18.08.201009:19:00UTC+00OECD Area Economic Growth Remains Unchanged In Q2

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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