A new report by the Organization for Economic Cooperation and Development (OECD) has placed Turkey ahead of the United Kingdom as the second-fastest growing economy in the third quarter of 2021.
In the report published on Tuesday, Chile topped the OECD-countries’ growth chart, with the economy recording the highest gross domestic product (GDP) growth rate of 17.3% in the quarter under review.
Chile was followed by Turkey in the economic performance figures with 7.4% GDP growth rate, while other top five fastest-growing economies among the OECD countries were the UK (6.6%), Hungary (6.1%) and Lithuania (6%).
According to the OECD figures, Slovakia and Japan both recorded 1.3% growth while Germany with 2.6% GDP growth recording the lowest growth rate among the five countries.
Overall, the OECD area economy grew 4.7% year-on-year in Q3, 2021 as economic growth in the quarter slowed down when compared to the preceding rate’s 19.6%.
The figures further indicated that the G7 economies posted a similar annual growth rate – 4.1% as the OECD area in total, while their average annual growth rate was 13% at the previous quarter.
A further analysis showed that the EU’s GDP growth rate was 3.9% year-on-year in the quarter under review while euro area posted a growth rate of 3.7%.
The eurozone/euro area or EA19 represents the member states that use the single currency – the euro – while the EU27 defines all member countries of the bloc.
