Syndicated by GEO´ PRChannel Team
Málaga Technology Centre
Growth of real gross domestic product (GDP) in the OECD area slowed to 0.2% in the fourth quarter of 2019, compared with 0.4% in the previous quarter, according to provisional estimates.
Among the Major Seven economies with data available for the fourth quarter of 2019, only the United States saw GDP increase (up 0.5%, unchanged from the previous quarter).
GDP contracted sharply in Japan (by minus 1.6%, following October’s increase in consumption tax) and also contracted in Italy (by minus 0. 3%) and France(by minus 0. 1%). GDP growth slowed to zero in the United Kingdom and Germany (following growth of 0.5% and 0.2% respectively in the previous quarter) and also slowed in the euro area and in the European Union (to 0.1%, from 0.3% in the previous quarter).
Year-on -year GDP growth for the OECD area slowed to 1.6% in the fourth quarter of 2019, from 1.7% in the previous quarter. Among the Major Seven economies, the United States recorded the highest annual GDP growth (2.3%), while Japan recorded the lowest annual growth.
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About OECD
The Organisation for Economic Co-operation and Development (OECD; French: Organisation de
coopération et de développement économiques, OCDE) is an intergovernmental economic organisation with 36 member countries, founded in 1961 to stimulate economic progress and world trade. It is a forum of countries describing themselves as committed to democracy and the market economy, providing a platform to compare policy experiences, seek answers to common problems, identify good practices and coordinate domestic and international policies of its members. Most OECD members are high-income economies with a very high Human Development Index (HDI) and are regarded as developed countries. As of 2017, the OECD member countries collectively comprised 62.2% of global nominal GDP (US$49.6 trillion)and 42.8% of global GDP at purchasing power parity.
The OECD is an official United Nations observer.
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