Real growth of gross domestic product (GDP) in the OECD area decelerated slightly to 0.4% inthe fourth quarter of 2016, compared with 0.5% in the previous quarter, according to provisional estimates.

Among Major Seven economies, growth picked up in Germany and France in the fourth quarter of 2016, to 0.4%, compared with 0.1% and 0.2% respectively in the previous quarter, and remained stable in the United Kingdom, at 0.6%. However, growth slowed sharply in the United States (to 0.5%, down from 0.9%) and also, albeit slightly, in Japan and Italy (to 0.2%, compared with 0.3% in the previous quarter).

In the European Union and in the euro area, growth was stable at 0.5% and 0.4%, respectively.

Year-on-year GDP growth for the OECDarea was stable at 1.7% for the fourth straight quarter. Among Major Seveneconomies, the United Kingdom (2.2%) recorded the highest annual growth rate (for the fourth consecutive quarter), while Italy and France registered the lowest (1.1%).

For 2016 as a whole, GDP rose by 1.7% in the OECD area, down from 2.4% in 2015.

Full Report

Source: OECD – Organisation for Economic Co-operation and Development