OECD GDP growth slows to 0.5% in second quarter of 2019


Growth of real gross domestic product (GDP) in the OECD area slowed to 0.5% in the second quarter of 2019, compared with 0.6% in the previous quarter, according to provisional estimates.

Among the Major Seven economies, GDP growth slowed markedly in the United Kingdom (to minus 0.2% from 0.5% in the previous quarter) and in Germany (to minus 0.1% from 0.4%).

GDP growth also decelerated, but more moderately, in the United States and Japan (to 0.5% and 0.4%, respectively, from 0.8% and 0.7% in the previous quarter) and, marginally, in France and Italy (to 0.2% and 0.0%, respectively, from 0.3% and 0.1%).

GDP growth also slowed in the European Union and the euro area (to 0.2% compared with 0.5% and 0.4%, respectively, in the previous quarter).

Year-on-year GDP growth for the OECD area slowed marginally to 1.6% compared with 1.7% in the previous quarter. Among the Major Seven economies, the United States recorded the highest annual growth (2.3%), while Italy recorded the lowest annual growth (0.0%).