Real GDP in the OECD area grew by 0.6% in the first quarter of 2010 compared with the last quarter of 2009. Stockbuilding was the main contributor to OECD GDP growth for the third consecutive quarter.

Changes in inventories contributed 0.45 percentage point to overall growth in the first quarter and private consumption contributed 0.3 percentage point but these were partially offset by negative contributions from gross fixed capital formation and net exports, both accounting for minus 0.1 percentage point of overall GDP growth.



Canada had the strongest GDP growth (1.5%) among the Major Seven economies in the first quarter, driven by changes in inventories, private consumption and investment. GDP grew by 1.2% in Japan, mainly reflecting net exports and by 0.7% in the United States with positive contributions from private consumption and changes in inventories.

Growth in the European Major Seven economies was lower in comparison, with a more mixed picture of the key sectors driving growth. In France and Italy net exports drove GDP but in France this was largely offset by falls in investment and changes in inventories. In Germany and the United Kingdom net exports contributed negatively to overall GDP growth (-1.1 and -0.4 percentage point respectively) but in both countries this was offset by strong stockbuilding (1.9 and 0.4 percentage point).