OECD GDP growth accelerates to 0.6% in third quarter of 2016

Real growth of gross domestic product (GDP) in the OECD area picked up markedly to 0.6% in the third quarter of 2016, compared with 0.3% in the previous quarter, according to provisional estimates.

Growth accelerated in most Major Seven economies in the third quarter of 2016, with the exception of the United Kingdom and Germany, where growth slowed to 0.5% and 0.2%, respectively, compared with 0.7% and 0.4% in the previous quarter.

In the United States, growth accelerated to 0.7% in the third quarter of 2016, following a rate of 0.4% in the previous quarter. Growth also picked up in Japan, to 0.5%, compared with 0.2% in the previous quarter, and in Italy and France (to 0.3% and 0.2%, respectively, compared with 0.0% and minus 0.1% in the previous quarter).

In the European Union and in the euro area, growth was stable at 0.4% and 0.3%, respectively.

Year-on-year GDP growth for the OECD area was 1.7% in the third quarter of 2016, marginally up from 1.6% in the previous quarter. Among Major Seven economies, the United Kingdom (2.3%) and Germany (1.7%) recorded the highest annual growth rates, while Japan registered the lowest (0.8%).

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