OECD GDP growth slows to 0.3 % in second quarter of 2016
Growth of real gross domestic product (GDP) in the OECD area slowed slightly to 0.3% in the second quarter of 2016, down from 0.4 % in the previous quarter, according to provisional estimates
Growth slowed in most Major Seven economies in the second quarter of 2016, with the exception of the United Kingdom (pre-Brexit) and the United States, where growth picked-up to 0.6 % and 0.3 %, respectively, compared with 0.4 % and 0.2 % in the previous quarter.
Growth remained volatile in Japan, slowing significantly to 0.0 %, following an increase of 0.5 % in the previous quarter. Growth also decelerated strongly in France (to 0.0 %, compared with 0.7% in the previous quarter) and in Germany and Italy (to 0.4 % and 0.0%, respectively, compared with 0.7 % and 0.3 % in the previous quarter), dragging down Euro Area growth (to 0.3 %, compared with 0.6 % in the previous quarter). In the European Union as a whole, growth slowed to a lesser extent (to 0.4 %, compared with 0.5 % in the previous quarter).
Year-on-year GDP growth for the OECD area fell to 1.6 %, decreasing for the fourth straight quarter, to the lowest rate since the third quarter of 2013. Among Major Seven economies, the United Kingdom (2.2 %) recorded the highest annual growth rate, while Japan registered the lowest (0.6 %). The United States recorded its lowest annual growth rate (1.2 %) in three years.