Gross domestic product (GDP) in the OECD area continued to grow at a rate of 0.5% in the first quarter of 2011 despite a continued contraction in Japan and slower growth in the United States as growth in most major European economies and Canada accelerated strongly.




Real GDP grew by 0.8% in the European Union compared to 0.2% in the previous quarter. This acceleration was driven by Germany (where GDP grew by 1.5%), France (1.0%) and the United Kingdom, where the economy expanded by 0.5% after a 0.5% contraction in the previous quarter. In Italy growth remained at 0.1%. Euro area GDP grew by 0.8% compared to 0.3% in the previous quarter.

Among non-European countries, GDP in Canada grew by 1.0%, up from 0.8% in the previous quarter. In the United States GDP slowed to 0.4% compared with 0.8% in the previous quarter. In Japan, GDP contracted by 0.9% following a 0.8% contraction in the previous quarter, partly reflecting the impact of the natural disaster of 11 March 2011.

Relative to a year earlier, GDP in the first quarter of 2011 expanded by 2.5% in the OECD area, down from 2.8% in the previous quarter. Among Major Seven economies, Germany at 4.8% had the highest rate and Japan at -0.7% the lowest.