20/02/2020 - Growth of real gross domestic product (GDP) in the OECD area slowed to 0.2% in the fourth quarter of 2019, compared with 0.4% in the previous quarter, according to provisional estimates. Among the Major Seven economies with data available for the fourth quarter of 2019, only the United States saw GDP increase (up 0.5%, unchanged from the previous quarter).
GDP contracted sharply in Japan (by minus 1.6%, following October’s increase in consumption tax) and also contracted in Italy (by minus 0.3%) and France (by minus 0.1%).
GDP growth slowed to zero in the United Kingdom and Germany (following growth of 0.5% and 0.2% respectively in the previous quarter) and also slowed in the euro area and in the European Union (to 0.1%, from 0.3% in the previous quarter).
Year-on-year GDP growth for the OECD area slowed to 1.6% in the fourth quarter of 2019, from 1.7% in the previous quarter. Among the Major Seven economies, the United States recorded the highest annual GDP growth (2.3%), while Japan recorded the lowest annual growth (minus 0.4%).
Link to underlying data - Source: Quarterly National Accounts: Quarterly growth rates of real GDP