GDP growth slowed in the fourth quarter, according to new data from the Organization for Economic Cooperation and Development (OECD).
According to provisional estimates, GDP growth slowed to 0.3% in the fourth quarter from 0.4% in the previous quarter, the Paris-based group reported, noting that quarterly growth was weak throughout 2022 amid high inflation and rising interest rates.
On an annual basis, initial estimates indicate that growth slowed to 2.9% in 2022 from 5.7% in 2021, “when economies were recovering from the immediate impact of the Covid-19 pandemic.”
For the G7 countries, GDP growth slowed to 0.4% in the fourth quarter, down from 0.5% in the previous quarter, the OECD also reported.
“This result reflects a mixed picture among G7 countries,” it said, noting that output turned negative in Germany and Italy and slowed in Canada, the U.S. and France, while staying flat in the U.K.
Only Japan saw growth rise, following a decline in Q3.
The OECD said that “volatile movements in international trade continued to have a substantial effect” on G7 growth, noting that this was particularly true for the U.S. and the U.K.
For the full year, growth was strongest in the U.K, Italy and Canada, while Japan recorded the lowest growth, it said.
Additionally, it reported that fourth-quarter GDP exceeded its pre-pandemic level by 3.8%.