The Organization for Economic Cooperation and Development (OECD) has announced that gross domestic product (GDP) growth in the OECD area in the second quarter this year slowed slightly to 0.3 percent from 0.4 percent recorded in the previous quarter, while the year-on-year GDP growth figure in the second quarter fell to 1.6 percent from 1.7 percent recorded in the previous quarter.
Compared with the same period of 2015, in the second quarter this year the largest increase in GDP growth in the OECD area was recorded in the UK at 2.2 percent, while Japan recorded the lowest annual growth rate at 0.6 percent. The United States recorded its lowest annual growth rate (1.2%) in three years.
Compared with the previous quarter, in the second quarter the UK (pre-Brexit) saw its GDP growth rate increase to 0.6 percent, while the United States saw its GDP growth rate increase to 0.3 percent. In Japan and France, GDP growth decreased to 0.0 percent compared to the previous quarter. Germany’s GDP growth fell to 0.4 percent in the second quarter, while Italy’s GDP growth decreased to 0.0 percent, from the previous quarter. In the second quarter, in the euro area GDP growth narrowed to 0.3 percent, while GDP growth in the EU-28 region was down to 0.4 percent, both compared to the previous quarter.