THE real GDP growth in the OECD area accelerated slightly to 0.5% in the third
quarter of 2016, compared with 0.4% in the previous quarter. Contributions from
private consumption and investment slowed to 0.2 and 0.0 percentage point
respectively (down from 0.5 and 0.1 in the previous quarter) while net exports
and especially stockbuilding drove GDP growth up (0.1 percentage point each in
the third quarter of 2016, compared with 0.0 and minus 0.2 respectively in the
previous quarter). Contribution from government consumption was stable at 0.1
percentage point for the seventh consecutive quarter.
Among
most of the major Seven economies GDP growth accelerated but with quite
heterogeneous contributions of the various expenditure categories.
GDP
grew strongly in Canada (0.9%, compared to minus 0.3% in the
previous quarter), mainly as a result of a marked increase in the contribution
of the trade balance (0.4 percentage point, as compared to minus 1.3 in the
previous quarter), which together with a slight acceleration in the contribution
from private consumption (0.4 percentage point, after 0.3) were only partially
offset by the negative contributions from government consumption and investment
(minus 0.1 percentage point each, from 0.3 and 0.0 respectively).
In
the United States, the acceleration in GDP growth (0.9%,
compared to 0.4% in the previous quarter) was the result of a pick-up in all
contributions, with the exception of private consumption (0.5 percentage point,
down from 0.7). The contribution from stockbuilding added a 0.1 percentage point
to GDP growth (picking up markedly from minus 0.3 percentage point in the
previous quarter), while the other expenditure categories also contributed to
economic growth, but to a lesser extent.
In
Italy, the slight acceleration of GDP grew (0.3%, compared with 0.1% in the
previous quarter) was mainly driven by an improvement of the contribution from
stockbuilding (0.1 percentage point, from minus 0.2). On the other hand, the
contribution from net exports decreased relatively significantly (minus 0.1
percentage point, from 0.3).
In
France, GDP growth turned positive (0.2%, from minus 0.1%),
driven by significantly increased contribution from stockbuilding (0.6
percentage point, from minus 0.8).This was almost fully offset by a marked
deterioration in the contribution of the trade balance (minus 0.6 percentage
point, down from 0.5).
In
the United Kingdom GDP growth was stable (at 0.6%). As in Italy
and France, a strongly deteriorating trade balance (minus 1.2 percentage point,
down from 0.4 in the previous quarter) was counterbalanced by the positive
contribution of stockbuilding (1.2 percentage point, up from minus
0.3).
In
Japan, GDP growth slowed (to 0.3%, down from 0.5% in the
previous quarter), mainly as a result of deteriorating contributions from
stockbuilding (minus 0.3 percentage point, from 0.2) and investments (0.0
percentage point, down from 0.4). These negative effects were only partially
offset by improving contributions of the trade balance (0.3 percentage point, up
from minus 0.1), government consumption (0.1 percentage point, from minus 0.2)
and private consumption (0.2 percentage point, from 0.1).
In
Germany, GDP growth slowed to 0.2% (down from 0.4% in the
previous quarter), as the marked deterioration in the contribution of the trade
balance (minus 0.3 percentage point, from 0.5) was not enough to counterbalance
the positive effects of the increasing contributions from investments (0.0
percentage point, up from minus 0.3), stockbuilding (0.0 percentage point, up
from minus 0.1), and, to a minor extent, the other expenditure categories.
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