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Provisional estimates show that quarterly real gross domestic product (GDP) in the OECD area increased by 0.5% in the second quarter of 2013, up from 0.3% in the previous quarter. The OECD total was boosted by an acceleration of growth in most Major Seven economies.
Composite leading indicators (CLIs) continue to signal diverging growth patterns across major economies. The CLIs point to moderate improvements in growth in most major OECD countries but stabilising or slowing momentum in large emerging economies.
Consumer prices in the OECD area rose by 1.8% in the year to June 2013 compared with 1.5% in the year to May 2013.
The OECD area employment rate – defined as the share of people of working-age who are employed – was 65.1% in the first quarter of 2013, unchanged from the previous quarter, and 0.2 percentage point higher than one year ago. This was still 1.4 percentage points below the level recorded in the second quarter of 2008, the quarter preceding the start of the global financial crisis.
Business start-up rates remain below pre-crisis levels – particularly in the Euro area – indicating that entrepreneurs may continue to be suffering from restrictive lending conditions, according to new OECD data released in the latest issue of Entrepreneurship at a Glance.