The gross domestic product (GDP) of all G7 countries decreased sharply in 2009 and 2020 due to the financial crisis and COVID-19 pandemic, respectively. The growth decline was heavier after the COVID-19 pandemic than the financial crisis. Moreover, Italy had a negative GDP growth rate in 2012 and 2013 following the euro crisis. In 2023, Germany experienced an economic recession.

Germany was forecast to experience an economic stagnation in 2024, with a gross domestic product (GDP) growth rate of zero percent. However, it is estimated to grow slightly in 2024 and 2025. The United States is forecast to have the highest GDP growth rate of the G7 in 2024.

The combined gross domestic product (GDP) of all G7 countries decreased sharply in 2009 and 2020 due to the financial crisis and COVID-19 pandemic, respectively. The growth decline was heavier after the COVID-19 pandemic than the financial crisis. In 2024, the combined GDP of the seven countries was estimated to grow 1.7 percent compared to the previous year.

The United States has had the highest economic growth in the G7 since the start of the COVID-19 pandemic, with its economy 5.4 percent larger in the first quarter of 2023, when compared with the fourth quarter of 2019. By contrast, the United Kingdom and Germany have both seen their economies shrink by 0.5 percent in the same time period.

From the onset of the Global Financial Crisis in the Summer of 2007, the world economy experienced an almost unprecedented period of turmoil in which millions of people were made unemployed, businesses declared bankruptcy en masse, and structurally critical financial institutions failed. The crisis was triggered by the collapse of the U.S. housing market and subsequent losses by investment banks such as Bear Stearns, Lehman Brothers, and Merrill Lynch. These institutions, which had become over-leveraged with complex financial securities known as derivatives, were tied to each other through a web of financial contracts, meaning that the collapse of one investment bank could trigger the collapse of several others. As Lehman Brothers failed on September 15. 2008, becoming the largest bankruptcy in U.S. history, shockwaves were felt throughout the global financial system. The sudden stop of flows of credit worldwide caused a financial panic and sent most of the world's largest economies into a deep recession, later known as the Great Recession. The World Economy in recession
More than any other period in history, the world economy had become highly interconnected and interdependent over the period from the 1970s to 2007. As governments liberalized financial flows, banks and other financial institutions could take money in one country and invest it in another part of the globe. Financial institutions and other non-financial companies became multinational, meaning that they had subsidiaries and partners in many regions. All this meant that when Wall Street, the center of global finance in New York City, was shaken by bankruptcies and credit freezes in late 2007, other advanced economies did not need to wait long to feel the tremors. All of the G7 countries, the seven most economically advanced western-aligned countries, entered recession in 2008, before experiencing an even deeper trough in 2009. While all returned to growth by 2010, this was less stable in the countries of the Eurozone (Germany, France, Italy) over the following years due to the Eurozone crisis, as well as in Japan, which has had issues with low growth since the mid-1990s.

Graph and download economic data for National Accounts: GDP by Expenditure: Constant Prices: Gross Fixed Capital Formation for G7 (G7NAEXKP04GPSAQ) from Q2 1962 to Q4 2024 about G7, fixed capital formation, fixed, gross, expenditures, real, and GDP.

The combined gross domestic product (GDP) growth rate in the G7 countries is expected to slow in 2023 amid rising inflation rates around the world. That year, it was forecast to grow by around 1.5 percent, before increasing over the next years. GDP growth rates were even forecast to be slightly negative in Germany in 2023.

This table presents Gross Domestic Product (GDP) and its main components according to the expenditure approach. Data is presented as growth rates. In the expenditure approach, the components of GDP are: final consumption expenditure of households and non-profit institutions serving households (NPISH) plus final consumption expenditure of General Government plus gross fixed capital formation (or investment) plus net trade (exports minus imports).

When using the filters, please note that final consumption expenditure is shown separately for the Households/NPISH and General Government sectors, not for the whole economy. All other components of GDP are shown for the whole economy, not for the sector breakdowns.
The data is presented for G20 countries individually, as well as the OECD total, G20, G7, OECD Europe, United States - Mexico - Canada Agreement (USMCA), European Union and euro area.

These indicators were presented in the previous dissemination system in the QNA dataset.

See User Guide on Quarterly National Accounts (QNA) in OECD Data Explorer: QNA User guide
See QNA Calendar for information on advance release dates: QNA Calendar
See QNA Changes for information on changes in methodology: QNA Changes
See QNA TIPS for a better use of QNA data: QNA TIPS
Explore also the GDP and non-financial accounts webpage: GDP and non-financial accounts webpage
OECD statistics contact: STAT.Contact@oecd.org

The United States has, by far, the largest gross domestic product (GDP) of the G7 countries. Moreover, while the GDP of the other six countries fluctuated between 2000 and 2024, the U.S.' grew almost constantly, reaching an estimated 29.2 trillion U.S. dollars in 2024. The United States is also the world's largest economy ahead of China. Germany had the second largest economy of the G7 countries at around 4.7 trillion U.S. dollars.

Graph and download economic data for National Accounts: GDP by Expenditure: Constant Prices: Private Final Consumption Expenditure for G7 (G7NAEXKP02GYSAQ) from Q1 1963 to Q3 2024 about G7, expenditures, real, and GDP.

Graph and download economic data for National Accounts: GDP by Expenditure: Constant Prices: Gross Domestic Product - Total for G7 (G7NAEXKP01GPSAQ) from Q2 1962 to Q4 2024 about G7, expenditures, real, and GDP.

The GDP per capita overall increased in all seven G7 countries since 2000 except Italy. There, it fluctuated over the period, being only slightly higher in 2024 than in 2000. The United States had the highest GDP per capita of the countries at over 76,000 dollars in terms of purchasing-power-parity (PPP). Germany had the second highest GDP per capita.

Group of Seven (G7) - Producer Prices Index: Economic Activities: Domestic Manufacturing for the Group of Seven (DISCONTINUED) was 3.20000 Growth Rate Same Period Previous Yr. in September of 2017, according to the United States Federal Reserve. Historically, Group of Seven (G7) - Producer Prices Index: Economic Activities: Domestic Manufacturing for the Group of Seven (DISCONTINUED) reached a record high of 10.00000 in July of 2008 and a record low of -8.50000 in July of 2009. Trading Economics provides the current actual value, an historical data chart and related indicators for Group of Seven (G7) - Producer Prices Index: Economic Activities: Domestic Manufacturing for the Group of Seven (DISCONTINUED) - last updated from the United States Federal Reserve on March of 2025.

Group of Seven (G7) - Imports: Value Goods for the Group of Seven (DISCONTINUED) was 1.72900 Growth Rate Previous Period in August of 2017, according to the United States Federal Reserve. Historically, Group of Seven (G7) - Imports: Value Goods for the Group of Seven (DISCONTINUED) reached a record high of 11.59900 in February of 1974 and a record low of -10.36700 in November of 2008. Trading Economics provides the current actual value, an historical data chart and related indicators for Group of Seven (G7) - Imports: Value Goods for the Group of Seven (DISCONTINUED) - last updated from the United States Federal Reserve on March of 2025.

GDP growth rate and unemployment rate of G7 and the E.U. Source: OECD.

Group of Seven (G7) - Consumer Price Index: OECD Groups: Fuel, Electricity, and Gasoline for the Group of Seven (DISCONTINUED) was 7.90000 Growth Rate Same Period Previous Yr. in September of 2017, according to the United States Federal Reserve. Historically, Group of Seven (G7) - Consumer Price Index: OECD Groups: Fuel, Electricity, and Gasoline for the Group of Seven (DISCONTINUED) reached a record high of 36.30000 in April of 1980 and a record low of -21.60000 in July of 2009. Trading Economics provides the current actual value, an historical data chart and related indicators for Group of Seven (G7) - Consumer Price Index: OECD Groups: Fuel, Electricity, and Gasoline for the Group of Seven (DISCONTINUED) - last updated from the United States Federal Reserve on February of 2025.

Graph and download economic data for Gross Domestic Product by Expenditure in Constant Prices: Gross Fixed Capital Formation for the Group of Seven (DISCONTINUED) (NAEXKP04G7Q657S) from Q2 1962 to Q2 2017 about G7, fixed capital formation, fixed, capital, gross, real, and GDP.

Group of Seven (G7) - Employed Population: Aged 15-64: All Persons for the Group of Seven (DISCONTINUED) was 1.13400 Growth Rate Previous Period in April of 2017, according to the United States Federal Reserve. Historically, Group of Seven (G7) - Employed Population: Aged 15-64: All Persons for the Group of Seven (DISCONTINUED) reached a record high of 1.47800 in April of 2006 and a record low of -2.32800 in January of 2009. Trading Economics provides the current actual value, an historical data chart and related indicators for Group of Seven (G7) - Employed Population: Aged 15-64: All Persons for the Group of Seven (DISCONTINUED) - last updated from the United States Federal Reserve on March of 2025.

The COVID-19 outbreak has severely impacted the global economy. Due to the pandemic, the real GDP of Germany, France, and Italy is forecasted to decrease by 10 percent in the second quarter of 2020.

Graph and download economic data for Gross Domestic Product by Expenditure in Constant Prices: Less: Imports of Goods and Services for the Group of Seven (DISCONTINUED) (NAEXKP07G7A659S) from 1962 to 2016 about G7, imports, goods, services, real, and GDP.