The 1973-1975 recession saw growth rates across Europe and the OECD fall drastically, from an average of around six percent growth in Western Europe and the OECD as a whole in 1973, to negative growth in 1975. Disparities between European and overall growth varied, due to the recession's effect on individual countries. For example, Japan's growth fell to -1 percent in 1974, but recovery then saw growth reach 2.4 percent in 1975, even though the OECD collectively experienced negative growth.
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Annual real gross domestic product (GDP) growth of the Organization for Economic Co-operation and Development (OECD) and the European Community (EC) from 1970 to 1978
Characteristic
Total OECD
OECD Europe
European Communities
1970
3.1%
5.2%
5%
1971
3.8%
3.6%
3.5%
1972
5.5%
4.4%
4%
1973
6.3%
5.9%
5.9%
1974
0.5%
2.2%
1.7%
1975
-0.4%
-1%
-1.4%
1976
5.2%
4.6%
5.1%
1977
3.7%
2.3%
2.3%
1978
3.9%
3%
3.1%
1979
3.2%
3%
3%
Created with Highcharts 7.2.2Average annual GDP growthTotal OECDOECD EuropeEuropean Communities1970197119721973197419751976197719781979
-2%0%2%4%6%8%
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Annual real gross domestic product (GDP) growth of the Organization for Economic Co-operation and Development (OECD) and the European Community (EC) from 1970 to 1978
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Routledge. (December 31, 1991). Annual real gross domestic product (GDP) growth of the Organization for Economic Co-operation and Development (OECD) and the European Community (EC) from 1970 to 1978 [Graph]. In Statista. Retrieved July 11, 2025, from https://www.statista.com/statistics/1234115/annual-real-gdp-growth-oecd-ec-1970-8/
Routledge. "Annual real gross domestic product (GDP) growth of the Organization for Economic Co-operation and Development (OECD) and the European Community (EC) from 1970 to 1978." Chart. December 31, 1991. Statista. Accessed July 11, 2025. https://www.statista.com/statistics/1234115/annual-real-gdp-growth-oecd-ec-1970-8/
Routledge. (1991). Annual real gross domestic product (GDP) growth of the Organization for Economic Co-operation and Development (OECD) and the European Community (EC) from 1970 to 1978. Statista. Statista Inc.. Accessed: July 11, 2025. https://www.statista.com/statistics/1234115/annual-real-gdp-growth-oecd-ec-1970-8/
Routledge. "Annual Real Gross Domestic Product (Gdp) Growth of The Organization for Economic Co-operation and Development (Oecd) and The European Community (Ec) from 1970 to 1978." Statista, Statista Inc., 31 Dec 1991, https://www.statista.com/statistics/1234115/annual-real-gdp-growth-oecd-ec-1970-8/
Routledge, Annual real gross domestic product (GDP) growth of the Organization for Economic Co-operation and Development (OECD) and the European Community (EC) from 1970 to 1978 Statista, https://www.statista.com/statistics/1234115/annual-real-gdp-growth-oecd-ec-1970-8/ (last visited July 11, 2025)
Annual real gross domestic product (GDP) growth of the Organization for Economic Co-operation and Development (OECD) and the European Community (EC) from 1970 to 1978 [Graph], Routledge, December 31, 1991. [Online]. Available: https://www.statista.com/statistics/1234115/annual-real-gdp-growth-oecd-ec-1970-8/
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