GDP in the OECD Area Rose by 0.5 Percent in Q3 Nov 21, 2006

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Gross domestic product (GDP) in the OECD area rose by 0.5 percent in the third quarter of 2006, down from 0.8 percent in the previous quarter, according to preliminary estimates.

In the U.S. GDP grew by 0.4 percent in the third quarter of 2006, less than the 0.6 percent growth recorded in the previous quarter. Japan’s GDP rose by 0.5 percent, following 0.4 percent in the previous quarter. GDP in the Euro area rose by 0.5 percent, down from the quite high growth rates observed in the two previous quarters.

Among the major seven countries GDP growth in the third quarter of 2006 ranged from zero in France to 0.7 percent in the United Kingdom.

Annual growth (the third quarter of 2006 compared with the third quarter of 2005) was highest in the U.S. (2.9 percent) and lowest in Italy (1.7 percent). In Germany and the United Kingdom, the annual growth rate was higher than in the previous quarter. In France and the U.S. it was lower. In Italy and Japan it remained stable.

Country or area contributions to total OECD growth: the U.S. contributed 1.0 percentage point to the total OECD growth of 3.0 percent between the third quarter of 2005 and the third quarter of 2006, Japan contributed 0.3, the Euro area 0.7, and the other countries 0.9 percentage point.

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