OECD GDP growth stable at 0.4 percent in Q1Staff writer ▼ | May 24, 2016
Growth of real gross domestic product (GDP) in the OECD area was unchanged, at 0.4%, in the first quarter of 2016.
Growth patterns The United Kingdom and the United States are growing strongly
But there are diverging growth patterns across major economies, according to provisional estimates.
In the United Kingdom and the United States, growth decelerated to 0.4% and 0.1%, respectively in the first quarter, compared with 0.6% and 0.3% in the previous quarter.
Growth remained volatile in Japan with GDP rebounding strongly (up 0.4%) following the contraction of 0.4% in the previous quarter.
In Germany and France, growth accelerated to 0.7% and 0.5%, respectively in the first quarter, compared with 0.3% in both countries in the previous quarter. Growth also picked up marginally in Italy, to 0.3% compared with 0.2% in the previous quarter.
In the European Union and the euro area GDP growth also picked up, to 0.5%, compared with 0.4% and 0.3%, respectively in the previous quarter.
Year-on-year GDP growth for the OECD area slowed to 1.8% in the first quarter of 2016, down from 2.0% in the previous quarter.
Among the Major Seven economies, the United Kingdom (2.1%) and the United States (1.9%) continued to record the highest annual growth rates, while growth was nil in Japan. ■