OECD GDP up 0.4% in the second quarter of 2014
Provisional estimates show that quarterly real gross domestic product (GDP) in the OECD increased by 0.4% in the second quarter of 2014 but this total masks variations across countries.
In the United States, real GDP growth rebounded strongly to 1.0%, while in the United Kingdom growth remained strong at 0.8%.
In Japan GDP contracted by 1.7% in the second quarter of 2014, partly reflecting the effects of April’s increase in consumption tax that brought spending forward and drove GDP up by 1.5% in the first quarter.
In Germany and Italy, GDP contracted by 0.2% while in France GDP remained flat for the second consecutive quarter.
GDP year-on-year growth for the OECD was 1.9% in the second quarter of 2014, slightly lower than the previous quarter (2.1%).
Among the largest economies, the United Kingdom recorded the highest growth rate (3.2%), followed by the United States (2.4%).
Italy was the only country reporting a year-on-year contraction (minus 0.3%).