This figure marks a deviation from the higher and relatively stable growth rates recorded by the Organisation for Economic Co-operation and Development (OECD) over the past two years.
Excluding those from the G7, among other OECD economies with data available, 17 countries experienced a slowdown in growth during the first quarter of 2025 compared to the fourth quarter of 2024, resulting in negative growth for four countries.
Slovenia reported the largest GDP drop in the first quarter (-0.8%), followed by Portugal (-0.5%).
Ireland recorded the highest quarter-on-quarter growth rate in the first quarter at 3.2%.
The overall GDP growth rate also slowed for the G7 in the first quarter of 2025, from 0.4% to 0.1%, reflecting a mixed picture among G7 countries.
GDP contracted in Japan and the United States, both slipping from 0.6% to -0.2% and -0.1%, respectively.
In Japan, goods imports increased by 2.4% in the first quarter of 2025, compared to a 1.6% contraction in the fourth quarter of 2024.
In the United States, goods imports rose sharply by 10.8% in the first quarter, following a 1.3% contraction in the fourth quarter. The increase in U.S. goods imports, likely influenced by expected changes in trade tariffs, was the main drag on growth.
Growth also slowed in Canada, decreasing from 0.6% to 0.4%.
Conversely, growth accelerated significantly in the United Kingdom from 0.1% to 0.7%, driven largely by increases in investment (up 2.9% in the first quarter after a 0.6% contraction in the fourth quarter) and goods exports (up 5.6% in the first quarter after a 7.3% contraction in the fourth quarter).
Growth increased marginally in Italy from 0.2% to 0.3% and turned positive in Germany (0.2%) and France (0.1%).
Year-on-year, GDP growth in the OECD was 1.6% in the first quarter of 2025, down from 1.9% in the fourth quarter of 2024.
Among G7 economies, Canada registered the highest growth over the last four quarters at 2.3%, followed by the United States at 2.0%, while Germany saw the largest decline (-0.2%).
