AS per OECD Study, the real GDP growth in OECD area has increased by 0.4% in the first quarter of 2012, compared with 0.3% growth in the previous quarter. Private consumption was the main contributor with 0.3 percentage point, while government consumption, gross fixed capital formation and net exports contributed 0.1 percentage point each. Destocking continued from the previous quarter, dragging down GDP growth by 0.1 percentage point.

Private consumption continued driving economic growth in the United States. Nevertheless, growth decreased slightly, due mainly to a discontinuation of stockbuilding in the first quarter. In Japan, private consumption contributed 0.7 percentage point to GDP growth. The revival of net exports and stockbuilding was partly offset by the falling contribution of investment.

Gross fixed capital formation and stockbuilding were the main drivers of GDP growth in Canada (0.5%) in the first quarter.

In France, GDP growth stagnated as a result of falls in the contribution of net exports and gross fixed capital formation compared with the previous quarter, despite an increased contribution from stockbuilding. In Germany, restored net exports and private consumption increased overall economic growth to 0.5%, after a negative growth (minus 0.2 %) in the previous quarter.