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OECD area economic growth remained unchanged in the second quarter from the previous three months period.
The gross domestic product, or GDP, increased 0.7% on a sequential basis in the second quarter, same as in the previous quarter, a report by the Organization for Economic Co-operation and Development showed on Wednesday. However, the GDP was bigger than a 0.3% growth recorded a year earlier.
The real GDP grew by 1% in both the euro area and the European Union in the second quarter, which was mainly driven by record growth of 2.2% in Germany, the report said. The GDP growth in the United Kingdom rose to 1.1% from 0.3% in the first quarter, while the GDP in France grew to 0.6% from 0.2%. The GDP growth in Italy remained unchanged at 0.4%.
On the other hand, the GDP growth in Japan and the United States slowed to 0.1% and 0.6% respectively, compared with 1.1% and 0.9% in the first quarter.
On an annual basis, the GDP grew 2.8% in the second quarter, faster than a 2.4% growth in the first quarter. The GDP increased for the second consecutive quarter. A year earlier, the GDP decreased 4.6%.
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