Annual GDP growth in the OECD area slows to 1.7% in third quarter of 2014
Quarterly real gross domestic product (GDP) of the OECD area rose by 0.5% in the third quarter of 2014 over previous quarter on seasonally adjusted basis, according to provisional estimates. The growth has shown uptick from 0.4% and 0.3% growths, respectively, in the second and first quarters of 2014.Among the Major Seven economies, GDP growth remained the highest in the United States and the United Kingdom, despite slowing in both countries, to 0.9% and 0.7% respectively (compared with 1.1% and 0.9% in the previous quarter).
In France and Germany, GDP increased by 0.3% and 0.1% respectively, compared with a contraction of 0.1% in both countries in the previous quarter.
In Italy and Japan, real GDP contracted for the second consecutive quarter (by minus 0.1% and minus 0.4% respectively), but at a slower pace than in the previous quarter (minus 0.2% and minus 1.9%).
GDP growth picked up marginally to 0.3% in the European Union and to 0.2% in the Euro area, compared with 0.2% and 0.1% respectively in the previous quarter.
Year-on-year GDP growth for the OECD area, at 1.7% in the third quarter of 2014, was lower than in the previous quarter for the third consecutive quarter, following constant acceleration over the whole of 2013.
Among the Major Seven economies, the United Kingdom recorded the highest annual growth rate (3.0%), followed by the United States (2.3%). In Japan and Italy year-on-year GDP contracted (by minus 1.1% and minus 0.4%, respectively).
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