5% in the third quarter, unchanged from the previous quarter, the Paris-based group reported.
In the G7, growth accelerated, rising from 0.4% in the second quarter to 0.6% in the third quarter, “driven by a significant acceleration of GDP growth in the U.S.”
The U.S. economy saw growth jump from 0.5% in Q2 to 1.2% in Q3 — due to a strong increase in private consumption, the report said.
The OECD noted that outside of the U.S., the rest of the G7 had negligible output growth.
“Growth was flat in Canada, Italy, and the U.K., 0.1% in France, and negative in Japan and Germany,” it said.
For the OECD overall, third-quarter GDP exceeded its pre-pandemic level by 6.0%, it said — adding that the Czech Republic is the only country that has not yet returned to pre-pandemic growth levels.