OECD lead indicators show pick-up in India growth, Europe losing momentum

PARIS - Economic growth is set to continue losing momentum in Europe while the outlook is stable for most other major economies and in the OECD area as a whole, according to the Organisation for Economic Cooperation and Development.

The Paris-based OECD's monthly composite leading indicator (CLI) covering 33 member countries pointed to growth easing from relatively high levels in Britain, a loss of growth momentum in Germany and Italy, and stable growth momentum in France.

The overall CLI indicator, meant to flag early signals of turning points in economic activity, was steady at 100.4, above the long-term average of 100.

The CLI for Germany ticked down to 99.5 from 99.7 the previous month, while Italy's was 101.1 down from 101.2.

Amongst other major economies, the CLIs continue to point to stable growth momentum in the United States, Canada, China and Brazil, the OECD said.

It said that while tentative signs of a positive change in momentum were emerging in Japan, the CLI for Russia pointed to growth tentatively losing momentum.

India was the only major economy where the CLI points to a clear pick-up in growth momentum, it said.

(Reporting by Andrew Callus; editing by Mark John)