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

Quarterly growth of real gross domestic product (GDP) in the OECD area slowed slightly to 0.6 % in the fourth quarter of 2017, compared with 0.7 % in the previous quarter, according to provisional estimates

Among the Major Seven economies, GDP growth slowed markedly in Japan (to 0.1%, compared with 0.6% in the previous quarter). It also slowed, albeit marginally, in the United States and Germany (to 0.6%, from 0.8% and 0.7% respectively in the previous quarter), and Italy (to 0.3%, from 0.4%).

On the other hand, growth picked up slightly in France (to 0.6 %, from 0.5 %), and the United Kingdom (to 0.5 %, from 0.4 %).

In the European Union and the euro area, growth slowed marginally (to 0.6 % from 0.7 %).

Year-on-year GDP growth for the OECD area decelerated to 2.6 % in the fourth quarter of 2017, compared with 2.8 % in the previous quarter. Among the Major Seven economies, Germany recorded the highest annual growth (2.9 %), while the United Kingdom recorded the slowest annual growth (1.5 %).

For 2017 as a whole, OECD GDP rose by 2.5% in the OECD area, up from 1.8 % in 2016.