The economy of the Organization for Economic Co-operation and Development (OECD) grew 1.6% in the second quarter of 2021, accelerating from 0.6% in the first quarter. Despite accelerating growth in the second quarter, the OECD economy remained below pre-pandemic levels, the organization said.
The UK registered the strongest growth of 4.8% in the period, rebounding from a 1.6% contraction in the prior quarter. Italy saw a 2.7% increase in its GDP in the April-June quarter, speeding up from 0.2% growth in the previous period.
The US and German GDP expanded by 1.6%, compared to 1.5% growth and 2.0% contraction, respectively, in the January-March quarter. In France and Japan, GDP expanded by 0.9% and 0.3%, respectively. Meanwhile, the Eurozone’s economy grew 2.0% in the second quarter, following a drop of 0.3% in the first quarter.
