The economic growth of the Organization for Economic Co-operation and Development (OECD) countries slowed in the third quarter of this year, the Paris-based organization said yesterday. In the July-September period, growth of real gross domestic product (GDP) in the OECD area was 0.5 percent, compared to 0.7 percent in the second quarter of this year. The organization's provisional estimates showed that GDP contracted in Japan and Germany by 0.3 percent and 0.2 percent, respectively, among the world's major seven economies. "GDP growth slowed marginally in the U.S. [to 0.9 percent, from 1 percent] and Italy [to 0 percent, from 0.2 percent]," the organization said.
Pointing to the slight acceleration, the OECD said the U.K. saw a 0.6 percent GDP growth in the third quarter of this year – up from 0.4 percent – and the French economy grew 0.4 percent, as the growth rate was 0.4 percent in April-June period. "However, GDP growth slowed in the EU and the euro area [to 0.3 percent and 0.2 percent, respectively, compared with 0.5 percent and 0.4 percent in the second quarter]," it said. The eurozone or euro area represents 19 member states of the EU that use a single currency – the euro – while the bloc consists of 28 member countries. On a yearly basis, the OECD area's economic growth also posted a slowdown – falling for the fourth quarter in a row to 2.4 percent in July-September this year. "Among the major seven economies, the U.S. recorded the highest annual growth [3 percent], while Japan recorded the lowest annual growth [0.4 percent]," the OECD added.