Gross domestic product
In the third quarter of 2023, the above selected European countries experienced little or no economic growth. Similarly to 2022-Q2, OECD countries grew on average by about 0.5% relative to the previous quarter, and by 1.6% relative to the same quarter of the previous year. Two noteworthy exceptions are the United States and China. In the United States GDP increased by 3% relative to 2022. In China it went up by 4.9%; however, the structural problems China is challenged with in the aftermath of the prolonged pandemic phase induce most analysts to formulate pessimistic economic prospects for the following quarters. The OECD economic outlook expects the average GDP of OECD countries to grow at an average annual rate of 1.4% in 2024 and 1.8% in 2025.