Fourth Consecutive Quarter of GDP Growth in OECD Countries
Jun 1, 2010
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Gross domestic product (GDP) in the OECD area rose by 0.7% in the first quarter of 2010, the fourth consecutive quarter of growth in the area.
Strong GDP growth continued in the United States (0.8%) and Japan (1.2%).
GDP growth was more subdued in both the Euro area and the European Union (0.2%). Italy returned to positive GDP growth in the first quarter of this year (0.5%), after the small decline of the previous quarter, while the pace of the recovery eased in both France and the United Kingdom and was unchanged in Germany.
Relative to a year earlier, GDP in the OECD area returned to positive growth (2.5%) after five consecutive quarters of contraction. With the exception of the United Kingdom (where GDP was 0.2% lower than a year earlier), GDP was above the level recorded in the previous year in all other major OECD economies, with a large rebound in Japan (4.2%).
The OECD Area includes these 29 countries:
• Czech Republic
• New Zealand
• Slovak Republic
• United Kingdom
• United States
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