OECD GDP growth slows to 0.6 % in third quarter of 2017

Quarterly growth of real gross domestic product (GDP) in the OECD area slowed to 0.6 % in the third quarter of 2017, compared with 0.8 % in the previous quarter, according to provisional estimates.

Among the Major Seven economies, GDP growth slowed markedly in Japan (to 0.3 %, compared with 0.6 % in the previous quarter) and, albeit marginally, in the United States (to 0.7 %) and France (to 0.5 %). On the other hand, growth picked up in Germany (to 0.8 %, compared with 0.6 %), Italy (to 0.5 %, up from 0.3 %) and marginally in the United Kingdom (to 0.4 %, up from 0.3 %).

In the European Union and the Euro Area, growth slowed marginally to 0.6 % (down from 0.7 %).

Year-on-year GDP growth for the OECD area accelerated to 2.6 % in the third quarter of 2017, compared with 2.4 % in the previous quarter. The United Kingdom recorded the slowest growth (1.5 %) among the Major Seven economies, slipping from second highest in mid-2016.

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