OECD Area GDP Expands In Q1

The Organization for Economic Cooperation and Development (OECD) area expanded in the first quarter, but the overall gross domestic product figure masks a wide spectrum of growth rates across countries.

 Provisional estimates published by the OECD on Tuesday showed that GDP rose 0.4 percent sequentially, after staying flat a quarter ago.

 Real GDP growth accelerated in Japan and the United States to 0.9 percent and 0.6 percent respectively, compared with 0.3 percent and 0.1 percent in the previous quarter, it said.

 In the United Kingdom and Germany, GDP grew by 0.3 percent and 0.1 percent, rebounding from the contractions of 0.3 percent and 0.7 percent in the previous quarter.

 The pace of contraction slowed in the euro area to -0.2 percent from -0.6 percent. On a yearly basis, the OECD area expanded 0.8 percent, the same rate as seen in the previous quarter.