AS indicated
by the CLIs last week, the GDP in the OECD countries grew by 0.4% in the fourth
quarter of 2010, down from the 0.6% growth recorded in the previous
quarter.
GDP
contracted by 0.3% in Japan and by 0.5% in the United
Kingdom in the fourth quarter of 2010. In Japan the
slowdown partly reflected the unwinding of stimulus measures to boost domestic
demand while in the United Kingdom it partly reflected the
severe weather; with services and construction being particularly affected.
Growth also slowed in Germany to 0.4% (from 0.7% in the
previous quarter) and Italy to 0.1% (from 0.3%). In the
United States growth accelerated to 0.8% from 0.6% in the
previous quarter and in France and the euro
area growth remained broadly stable at 0.3%. While in the
European Union growth fell to 0.2% from 0.5% in the previous
quarter.
In
2010, GDP in the OECD area expanded by 2.9%, significantly up
from the sharp decline of 3.5% recorded in 2009.
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