OECD GDP growth rate stable at 0.6% in fourth quarter of 2013
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19/02/2014 - Provisional estimates show that quarterly real gross domestic product (GDP) in the OECD area rose by 0.6% in the fourth quarter of 2013, the same rate as in the previous two quarters.
Of the Major Seven economies, GDP growth remained strongest in the United States and the United Kingdom, (0.8% and 0.7% respectively), despite the slight deceleration compared with the third quarter. In Japan, GDP growth was stable at 0.3%.
GDP growth picked up to 0.4% in the European Union compared with 0.3% in the previous quarter, and to 0.3% from 0.1% in the Euro area.
In Germany, GDP growth accelerated slightly to 0.4%, compared with 0.3% in the third quarter. In France GDP increased by 0.3% after flat growth in the previous quarter, while in Italy, GDP increased (by 0.1%) for the first time since the third quarter of 2011.
GDP year-on-year growth for the OECD area accelerated significantly to 2.2% in the fourth quarter of 2013, from 1.5% in the third quarter. Among the Major Seven economies, the United Kingdom recorded the highest growth rate (2.8%) compared with the fourth quarter of 2012, followed by Japan and the United States (2.7%), while Italy was the only country reporting a contraction (minus 0.8%).
For 2013 as a whole, GDP rose by 1.3% in the OECD area, down from 1.5% in 2012.