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OECD GDP continued to grow in the first quarter of 2011 despite a marked slowdown in the contribution of private consumption

06/07/2011 - Real GDP in the OECD area grew by 0.5% in the first quarter of 2011. Although private consumption remained the main driver of growth in the OECD as a whole, its contribution to growth fell in nearly all major economies. At 0.2 percentage point, private consumption's contribution to OECD growth fell to its lowest level since the second quarter of 2009. The fall in the contribution from private consumption was offset by a large swing in the contribution from inventories.