OECD GDP growth continues to slow

The OECDs gross domestic product slowed to 0.2% in Q2 2011, down from 0.3% in the previous quarter.

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The GDP figure for the second quarter of 2011 rose by 0.2%, down from 0.3% in the previous quarter. The equivalent figure for the euro area and the European Union was particularly sluggish with growth slowing to 0.2% from 0.8% in Q1.

German growth fell more than a percent to 0.1%, while in France GDP growth was zero compared to 0.9% in the previous quarter. In the UK, GDP growth slowed to 0.2% from 0.5%.

However, GDP growth picked up in Italy, increasing 0.3% from 0.1% in the first quarter.

Latest Q1 estimates in the US reflect a significant downward revision from the earlier estimates of 0.5% released in June.

In Japan, GDP continued to contract but at a slower pace: -0.3% compared to -0.9%.

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