ANKARA 

The gross domestic product (GDP) in the Organization for Economic Cooperation and Development (OECD) area increased 0.5% in the second quarter of 2024, compared to the first quarter, according to data released on Thursday.

The figure followed a 0.5% quarterly growth in the first quarter of this year, data from the Paris-based organization showed.

The GDP growth in the G7 countries accelerated to 0.5% in April-June, compared to 0.2% in January-March.

Japanese economy grew 0.8% quarter-on-quarter in the three months to June, shifting from a contraction of 0.6% in the previous period.

Growth gained pace in the US from 0.4% in the first quarter to 0.7% in the second quarter, led by a hike in private consumption

The German economy, on the other hand, contracted slightly by 0.1% in April-June, following a 0.2% growth in January-March.

Growth also slowed slightly in Italy and the UK in the second quarter to 0.2% and 0.6% respectively, compared with 0.3% and 0.7% in the prior quarter.

Israel, which launched a war on Gaza last October, experienced the most significant slowdown, with its quarterly GDP growth falling from 4.1% in the first quarter to 0.3% in the second quarter.

By contrast, the OECD countries showing the highest growth in the three months to June were Poland, with 1.5%, Costa Rica and Ireland (1.2% in both countries) and the Netherlands (1%).

On an annual basis, GDP in the OECD increased 1.8% in April-June, slightly up from 1.7% in January-March.