The Organization for Economic Cooperation and Development (OECD) has announced that gross domestic product (GDP) growth in the OECD area in the third quarter slowed to 0.4 percent, down from 0.6 percent recorded in the previous quarter, while the year-on-year GDP growth figure in the third quarter slowed to 0.2 percent, down from 2.2 percent in the previous quarter.
Compared with the same period of 2014, in the third quarter this year the largest increase in GDP growth in the OECD area was recorded in the UK at 2.3 percent, followed by the United States with a 2.0 percent growth rate, while Italy continued to record the lowest annual growth rate at 0.9 percent.
Compared with the previous quarter, in the third quarter the UK and the United States saw their GDP growth rates decrease to 0.4 percent and 0.5 percent respectively. In Germany, GDP growth was recorded at 0.3 percent compared to 0.4 percent recorded in the second quarter. Japan’s GDP growth continued to contract by 0.2 percent in the third quarter, while France’s GDP growth increased to 0.3 percent compared to 0.2 percent in the second quarter. In the third quarter, in the EU region GDP growth remained stable at 0.4 percent, while the euro area recorded a slowdown with a 0.3 percent growth rate, down from 0.4 percent in the second quarter.