OECD GDP rose by 0.4% in the first quarter of 2013, but with diverging patterns across countries
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21/05/2013 - Provisional estimates show that quarterly gross domestic product (GDP) in the OECD area rose by 0.4% in the first quarter of 2013, compared with the flat growth rate registered in the previous quarter.
The OECD total masks a wide spectrum of growth rates across countries however. Real GDP growth accelerated in Japan and the United States to 0.9% and 0.6% respectively, compared with 0.3% and 0.1% in the previous quarter. In the United Kingdom and Germany, GDP grew by 0.3% and 0.1%, rebounding from the contractions of 0.3% and 0.7% in the previous quarter. In France, GDP contracted for the second consecutive quarter by 0.2%. In Italy, GDP declined for the seventh consecutive quarter but with the pace of contraction slowing to 0.5%, compared with 0.9% in the previous quarter.
The pace of contraction also slowed in the European Union (minus 0.1%, compared with minus 0.5%) and in the Euro area (minus 0.2%, compared with minus 0.6%).
Compared with the same quarter of 2012, GDP in the OECD area expanded by 0.8% in the first quarter of 2013, the same rate as in the previous quarter. Among the Major Seven economies, the United States recorded the highest growth rate (1.8%) and Italy the largest contraction (minus 2.3%)..