OECD: GDP Growth Remained Weak in Q4 2022

OECD GDP grew 0.3% in the fourth quarter of 2022, down from 0.4% in the previous quarter, according to preliminary data. Quarterly OECD growth remained weak throughout 2022 against a backdrop of high inflation and rising interest rates. Across the G7, quarterly GDP growth also moderated slightly in the fourth quarter of 2022 to 0.4% from 0.5% in the third quarter. The results reflected a mixed picture for the G7 countries. On the one hand, growth in Germany and Italy turned negative, and growth in Canada, France and the United States all slowed. On the other hand, Japan's GDP grew by 0.2% after contracting by 0.3% in the third quarter, and the UK contracted by 0.2% in the previous quarter and then remained flat.