Provisional estimates show that quarterly gross domestic product (GDP) in the OECD area fell by 0.2% in the fourth quarter of 2012, after a 0.3% increase in the previous quarter. This is the first contraction of GDP in the OECD area since the very sharp decline in the first quarter of 2009 (minus 2.3%).
The OECD unemployment rate was stable at 8.0% in December 2012, unchanged from the previous month.
Composite leading indicators (CLIs) show diverging growth patterns in the economic outlook of major economies.
Business competitiveness and export performance are increasingly tied to countries’ integration into global production chains and a willingness to open markets to wider imports, according to preliminary international trade data released today by the OECD and the WTO.
Real GDP growth in the OECD area increased by 0.3% in the third quarter of 2012, compared with 0.2% in the second quarter.