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 0.5 percent from 0.7 percent recorded in the previous quarter, while the year-on-year GDP growth figure in the third quarter fell to 2.4 percent from 2.5 percent recorded in the previous quarter.
Looking at the seven major OECD economies, in the given quarter the United States (3.0%) recorded the highest annual growth rate while Japan (0.4%) recorded the lowest annual growth.
In the third quarter of 2018 in the seven major economies, growth slowed markedly in the United States to 0.9 percent compared with one percent in the previous quarter, and declined in Italy to 0.0 percent compared with 0.2 percent in the previous quarter. Growth also slowed in Germany by 0.2 percent from 0.5 percent recorded in the second quarter of 2017. On the other hand, growth picked up in the UK to 0.6 percent compared to 0.4 percent in the previous quarter, rose in France to 0.4 percent from 0.2 percent in the second quarter.
In the third quarter, in the euro area GDP growth narrowed to 0.2 percent, while GDP growth in the EU-28 region was down to 0.3 percent, both compared to the previous quarter.