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Provisional estimates show that quarterly real gross domestic product (GDP) in the OECD area increased by 0.5% in the second quarter of 2013, up from 0.3% in the previous quarter. The OECD total was boosted by an acceleration of growth in most Major Seven economies.
Composite leading indicators (CLIs) continue to signal diverging growth patterns across major economies. The CLIs point to moderate improvements in growth in most major OECD countries but stabilising or slowing momentum in large emerging economies.
Consumer prices in the OECD area rose by 1.8% in the year to June 2013 compared with 1.5% in the year to May 2013.
The OECD welcomes Chile’s plan to improve the way it calculates the Consumer Price Index (CPI). The plan focuses primarily on proposals by the Chilean Statistical Office (INE) to better capture price changes for clothes and footwear, to ensure that the CPI accurately reflects inflation.
Composite leading indicators (CLIs), designed to anticipate turning points in economic activity relative to trend, point to diverging patterns across major economies. The CLIs point to moderate improvements in growth in most major OECD economies but in large emerging economies the CLIs point towards stabilising or slowing momentum.
Real GDP in the OECD area rose by 0.4% in the first quarter of 2013, compared with flat growth registered in the previous quarter. Private consumption was the main contributor to overall GDP growth with 0.3 percentage point, while net exports and stockbuilding contributed 0.1 percentage point each.
Austria has achieved high levels of economic growth and well-being, but must address serious demographic, environmental and globalisation challenges if future generations are to share the same prosperity, according to the OECD’s latest Economic Survey of Austria.
Consumer prices in the OECD area rose by 1.5% in the year to May 2013 compared with 1.3% in the year to April 2013.
Well-functioning judicial systems play a crucial role in determining economic performance – notably by guaranteeing the security of property rights and the enforcement of contracts – but not all countries’ judiciaries operate at the same level of efficiency.
Unit labour costs (ULCs) in OECD countries decreased by 0.1% in the first quarter of 2013, compared with a rise of 1.1% in the fourth quarter of 2012. This was driven by lower growth of labour compensation per unit of labour input (0.3% compared with 0.9% in the previous quarter), and increased labour productivity growth (0.4% compared with minus 0.2%).