GDP rises in OECD countries

OECD countries experienced 0.8 per cent growth in the fourth quarter of 2009, up from 0

OECD countries experienced 0.8 per cent growth in the fourth quarter of 2009, up from 0.6 per cent in the previous quarter according to seasonally-adjusted data.

The United States and Japan led the growth, with GDP rising by 1.4 and 1.1 per cent respectively.

By contrast, GDP growth in the euro area slowed to 0.1 per cent in the fourth quarter compared to 0.4 per cent in the third quarter.

GDP growth in France was relatively strong, at 0.6 per cent but German GDP remained unchanged on the previous quarter and in Italy, GDP declined by 0.2 per cent.

READ MORE

The United Kingdom recorded positive GDP growth of 0.1 per cent in the fourth quarter after six consecutive quarters of contraction.

Relative to a year earlier, GDP in the OECD contracted by 0.7 per cent, compared to a 3.4 per cent decline in the third quarter of 2009.

With the exception of the United States, where GDP was 0.1 per cent higher than a year earlier, GDP contracted in all the Major Seven economies. Most of the year-on-year decline in OECD GDP reflected developments in the euro area (13 countries), which accounted for 0.5 percentage points of the total.