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GDP in the OECD Area Rose 0.5% in 1Q 2008
May 21, 2008
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Gross domestic product (GDP) in the OECD area rose by 0.5% in the first quarter of 2008, the same rate as in the previous quarter, according to preliminary estimates. The OECD area covers the 30 OECD member countries: Australia, Austria, Belgium, Canada, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, Korea, Luxembourg, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Slovak Republic, Spain, Sweden, Switzerland, Turkey, the UK, and the United States.
 
In the United States, GDP grew by 0.1% in the first quarter of 2008, as in the previous quarter. Japan’s GDP rose by 0.8%, following an increase of 0.6% in the previous quarter. GDP in the Euro area, which covers Austria, Belgium, Finland, France, Germany, Greece, Italy, Ireland, Luxembourg, Netherlands, Portugal, and Spain, rose by 0.7%, up from 0.4% in the previous quarter.
 
Among the major seven countries, GDP growth in the first quarter of 2008 ranged from 0.1% in the United States to 1.5% in Germany.
 
Annual growth (1Q 2008 compared with the 1Q 2007) was highest in Germany (2.7%) and lowest in Japan (1.1%). In Germany, the annual growth rate was higher than in the previous quarter. In Japan and the UK, it was lower. It was stable in France and the United States.
 
The United States contributed a 0.9 percentage point to total OECD growth of 2.6% between the first quarter of 2007 and the first quarter of 2008. Japan contributed 0.1, the Euro area (12 countries) 0.7, and a 0.9 percentage point in the remaining countries.

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