The Organization for Economic Cooperation and Development (OECD) has announced that gross domestic product (GDP) growth in the OECD area in the third quarter this year slowed to 0.6 percent from 0.8 percent recorded in the previous quarter, while the year-on-year GDP growth figure in the third quarter accelerated to 2.6 percent, compared with 2.4 percent in the previous quarter.
Looking at the seven major OECD economies, in the given quarter the United Kingdom (1.5%) recorded the slowest annual growth rate.
In the third quarter of 2017 in the seven major economies, growth slowed markedly in Japan to 0.3 percent compared with 0.6 percent in the previous quarter, and declined in the United States to 0.7 percent compared with 0.8 percent in the previous quarter. Growth also slowed in France to 0.5 percent down from 0.6 percent recorded in the second quarter of 2017. On the other hand, growth picked up in Germany to 0.8 percent compared to 0.6 percent in the previous quarter, rose in Italy to 0.5 percent from 0.3 percent in the second quarter and grew to 0.4 percent in the UK from 0.3 percent in the previous quarter.
In the European Union and the euro area, growth slowed marginally to 0.6 percent from 0.7 percent in the previous quarter.