The Gross Domestic Product (GDP) of the countries of the Organization for Economic Cooperation and Development (OECD) grew by 0.5 percent in the third quarter of this year.

According to preliminary data announced by the OECD, growth in G7 countries, which was 0.2 percent in the second quarter, increased to 0.6 percent in the third quarter. The acceleration of the growth of the US economy was effective in this increase.

While the increase in consumption was effective in growing the US economy, the decline in public and private sector spending in the United Kingdom was reflected in the growth. Falling domestic demand in Italy and declining private spending in Germany affected growth performance.

GROWTH FIGURES OF THE MAIN COUNTRIES

Among the G7 countries, the economies of Canada, Italy and the United Kingdom failed to grow in the third quarter. In France, growth of 0.1 percent was recorded. In Japan and Germany, the economy contracted by 0.5 percent and 0.1 percent, respectively, in this period.

Among other OECD countries for which relevant data is available, economic growth in Poland and Costa Rica in the third quarter was 1.4 percent and 1.3 percent, respectively. The economy of Hungary and Mexico grew by 0.9 percent in this period.

Ireland and Finland were the countries with an economic contraction of 1.8 percent and 0.9 percent, respectively. The eurozone economy contracted 0.1 percent in the third quarter.

Thus, the economy of the OECD countries grew by 0.5 percent in the third quarter of this year, the same as in the second quarter of the year.

Economic growth in OECD countries was recorded at 0.5 percent for two consecutive quarters.