The gross domestic product (GDP) of the Organization for Economic Cooperation and Development (OECD) rose by 0.3 percent in the second quarter of 2022, matching the pace seen in the opening quarter. This pattern underscores the OECD as a benchmark group for advanced economies, often referred to as the think tank of the developed world due to its comprehensive data and policy insights that shape economic perspectives across member nations.
In annualized terms, OECD GDP in the second quarter of 2022 stood 1.5 percent above the level recorded in the fourth quarter of 2019, which marked the last full quarter before the Covid-19 shock unsettled global activity. The trajectory shows a gradual return toward pre-pandemic output, even as different economies experience varying degrees of rebound and resilience in their domestic demand, supply chains, and investment cycles.
Within the OECD, the strongest quarterly gains in the second quarter were observed in the Netherlands with 2.6 percent growth, followed by Israel at 1.7 percent, Sweden at 1.4 percent, and Spain at 1.1 percent. By contrast, some members faced steeper declines in that period, notably Poland with a sharp contraction of 23 percent, accompanied by Latvia at 1.4 percent and Lithuania at 0.4 percent negative growth. These disparate outcomes reflect a mix of structural shifts, energy dynamics, and policy responses across the region.
Turning to the broader G20, the group registered a modest 0.2 percent GDP uptick in the second quarter after a softer start to the year, even as the United States and the United Kingdom posted slight declines of 0.1 percent each. The overall G20 picture illustrates the uneven path of the global economy as countries manage inflation, energy markets, and domestic demand in a post-pandemic landscape.
Germany managed a marginal positive turn, posting 0.1 percent growth in the second quarter, while Japan and France advanced to 0.5 percent. Italy and Canada also showed improvement, moving up by 1 percent and 1.1 percent respectively. These results highlight how eurozone, North American, and Asia-Pacific economies are navigating different recovery paces, policy settings, and external conditions that influence investment and consumption habits.
Across the G7, the group’s activity reached a level that was 1.6 percent above the fourth quarter of 2019, signaling that all member nations had regained or surpassed pre-pandemic activity. This milestone reflects a broad-based recovery while also pointing to lingering gaps in some economies where growth remains uneven, and productivity dynamics vary by sector and location.
With respect to individual performance, the United States and Canada posted more robust rebounds, recording GDP increases of 2.6 percent and 1.9 percent, respectively. France and Italy also exceeded pre-pandemic benchmarks by about 1 percent. Meanwhile, the United Kingdom saw a 0.6 percent rise, Japan 0.2 percent, and Germany returned to pre-crisis levels through a modest uptick. These shifts illustrate how advanced economies leverage fiscal and monetary support, labor market dynamics, and structural reforms to sustain momentum in the wake of disruptions.
Overall, the OECD and G7 narratives for this period show a convergence toward higher activity levels compared with late-2021 and early-2022, while the pace of improvement remains uneven across countries. Analysts continue to monitor how inflation pressures, supply chain normalization, and policy normalization interact to shape growth trajectories for the rest of the year and beyond. The collective data emphasize the resilience of advanced economies and the importance of coordinated economic policies to sustain a stable, growth-oriented path for households and businesses across North America and Europe.