OECD GDP growth continues to slow in first quarter of 2018
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23/05/2018 – Growth of real gross domestic product (GDP) in the OECD area slowed for the third straight quarter, to 0.5% in the first quarter of 2018, according to provisional estimates.
Among the Major Seven economies, GDP growth slowed markedly in Japan, contracting by 0.2% (compared with growth of 0.1% in the previous quarter). GDP growth also slowed significantly in France and Germany (to 0.3%, from 0.7% and 0.6% respectively in the previous quarter), as well as in the United Kingdom (to 0.1%, from 0.4%), and marginally in the United States (to 0.6%, from 0.7%). GDP growth was stable In Italy at 0.3%.
GDP growth slowed to 0.4% in both the European Union and the euro area in the first quarter of 2018 (from 0.6% and 0.7%, respectively in the previous quarter).
Year-on-year GDP growth for the OECD area slowed marginally to 2.6% in the first quarter of 2018, compared with 2.7% in the previous quarter. Among the Major Seven economies, the United States recorded the highest annual growth (2.9%), while Japan recorded the slowest annual growth (1.0%)..