The OECD (comprising 34 major economies, ex. BRICs) released today its Q2 GDP report for its member countries.
Gross domestic product (GDP) in the OECD area slowed to 0.2% in the second quarter of 2011, down from 0.3% in the previous quarter. This is the fourth consecutive quarter of slower growth.
The slowdown was particularly marked in the Euro area and the European Union, where growth slowed to 0.2% compared to 0.8% in the previous quarter. In Germany, GDP growth slowed to 0.1% compared to 1.3% in the previous quarter, and in France, growth was 0.0% compared to 0.9% in the previous quarter. In the United Kingdom, GDP growth slowed to 0.2% compared to 0.5% in the previous quarter. In contrast, GDP growth picked up to 0.3% in Italy and the United States, compared to 0.1% in the first quarter. In the United States however, latest estimates for the first quarter reflect a significant downward revision from the earlier estimates of 0.5% released in June.
GDP continued to contract in Japan but at a slower rate than in the previous quarter (minus 0.3% compared to minus 0.9%).