OECD GDP growth accelerates to 0.7% in second quarter of 2017

Quarterly growth of real gross domestic product (GDP) in the OECD area accelerated to 0.7% in the second quarter of 2017, compared with 0.5% in the previous quarter, according to provisional estimates.

Among the Major Seven economies, in the second quarter of 2017, GDP growth accelerated strongly in Japan (to 1.0%, compared with 0.4% in the previous quarter) and the United States (to 0.6%, compared with 0.3%), while only slightly in the United Kingdom (to 0.3%, compared with 0.2%).

Growth was stable in France and Italy (at 0.5% and 0.4%, respectively), while it slowed marginally in Germany (to 0.6%, compared with 0.7% in the previous quarter).

In the European Union and the euro area growth picked up marginally to 0.6% (from 0.5%).

Year-on-year GDP growth for the OECD area accelerated to 2.4% in the second quarter of 2017, compared with 2.1% in the previous quarter. Among the Major Seven economies, Germany, Japan and the United States recorded the highest annual growth rate (2.1%), while Italy recorded the lowest growth (1.5%).

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