OECD GDP growth slows to 0.4% in fourth quarter of 2016
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20/02/2017 – Real growth of gross domestic product (GDP) in the OECD area decelerated slightly to 0.4% in the fourth quarter of 2016, compared with 0.5% in the previous quarter, according to provisional estimates.
Among Major Seven economies, growth picked up in Germany and France in the fourth quarter of 2016, to 0.4%, compared with 0.1% and 0.2% respectively in the previous quarter, and remained stable in the United Kingdom, at 0.6%. However, growth slowed sharply in the United States (to 0.5%, down from 0.9%) and also, albeit slightly, in Japan and Italy (to 0.2%, compared with 0.3% in the previous quarter).
In the European Union and in the euro area, growth was stable at 0.5% and 0.4%, respectively.
Year-on-year GDP growth for the OECD area was stable at 1.7% for the fourth straight quarter. Among Major Seven economies, the United Kingdom (2.2%) recorded the highest annual growth rate (for the fourth consecutive quarter), while Italy and France registered the lowest (1.1%).
For 2016 as a whole, GDP rose by 1.7% in the OECD area, down from 2.4% in 2015.