The OECD has reported a GDP growth of 0.5% for the third quarter of 2024, an increase from 0.4% in the previous quarter. Year-over-year growth also saw a slight uptick, rising to 1.7% from 1.6% [2524ccb0]. This growth is part of a broader trend observed across G7 nations, which maintained a stable quarterly growth rate of 0.5%. The United States led the G7 with a growth rate of 0.7%, while Canada and Japan experienced a slowdown, both recording a growth of just 0.2% [2524ccb0].
Italy's economic performance mirrored this trend, as it also showed signs of slowing growth. The latest data indicated that Italy's economy grew by 0.9% year-on-year in Q2 2024, but forecasts for Q3 suggest a potential decline in growth momentum [5d2745cc]. Meanwhile, the U.K. and Germany faced similar challenges, with Germany rebounding to a modest 0.2% growth after a contraction of 0.2% earlier in the year [2524ccb0].
France, benefiting from the economic boost related to the Olympics, saw its growth rise to 0.4% [2524ccb0]. In contrast, Ireland emerged as a leader within the OECD, achieving a remarkable growth rate of 2%, while Mexico and Lithuania recorded growth rates of 1.3% and 1%, respectively [2524ccb0].
The mixed economic signals from these countries highlight the varying impacts of global economic conditions, inflationary pressures, and domestic policies. As Italy navigates its economic landscape, the fluctuations in consumer and business confidence will be critical in shaping future growth prospects [5d2745cc].