In the G7, QoQ GDP growth increased slightly in Q2 2022, by 0.2%, compared with zero growth in Q1 2022.

The G7 result reflects a mixed picture. On the one hand, GDP growth was negative in the United States and the United Kingdom (both minus 0.1%), and GDP growth in Germany slowed down sharply (0.1% compared to 0.8% in the previous quarter).

On the other hand, growth turned positive in Japan and France (0.5%) and picked up pace in Italy (1.0%) and Canada (1.1%).



Among other OECD countries for which data are available for Q2 2022, the picture was also mixed.

Of the countries closest to the war in Ukraine, Poland moved from GDP growth of 2.5% in Q1 2022 to a contraction of 2.3% in the following quarter. In Q2 2022, Latvia and Lithuania also saw a change from positive GDP growth to contraction (minus 1.4% and minus 0.4% respectively), while growth in Hungary slowed from 2.1% to 1.1%.

However, GDP growth increased in several European countries in Q2 2022, including the Netherlands, which saw an increase of 2.6%, Sweden (1.4%), Spain (1.1%), Norway and Denmark (both 0.7%), and Finland (0.6%). Among other OECD countries further from the conflict, Israel recorded the strongest GDP growth (1.7%), followed by Mexico (1.0%).

(Writing by Seban Scaria; editing by Daniel Luiz)