AS per OECD, the quarterly
gross domestic product (GDP) in the OECD area grew by 0.4% in the first quarter
of 2012, up from 0.3% in the previous quarter.
The OECD total continues to mask diverging patterns among member countries.
Positive growth rates were recorded in Japan (1.0%), Germany (0.5%) and the
United States (0.5%). Economic activity remained weak in the Euro area and
the European Union as a whole.
GDP fell by 0.8% in Italy, the third straight quarter of contraction. In
the United Kingdom, GDP contracted for the second consecutive quarter by 0.3%.
In France, GDP levelled off in the first quarter of 2012.
Compared with the same quarter of 2011, GDP growth expanded by 1.6% in the
first quarter of 2012 in the OECD area, up from 1.4% in the previous quarter.
Among the Major Seven economies, Japan recorded the highest growth rate (2.6%),
followed by the United States (2.1%). Italy recorded the lowest growth rate
(minus 1.3%).
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