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PROBLEM TO BE SOLVED : To produce an aldehyde in high yield while suppressing the deactivation of catalyst by reacting an olefinic compound with hydrogen and carbon monoxide in the presence of a liquid phase containing a rare earth element together with a rhodium complex catalyst composed at least of rhodium and an organic phosphite. SOLUTION : The objective compound is produced by reacting (A) an olefinic compound (e.g. propylene) with (B) hydrogen and (C) carbon monoxide preferably at 30-130 deg.C under a pressure of normal pressure to 200 kg/cm2G in the presence of a liquid phase containing (D) a rhodium complex catalyst composed at least of rhodium and an organic phosphite [e.g. tris(2, 4-di-t-butylphenyl)phosphite] and (E) a rare earth element (e.g. ytterbium, erbium, dysprosium or lanthanum). In the above reaction, the concentration of the component D is preferably 0.05-5, 000 mg in terms of rhodium metal in 1L of the liquid phase and that of the component E in the liquid phase is preferably >=1 ppm.