Overall, economic growth generally held steady in the third quarter, according to new data from the Organization for Economic Cooperation and Development (OECD).
According to provisional estimates of quarterly gross domestic product (GDP), the third quarter saw growth across the OECD tick up to 0.5%, compared with 0.4% in the prior quarter.
On a year-over-year basis, GDP growth came in at 1.7% in Q3, up from 1.6% in Q2.
For the G7 countries, quarterly growth was unchanged at 0.5% in Q3, the Paris-based group reported.
However, the results were mixed across the G7.
While the U.S. led the way, with quarterly growth staying stable at 0.7%, both Canada and Japan saw slowdowns — in both countries, quarterly growth slipped from 0.5% to 0.2%, the OECD said.
Quarterly growth also slowed in the U.K. and Italy, but France saw output growth accelerate, rising from 0.2% in Q2 to 0.4% in Q3 — driven by higher private consumption, which was boosted by the Olympic Games in Paris, the report noted.
Growth also climbed in Germany, reversing a 0.3% contraction in Q2 with 0.2% growth in Q3, thanks to increases in both government and private consumption.
Elsewhere in the OECD, Ireland had the strongest quarterly growth at 2%, followed by Mexico (1.3%) and Lithuania (1%), the group noted.
On a year-over-year basis, the U.S. led the way for the G7, with 2.7% GDP growth. Germany was weakest, registering a 0.2% contraction over the period.