OECD economies expanded at a rate of 0.8 per cent in third quarter 2002 from the 0.5 per cent recorded in the previous three months, the Organization for Economic Co-operation and Development reported today, citing preliminary estimates.
But compared with the third quarter of last year, growth was even greater, reaching 2.3 per cent in the third quarter from a rate of 1.4 per cent in third quarter 2001, said the OECD, which groups 30 industrialized countries.
The OECD estimated that US gross domestic product grew at a rate of 1 per cent in the third quarter from 0.3 per cent in the second quarter while growth on an annual basis rose to 3.2 per cent in the third quarter from 2.2 per cent in the same period last year.
In Japan, GDP grew 0.8 per cent in the third quarter, slowing from growth of 0.9 per cent the previous quarter. On annual basis, growth was positive in the third quarter at 1.3 per cent for the first time since second quarter of 2001.
In the euro-zone output was stable at 0.3 per cent in the third quarter. On an annual basis, growth was 0.8 per cent in the third quarter compared with 0.6-per cent growth in the second quarter.
AFP