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OECD GDP Growth Continues to Slow in the Second Quarter of 2011
added: 2011-08-23

Gross domestic product (GDP) in the OECD area 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.

 OECD GDP Growth Continues to Slow in the Second Quarter of 2011

The slowdown was particularly marked in the Euro area and the European Union, where growth slowed to 0.2% compared to 0.8% in the previous quarter. In Germany, GDP growth slowed to 0.1% compared to 1.3% in the previous quarter, and in France, growth was 0.0% compared to 0.9% in the previous quarter. In the United Kingdom, GDP growth slowed to 0.2% compared to 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 (minus 0.3% compared to minus 0.9%).

Relative to a year earlier, GDP increased by 1.6% in the second quarter of 2011 in the OECD area, down from 2.4% in the previous quarter. Among the Major Seven* economies, Germany recorded the highest rate (2.7%) and Japan the lowest (minus 0.9%).


Source: OECD

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