Economic growth in the G20 slowed sharply in the first quarter, according to new data from the Organization for Economic Cooperation and Development (OECD).
The Paris-based OECD reported that in Q1, GDP growth in the G20 area slowed to 0.7% on a quarter over quarter basis, down from 1.3% in Q4 2021.
The slowdown was primarily driven by “weaker performance” in the U.S., the OECD said, as U.S. GDP contracted by 0.4% in Q1.
Growth also slowed, albeit to a lesser extent, in Canada, China, India, Italy, Korea, Turkey and the U.K., the OECD said. France and Japan both recorded modest GDP contractions in Q1.
For the OECD area, which includes a portion of the G20 countries, GDP growth is now estimated at 0.3% for the first quarter.