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Quarterly Gross Domestic Product (GDP) growth in the G20 area slowed to 0.6% in the second quarter of 2012 compared with 0.7% in the first quarter. This marks the third consecutive quarter of slowing growth in the G20 area but masks diverging patterns across economies.
Impressive productivity performance during the last decades has weakened since 2007, reflecting the 2008-09 recession but also a poor performance in important sectors, like the information and communication technology sector.
The global economy has slowed, with key European countries entering a recession that is now impacting worldwide, the OECD said in its latest Interim Economic Assessment.Interim Economic Assessment
Provisional estimates show that quarter-on-quarter growth in gross domestic product (GDP) in the OECD area slowed to 0.2% in the second quarter of 2012, compared with 0.5% in the previous quarter.
Composite leading indicators (CLIs) continue to point to an easing of economic activity in most major OECD economies and slowdowns in most major non-OECD economies.
Denmark’s green growth strategy focuses on moving the energy system away from fossil fuels and investing in green technologies, while limiting greenhouse gas (GHG) emissions.
Portugal has started on a long road of economic adjustment to boost growth and reduce debt. A range of structural reforms are needed to restore fiscal sustainability, improve labour market performance and rebalance the economy towards tradables.
Composite leading indicators (CLIs) point to an easing of economic activity in most major OECD economies and a more marked slowdown in most major non-OECD economies.
The Spanish economy experienced significantly weaker labour productivity growth than other OECD economies and failed to catch up with the most advanced economies in the period 1996-2007. In recent years labour productivity growth has accelerated, but this recovery is likely to be due to cyclical and temporary factors.
Europe is putting in place a new system of fiscal rules following the euro area sovereign debt crisis and decades of rising government to debt-to-GDP ratios. These include the so-called "six pack" to upgrade the Stability and Growth Pact to a new Treaty incorporating the "fiscal compact".