US is the only G7 economy to have recovered from the pandemic
The United States is the only economy in the G7 that recovered, in the second quarter, to pre-pandemic values, according to a report released this Monday by the Organization for Economic Cooperation and Development (OECD).
The data show that the pace of growth of the US economy was 1.6%, 0.8 percentage points more than in the pre-covid period.
Provisional estimates in the OECD report point to an acceleration of 1.6% in economic growth in the seven richest countries in the world (Germany, Canada, United States, France, Italy, Japan, United Kingdom) between April and June of this year. The value corresponds to an increase of one tenth compared to the 0.6% registered in the first three months of the year.
Even so, the combined GDP registered by the G7 was 0.7% below that observed at the end of 2019, before the global crisis caused by the covid-19 pandemic.
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Countering the generalized expansion of GDP in this set was Canada. In the second quarter of the year, the growth rate of the Canadian economy slowed to 0.6%, compared to 1.4% recorded in the first quarter of the year.
At the top of the table with the biggest increases in GDP, the United Kingdom stood out, whose economy accelerated 4.8% in the second quarter, after having contracted 1.6% in the previous quarter.
Italy’s economy also accelerated by 2.7% between April and June, after having registered an increase of 0.2% in the first half of the year.
Germany’s economy accelerated by 1.6% (after having contracted 2% in the first semester), Japan 0.3% (compared to -0.9% in the previous semester) and France grew by 0.9% (more 0 .9 percentage points than between January and March).
The growth rate of the Eurozone and the European Union, on the other hand, changed from negative to positive values. The economy in the Eurozone, which contracted 0.3% in the first quarter of the year, registered an acceleration of 2%, while the European Union accelerated 1.9%, compared to the 0.1% registered between April and June.