OECD GDP grows by 0.4%, with the US and Spain as the main drivers
Ireland was the country that recorded the sharpest slowdown in the second quarter.
BarcelonaThe gross domestic product (GDP, the indicator of economic growth) of the OECD as a whole, which groups the world's most industrialized countries, grew by 0.4% during the second quarter, which represents a significant rebound after the 0.2% of the first quarter. This is mainly explained by the improvement in figures from the United States, although the data published this Wednesday by the entity also contributed to this.
According to the organization, the United States was the country that contributed the most to overall growth between April and June, with a GDP increase of 0.7%. After a 0.1% decline between January and March, the improvement is largely explained by the sharp drop in imports of goods into the US (-10.3%), which had increased by 11% in anticipation of possible reciprocal tariff increases in the face of Donald Trump's policy, which began on Liberation Day on February 2 and announced the tariff package.
Beyond the United States, growth in other member countries improved between April and June, albeit less pronounced. Spain, with 0.7% growth in the second quarter, one-tenth of a percentage point more than in the first, is one of the major OECD economies with the highest growth rate despite the uncertainty surrounding the global economy. In fact, the Spanish economy's strong performance is also evident in the markets, where the Ibex-35, Spain's main index, has been hovering near record highs for months.
Upward Trend
Of the 23 countries with available data, 13 recorded higher growth rates compared to the first quarter of 2025. Ireland saw the sharpest slowdown, with GDP contracting by 1% in the second quarter, following a significant 7.4% expansion in the US, largely driven by the first quarter.
Similarly, GDP growth stalled in Canada, following a 0.5% expansion in the first quarter, while in the UK, GDP slowed from 0.7% to 0.3%, mainly due to a 1.1% contraction in investment (0.5%) in the second quarter.
GDP growth turned negative in Germany and Italy: from 0.3% in the first quarter in both countries, it fell to -0.3% and -0.1% in the second quarter, respectively. The contraction in German GDP in the second quarter was mainly driven by a drop in exports (-0.6%, after having reached 3% in the first quarter).
In terms of year-on-year change, OECD GDP growth remained unchanged in the second quarter compared to the first quarter, at 1.7%. The United States recorded the largest annual increase (2%, also unchanged from the first quarter), while Germany recorded the lowest (0.2%). For its part, Spain grew faster than the rest of the countries both in the second quarter, when GDP rose by 0.7%, and in the annual comparison analysis, when it grew by 2.8%.
