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OECD Countries - GDP growth held back by Europe

23 August 2011

Growth of Gross domestic product (GDP) in the Organisation for Economic Co-Operation and Development area (OECD) slowed to +0.2% in the second quarter of 2011, down from +0.3% in the previous quarter. This is the fourth consecutive quarter of slower growth.

The slowdown was particularly marked in the Euro area (EA17) and the European Union (EU27), where growth slowed to +0.2% compared with +0.8% in the previous quarter.

In Germany, GDP growth slowed to +0.1% compared with +1.3% in the previous quarter and in France growth was flat compared with +0.9% in the previous quarter. In the United Kingdom, GDP growth slowed to +0.2% compared with +0.5% in the previous quarter.

In contrast, GDP growth picked up to +0.3% in Italy and the United States, compared to +0.1% in the first quarter. In the United States, however, latest estimates for the first quarter reflect a significant downward revision from the earlier estimates of +0.5% released in June.

GDP continued to contract in Japan but at a slower rate than in the previous quarter (-0.3% compared with -0.9%).

Relative to a year earlier, GDP increased by +1.6% in Q2 2011 in the OECD area, down from +2.4% in the previous quarter. Among the Major Seven (Canada, France, Germany, Italy, Japan, United Kingdom, United States) economies, Germany recorded the highest rate (+2.7%) and Japan the lowest (-0.9%).

The Euro area (EA17) consists of Belgium, Germany, Ireland, Greece, Spain, France, Italy, Cyprus, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia, Finland and Estonia.

The EU27 includes Belgium (BE), Bulgaria (BG), the Czech Republic (CZ), Denmark (DK), Germany (DE), Estonia (EE), Ireland (IE), Greece (EL), Spain (ES), France (FR), Italy (IT), Cyprus (CY), Latvia (LV), Lithuania (LT), Luxembourg (LU), Hungary (HU), Malta (MT), the Netherlands (NL), Austria (AT), Poland (PL), Portugal (PT), Romania (RO), Slovenia (SI), Slovakia (SK), Finland (FI), Sweden (SE) and the United Kingdom (UK).

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