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Gross domestic product (GDP) in the OECD area stabilised in the second quarter of 2009 (minus 0.002%), according to preliminary estimates, following a fall of 2.1% in the previous quarter.
Unit labour cost growth for the total economy remained largely steady for most OECD countries in the first quarter of 2009 as sharp falls in real output (gross domestic product at constant prices) due to the economic crisis were mostly offset by lower total labour costs.
OECD composite leading indicators (CLIs) for June 2009 point to stronger signs of improvement in the economic outlook of OECD economies compared with last month’s release.
Hailing the designation of Enrico Giovannini as President of the Italian national statistics institute (Istituto nazionale di statistica - ISTAT), OECD Secretary-General Angel Gurría said this marks recognition of his contribution to strengthening the OECD’s position in this area.
The unprecedented and largely synchronized drop in merchandise trade volumes of the Group of Seven (G7) countries of the last quarter 2008 continued in the first quarter 2009.