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Economic growth slowed in the fourth quarter of 2024, according to new data from the Organization for Economic Cooperation and Development (OECD).

According to provisional estimates, overall GDP growth came in at 0.3% for the fourth quarter, the Paris-based group reported — down from the 0.5% rate recorded in the previous quarter.

For the G7 countries, growth also slowed in the quarter, sliding to 0.4% from 0.5% in Q3, “reflecting a mixed picture among G7 countries.”

While growth ticked up in Canada, edging up to 0.4% from 0.3%, the OECD noted that it slowed in the U.S., to 0.6% from 0.8%, “driven by a decline in investment and a 0.2% contraction in exports.”

Growth also turned negative for France, which returned to normal economic conditions after a temporary Olympics-driven boost, and Germany, which saw weaker export activity.

Conversely, growth accelerated in Japan, the OECD said, “mainly reflecting a positive contribution from net trade.”

For 2024, initial estimates indicate that GDP growth for the OECD overall “slowed slightly to 1.7% in 2024, compared with 1.8% in 2023.” 

Among the 28 OECD countries with available data, reported growth slowed in 10 countries and accelerated in 13, with five countries recording a contraction in GDP.