OECD Area Economy Expands At Faster Pace In Q3
Friday, 18 November 2011 | 00:00
Economic growth in the Organization for Economic Cooperation and Development (OECD) area accelerated modestly in the third quarter, driven mainly by strong growth in Japan, preliminary data showed Thursday.
The gross domestic product (GDP) increased 0.6 percent sequentially in the third quarter, faster than the second quarter's 0.3 percent growth. In the first quarter, the economy expanded 0.4 percent.
The improvement in the growth rate was primarily driven by Japan, where the economy rebounded with a 1.5 percent expansion after contracting for three consecutive quarters.
Growth in the Eurozone and the European Union remained stagnant at 0.2 percent in the third quarter, while in the United Kingdom it quickened to 0.5 percent from the previous quarter's 0.1 percent. The U.S economy grew 0.6 percent quarter-on-quarter in the three-month period, after expanding 0.3 percent in the second quarter.
On an annual basis, GDP advanced 1.8 percent in the third quarter, unchanged from the rate of growth recorded in the second quarter.
Source: RTT News
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