Despite the acceleration of growth to 1.6% in the second quarter of 2021, from + 0.6% in the previous quarter, the GDP of the area OECD still can’t break through i pre-pandemic levels . For the seven main economies of the area, the growth of GDP it rose compared to 0.4% in the previous quarter, but with strong variations between the various countries.
The UK recorded the strongest growth (+ 4.8% from -1.6% in the previous quarter), followed byItaly (+ 2.7% from 0.2% in the previous quarter). Both in the United States that in Germany, the GDP it grew by 1.6%, compared to 1.5% and -2.0% respectively in the previous quarter. In France and in Japan the GDP it rose by 0.9% and 0.3% respectively, after 0.0% and -0.9% in the previous quarter.
The Canada recorded a growth rate of 0.6%, but being down from 1.4% in the previous quarter, it was the only economy in the Great Seven to record a decelerating growth rate. In the euro area and in theEuropean Union the growth of GDP it became positive in the second quarter of 2021, at + 2.0% and + 1.9% respectively, after a decline of 0.3% and 0.1% in the previous quarter.
Comparing economic activity in the second quarter of 2021 with pre-pandemic levels (last quarter of 2019), the GDP has not yet recovered for the area OECD as a whole (-0.7%). Among the major seven economies, the UK recorded the largest gap (-4.4%), followed by Italy (-3.8%), France And Germany (both at -3.3%). The United States they are the only economy of Great Seven which has already returned to the pre-pandemic levels in the second quarter of 2021, with a GDP which exceeds this level by 0.8%.