Paris: The gross domestic product (GDP) in the Organization for Economic Cooperation and Development (OECD) area increased by 0.5% in the third quarter of 2024 compared to the second quarter, according to data released on Thursday. According to Anadolu Agency, the figure followed a 0.4% quarterly growth in the second quarter of this year, as shown by data from the Paris-based organization. GDP growth in the G7 countries decreased to 0.2% in the July-September period, compared to 0.5% in April-June. The Japanese economy experienced a growth of 0.2% on a quarter-on-quarter basis in the three months leading up to September, a decline from the 0.5% growth recorded in the previous period. Meanwhile, the US economy saw an increase of 0.7% in the third quarter, maintaining the growth rate from the previous quarter. Germany's economy posted a modest expansion of 0.2%, recovering from a 0.3% contraction. On the other hand, the Italian economy remained stagnant in the third quarter, with a growth rate of zero percen t. The European Union recorded a quarterly growth rate of 0.3% in the third quarter, while the euro area's growth rate stood at 0.4%.