The Organization for Economic Cooperation and Development (OECD) has announced that gross domestic product (GDP) growth in the OECD area in the second quarter slowed to 0.4 percent, down from 0.5 percent recorded in the previous quarter, while the year-on-year GDP growth figure in the second quarter remained unchanged at two percent.
Compared with the same period of 2014, in the second quarter this year the largest increase in GDP growth in the OECD area was recorded in the UK at 2.6 percent, followed by the United States with a 2.3 percent growth rate, while Japan’s GDP growth increased to 0.7 percent. Canada’s GDP remained stable year on year.
Compared with the previous quarter, in the second quarter the UK and the United States saw their GDP growth rates increased to 0.7 percent and 0.6 percent respectively. In Germany, GDP growth was recorded at 0.4 percent compared to 0.3 percent recorded in the first quarter. Japan’s GDP growth slowed to -0.4 percent from 1.1 percent recorded in the January-March period, while France’s GDP remained stable compared to a significant increase of 0.7 percent in the first quarter. In the second 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, compared to the first quarter.