The OECD area resumed moderate growth in the first quarter of the year. And Italy stands out positively. In the first part of 2023, the area’s gross domestic product grew by 0.4% quarterly, a slight increase compared to +0.2% in the previous quarter. According to provisional estimates by the Organization for Economic Cooperation and Development (OECD), Italy’s GDP increases by 0.5%, supported by total domestic demand and net exports, after a contraction of 0.1% in the fourth quarter of 2022.
“We deny the prophets of doom who, on the contrary, even predicted a recession for Italy. The confidence of companies and consumers is increasing, the attention of foreign investors is increasing. We are on the right path”, comments the Minister of Enterprise and made in Italy, Adolfo Urso.
In general, the G7 countries, GDP growth on a quarterly basis remained at 0.3%. On the one hand, Canada, Japan and France are recovering by +0.6%, +0.4% and +0.2% respectively, compared to the steady growth recorded in the quarter. In particular, in France, the main driver is exports, which grew by 1.1%, while imports fell by 0.6%.
The value remains unchanged in Germany, in view of an increase in investments and exports but a fall in private consumption and public expenditure, after a contraction of 0.5%. In the opposite direction, the US decelerated with gross domestic product at 0.3%, compared to 0.6%, reflecting a drop in investments in inventories (destocking), despite the acceleration of growth in private consumption. Stalemate for the UK, where falling public spending and rising trade deficit held back growth to 0.1%.
The situation is different for the OECD countries geographically closer to the war in Ukraine. Lithuania’s GDP contracted sharply to -3%, compared to 0.5% in Q4 2022. Gross domestic product is also decelerating, albeit at a slower pace, in Hungary, reaching -0.2% compared to -0.6% in the previous quarter. On the other hand, Poland is recovering, growing by 3.9% compared to a contraction of 2.3% in the fourth quarter of 2022.
Source: IL Tempo

Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.