In the third quarter, GDP in the region grew by 0.6%.
GDP in Japan fell by 0.3% and in the UK by 0.5%, with the Paris-based Organisation for Economic Co-operation and Development saying: “In Japan the slowdown partly reflected the unwinding of stimulus measures to boost domestic demand while in the UK it partly reflected the severe weather; with services and construction being particularly affected.”
Perhaps more worrying is that growth also slowed in Germany, from 0.7% in Q3 to a 0.4% rise in Q4. Elsewhere in the euro area, Italy’s growth fell from 0.3% to 0.1% while France’s remained flat over the two quarters at 0.3%. The European Union economy as a whole grew by 0.2%, down from 0.5% in Q3.
The most notable exception to this trend was the US, its GDP growing by 0.6% in Q3 and then 0.8% in the final quarter of last year.
Over the whole of 2010, GDP in the OECD area expanded by 2.9%, significantly up from the sharp decline of 3.5% recorded in 2009.
The OECD, made up of 34 mostly developed world economies, accounts for 60% of the global economy.
