Composite Leading Indicators (CLIs), OECD, May 2011


OECD composite leading indicators point to diverging pace of economic activity across major economies

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09/05/2011 - Composite leading indicators (CLIs), designed to anticipate turning points in economic activity relative to trend, are pointing to some divergence in the pace of economic activity across major economies. Compared with last month’s assessment, this month’s CLIs point to a slower or stable pace of expansion in most EU countries and continued expansion in North America, China and Russia.
The CLIs for Canada and China signal regained momentum in economic activity and the CLIs for the United  States, Germany and Russia, continue pointing to expansion relative to trend. Based on the CLIs, the pace of expansion in France and the United Kingdom will be stable, albeit slow. The CLIs for Italy, Brazil and India are pointing to slowdowns in economic activity relative to trend.
Because of the exceptional circumstances the country is facing, it is not possible to provide reliable estimates of the CLI for Japan at this stage.

Expansion in the OECD area

Underlying data

Underlying data - Source: Composite Leading Indicators (Main Economic Indicators) 

From February 2011 the OECD publishes Composite Leading Indicators for Chile, Estonia, Israel and Slovenia. The methodology used can be downloaded here.


The methodology used to compile OECD CLIs and reference series trend is described in the following document: "OECD system of Composite Leading Indicators".

For a better interpretation of OECD CLI consult the following document: Interpreting OECD Composite Leading Indicators (CLI).




Next publication date: 14 June 2011 - see here the 2011 release calendar



For further information, journalists are invited to contact the OECD's Media Relations Division on (33) 1 45 24 97 00 or;  others should contact the Statistics Directorate on



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