The GDP of the OECD and G7 countries grew by 1.6% in the second quarter | Economie

The global economy continues to struggle to restore pre-Covid-19 levels. In the second quarter, the gross domestic product of the countries that make up the Organization for Economic Co-operation and Development (OECD) grew 1.6% from 0.6% in the previous quarter. However, according to data published this Monday by the Organization for Economic Co-operation and Development (OECD), GDP remained 0.7% below the corresponding level for the fourth quarter of 2019, where the UK (-4.4%), Italy (-3.8%) France (-3.3%) and Germany (-3.3%) are the countries with the largest gaps in activity before the outbreak.

The increase of 1.6% between April and June was also repeated for the seven strongest economies, collected in the Group of Seven, whose GDP grew from 0.4% in the previous quarter, a general acceleration except for Canada, which passed from a rise of 1.4%. Between January and March, a slight 0.6% increase in the second quarter.

In contrast, the United Kingdom recorded the largest expansion of the G7 countries, an increase of 4.8%, after it contracted by 1.6% between January and March. Italy followed suit, up 2.7% from 0.2% previously. For its part, Germany grew 1.6%, France 0.9% and Japan 0.3%.

The United States, which recorded an increase of one-tenth more than the previous three months (1.6%), is the only economy among the seven major economies that regained levels of activity before the health crisis in the second quarter of 2021., outpacing production in the pre-pandemic period by 0.8%.

European recovery

In the Eurozone and the European Union, GDP growth was positive, rising by 2% and 1.9%, respectively, outpacing declines of 0.3% and 0.1% in the previous quarter.

In the case of Spain, GDP rebounded by 2.8% in the second quarter, improving the 0.4% contraction between January and March due to a recovery in waves of infections by Covid-19 as well as the effects of Storm Filomena.

For its part, Portugal recorded the highest GDP growth rate between April and June, with an advance of 4.9%, ahead of the United Kingdom and Estonia (4.8%).