THE GDP in the OECD area continues to grow at a rate of 0.5% in the first
quarter of 2011 despite a continued contraction in Japan and slower growth in
the United States. However, growth in most major European economies and Canada
accelerated strongly.
Real
GDP grew by 0.8% in the European Union compared to 0.2% in the previous quarter.
This acceleration was driven by Germany (where GDP grew by 1.5%), France (1.0%)
and the United Kingdom, where the economy expanded by 0.5% after a 0.5%
contraction in the previous quarter. In Italy growth remained at 0.1%. Euro area
GDP grew by 0.8% compared to 0.3% in the previous quarter.
Among
non-European countries, GDP in Canada grew by 1.0%, up from 0.8% in the previous
quarter. In the United States GDP slowed to 0.4% compared with 0.8% in the
previous quarter. In Japan, GDP contracted by 0.9% following a 0.8% contraction
in the previous quarter, partly reflecting the impact of the natural disaster of
11 March 2011.
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