Private consumption remained the main driver of GDP growth in the first quarter of 2011 but its contribution fell in nearly all major economies, OECD reported. Real GDP in the OECD area grew by 0.5% in the first quarter of 2011.
Private consumption's contribution to OECD growth was 0.2%, meaning its contribution fell to its lowest level since the second quarter of 2009. This was offset by a large swing in the contribution from inventories.
The 34 OECD member countries are: Australia, Austria, Belgium, Canada, Chile, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Israel, Italy, Japan, Korea, Luxembourg, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Slovak Republic, Slovenia, Spain, Sweden, Switzerland, Turkey, the United Kingdom, and the United States.
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