OECD | GDP growth in the OECD Area Picks up Moderately in the First Quarter of 2026

Corrigendum: In the OECD GDP release published on 21 May 2026, the quarter-on-quarter growth for Italy in the first quarter of 2026 is 0.2%, and not 0.1% as initially published in the last sentence of the second paragraph.

GDP (Gross Domestic Product) growth in the OECD area increased slightly to 0.4% in Q1 2026, up from 0.2% in the previous quarter, according to provisional estimates (Figure 1). This reflects a mixed picture across the 28 OECD countries for which data was available. In Q1 2026, twenty countries recorded growth, but at varying rates, while two saw no change in GDP and six experienced a contraction.

Looking at G7 countries, growth accelerated in the United Kingdom and the United States, from 0.2% and 0.1% in Q4 to 0.6% and 0.5% in Q1, respectively. The acceleration in the United Kingdom mainly reflected increases in private and government consumption, while in the United States, rebounds in government consumption and exports as well as increased investment supported economic growth. Growth also increased in Japan, from 0.2% in Q4 to 0.5% in Q1, and more marginally in Germany, from 0.2% to 0.3%. In Canada, growth rebounded to 0.4% after a contraction of 0.2% in the previous quarter. By contrast, France recorded no growth in Q1 after expanding by 0.2% in the previous quarter, as decreases in private consumption, investment and exports weighed on economic activity. Growth slowed in Italy from 0.3% in Q4 to 0.2% in Q1 as domestic demand¹ decreased.

Among other OECD countries for which data was available, Korea recorded the highest quarter-on-quarter growth rate in Q1 (1.7%), followed by Finland (0.9%) and Hungary and Switzerland (0.8% in both countries). In contrast, Ireland continued to show the largest contraction (-2.0%), followed by Israel and Mexico (-0.8% in both countries).

Year-on-year, OECD GDP growth increased slightly in Q1 compared with Q4, from 1.7% to 1.8% (Table 2). Among G7 economies, the United States recorded the highest annual increase (2.7%), while Germany recorded the lowest (0.3%).

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Note:

1. Domestic demand covers private and government consumption and investment.

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