Annual real GDP growth of the OECD and EC 1970-1978

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.