OECD Economies Continue to Slow in July
Sep 11, 2008
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Growth in the seven major world economies continued to weaken in July as indicated by the Composite Leading Indicators, or CLIs, the Organisation for Economic Cooperation and Development (OECD) said. Among the large non-OECD member countries, the CLI's point to tentative expansion in China, Brazil, and Russia while the Indian economy was mired in the throes of a downturn.

The CLI for the OECD area decreased by 0.7 points in July compared to June. The CLI for the U.S. declined 0.2 points in July, while that for Canada dropped 1.5 points and the CLI for the France slipped 1.1 points. For Germany, it decreased 1.5 points, while for Italy it declined the most, 1.9 points. The CLI for Japan declined the least 0.5 points, while the CLI for the U.K. slid 0.9 points.

The CLI for Brazil posted a monthly expansion of 1.4 points in July, while the CLI for China declined 1.3 points.

On an annual basis, the U.S. CLI reading slipped 5 points in July, while the CLI reading for Canada also dipped 5 points. The CLI for Germany dropped 6.7 points, the highest among the seven major nations, while that for Japan dipped 3.4 points, the least. The CLI for France shrank 6 points, while for Italy it declined 5.9 points. The CLI for the U.K. slid 5.5 points.

The CLI for Brazil grew 2.3 points annually in July, while the CLI for China witnessed a drop of 1.4 points. The CLI for Russia expanded a robust 5 points while the CLI for India dipped 5.5 points.

The CLI for the OECD area as a whole declined 5.2 points on an annual basis in July, while the Euro area witnessed a strong slowdown as the CLI decreased 6 points. The Major five economies of Asia consisting of China, India, Indonesia, Japan, and Korea, showed signs of a slowdown as their CLI declined 3.1 points.

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