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OECD sees mixed growth picture
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The US and British economies speeded up slightly in the third quarter but expansion in several other economies slowed, leaving OECD-area growth at 0.5 percent, the OECD said yesterday.
The latest provisional OECD data painted a picture of overall 1.4 percent growth over 12 months, but of faltering recovery stuck at 0.5 percent growth in the last two quarters.
Recovery of the eurozone and wider European Union economies slowed down from the second to third quarters, with the French and Italian economies shrinking, the Organization for Economic Cooperation and Development said.
However, compared with output 12 months earlier in the third quarter of last year, “growth for the OECD area accelerated to 1.4 percent compared with 1.0 percent in the second quarter,” the OECD said.
“Among the major seven (OECD) economies, Japan recorded the highest growth rate (2.6 percent), and Italy the biggest contraction (minus 1.9 percent), the organization said.
The second-third quarter figures from the OECD, which is a policy forum for 34 advanced democracies, are broadly in line with recent data, notably from countries in Europe and from the European Commission.
The economies of the entire OECD area grew by 0.5 percent in the third quarter, the same figure as in the second quarter.
Growth of the US economy accelerated to 0.7 percent from 0.6 percent in the second quarter and British growth picked up to 0.8 percent from 0.7 percent.
The Bank of England asserted last week the recovery of the British economy was now firmly in place.
Output by the eurozone rose by 0.1 percent, and in the European Union by 0.2 percent, down from growth rates of 0.3 percent in the second quarter.
This latest data are in line with several recent signs that the eurozone’s recovery from crises is weak and fragile.
Expansion in the eurozone powerhouse Germany slowed to 0.3 percent from 0.7 percent in the second quarter.
The French economy slipped backwards, contracting by 0.1 percent having expanded by 0.5 percent in the second quarter.
The latest data showed that in Italy, activity shrank for the ninth quarter in a row “but with the pace of contraction slowing to 0.1 percent compared with 0.3 percent in the previous quarter,” the OECD said.
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