OECD GDP grew by 0.5% in the third quarter of 2013
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18/11/2013 - Provisional estimates show that quarterly real gross domestic product (GDP) in the OECD area increased by 0.5% in the third quarter of 2013, the same rate as in the previous quarter.
In the United Kingdom and the United States, GDP growth accelerated to 0.8% and 0.7% respectively, compared with 0.7% and 0.6% in the second quarter. In Japan, GDP increased by 0.5%, down from 0.9% registered in the previous quarter. In Germany, GDP growth slowed to 0.3%, compared with 0.7% in the second quarter. In France, GDP decreased by 0.1%, after the rebound of 0.5% in the previous quarter. In Italy, GDP declined for the ninth consecutive quarter, but with the pace of contraction slowing to 0.1%, compared with 0.3% in the previous quarter.
GDP rose in the European Union and in the Euro area by 0.2% and 0.1% respectively, a slower pace than in the second quarter (0.3%).
Compared with the third quarter of 2012, GDP growth for the OECD area accelerated to 1.4%, compared with 1.0% in the second quarter. Among the Major Seven economies, Japan recorded the highest growth rate (2.6%) and Italy the largest contraction (minus 1.9%).