By Daniel Hunter
Provisional estimates show that quarterly real gross domestic product (GDP) in the OECD area increased by 0.5% in the second quarter of 2013, up from 0.3% in the previous quarter. The OECD total was boosted by an acceleration of growth in most Major Seven economies.
In the United Kingdom and the United States, GDP growth accelerated to 0.6% and 0.4% respectively, compared with 0.3% in the previous quarter. In Germany, GDP increased by 0.7%, compared with the flat growth rate registered in the previous quarter.
In France, GDP grew by 0.5%, rebounding from a contraction of 0.2% in the previous quarter. On the other hand, in Japan, GDP growth slowed to 0.6%, compared with 0.9% in the previous quarter. In Italy, GDP declined for the eighth consecutive quarter, but with the pace of contraction slowing to 0.2%, compared with 0.6% in the previous quarter.
GDP growth rebounded in the European Union (0.3%, compared with minus 0.1%) and in the Euro area (0.3%, compared with minus 0.3%), the first GDP expansion since the third quarter of 2011.
Compared with the second quarter of 2012, GDP in the OECD area expanded by 0.9%, up from 0.6% in the first quarter. Among the Major Seven economies, the United Kingdom and the United States recorded the highest growth rate (1.4%) and Italy the largest contraction (minus 2.0%).
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