The most developed economies in the world grew by 0.4% in the first quarter of the year compared to the last quarter of 2025, according to data published this Wednesday by the Organisation for Economic Co-operation and Development (OECD). The organization points out that the figures from the 28 countries included in the study show “a mixed situation,” with 20 countries recording an increase in their GDP, while six experienced a decline and two remained unchanged. If the comparison is made year-on-year, the growth of OECD countries slightly increased in the first quarter of 2026 compared to the previous one, rising from 1.7% to 1.8%.
By country, South Korea recorded the largest quarter-on-quarter increase (1.7%), followed by Finland (0.9%) and Hungary and Switzerland (0.8% in both cases). Conversely, Ireland continued to show the largest contraction (-2%), followed by Israel and Mexico (-0.8% in both cases). The published data reflect that the European Union grew less (0.2%) than the OECD average, while Spain exceeded that average, with its increase at 0.6%. If the data is limited to the eurozone, the figure was even lower, as it barely increased by one tenth. That is, Spain grew six times more than the group of countries using the single currency.
Among the major European economies, France dragged down the joint performance, as the second largest country in the bloc saw its GDP stagnate (0%). Germany’s, the leading community power, advanced by three tenths. Three countries of the Twenty-Seven recorded declines between January and March: Ireland was accompanied by Lithuania (-0.4%) and Sweden (-0.2%).
The period for which the OECD has provided data includes a month (March) impacted by the war in the Middle East, which began on February 28 with bombings by the United States and Israel on Tehran. However, Ignacio de la Torre, chief economist at Arcano Partners, assures that “the impact of the Iran war on the economy has so far been less than everyone initially thought.” This explains why economies did not suffer more in the first quarter, since “the PMIs [which measure private activity and are considered a leading indicator] of the United States and Asian economies have performed reasonably well.” Furthermore, the economist points out that in the medium term, if the situation remains, “the European economy will close the year with an approximate increase of 1%.”
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If the focus is on the States that make up the G7, the seven most industrialized economies on the planet, excluding Spain, growth accelerated in the first quarter in the United Kingdom (0.6%) and the United States (0.5%). In both cases, the figures were four tenths higher than those of the last three months of 2025. In the British case, the OECD points out that the increase is due to the “boost in private and public consumption,” while in the world’s leading power it is justified by “the recovery of public consumption and exports, as well as the boost in investment.”
Japan, the only Asian country in this group, also saw its GDP increase, rising from 0.2% in the fourth quarter to 0.5% in the first quarter. And in Canada, the organization notes “the increase rebounded to 0.4% after a contraction of 0.2% in the previous quarter.” Thus, the worst records were precisely marked by the three European countries (Germany, France, and Italy) that are part of the group.
De la Torre also points out that one of the factors that will determine whether the global economy stagnates in 2026 is inflation. This Wednesday, the European Commission estimated that prices will grow by 3% this year, and that they will begin to moderate in 2027. In this scenario, the economist predicts that “the European Central Bank will raise interest rates and moderate them from the second half of 2027.” A move that, in principle, would work against growth because the increase in the official price of money tends to curb prices, but also the economy as a whole.