OECD GDP up 0.4% in the second quarter of 2014 but with mixed patterns across countries
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26/08/2014 - Provisional estimates show that quarterly real gross domestic product (GDP) in the OECD area increased by 0.4% in the second quarter of 2014, up from 0.2% in the previous quarter. The OECD total masks, however, a wide spectrum of patterns across countries.
In the United States, real GDP growth rebounded strongly to 1.0%, following the winter-driven contraction of 0.5% in the previous quarter, while in the United Kingdom growth remained at a robust 0.8%.
In Japan, however, GDP contracted by 1.7% in the second quarter of 2014, partly reflecting the effects of April’s increase in consumption tax that brought spending forward to the first quarter and drove GDP up by 1.5%.
In Germany, GDP contracted by 0.2%, after an increase of 0.7% in the previous quarter of 2014. GDP also contracted in Italy by 0.2% following a 0.1% contraction in the previous quarter. In France, GDP remained flat for the second consecutive quarter.
In the Euro area and the European Union, GDP growth remained positive in the second quarter of 2014 (at 0.2% and 0.1% respectively) but declined compared to the previous quarter (0.3% and 0.2%).
GDP year-on-year growth for the OECD area, at 1.9% in the second quarter of 2014, was lower than in the previous quarter (2.1%). Among the Major Seven economies, the United Kingdom recorded the highest growth rate (3.2%) compared with the second quarter of 2013, followed by the United States (2.4%). Italy was the only country reporting a year-on-year contraction (minus 0.3%).