OECD growth slows to 0.3 percent in Q2

NEW YORK

Total GDP growth in the Organization for Economic Co-operation and Development (OECD) area slowed to 0.3 percent during the second quarter, compared to 0.4 percent growth the previous period, the organization said Thursday.

Growth slowed in four of the major seven countries in the 35-member bloc. Germany's growth eased to 0.4 percent from 0.7 percent in first three months of this year. In addition, growth in France, Italy and Japan fell to zero percent in the second quarter, from 0.7 percent, 0.3 percent and 0.5 percent, respectively.

Canada's second quarter GDP growth rate was not yet available yet, the OECD said.

On the other hand, the U.S. and the U.K. increased to 0.3 percent and 0.6 percent in the, from 0.2 percent and 0.4 percent in the first quarter this year, respectively.

The OECD noted that the U.K.’s figures were measured prior to Britain’s vote June 23 to leave the EU.

There was also slowdown in GDP growth of the EU and Euro area. Second quarter growth in the EU fell to 0.4 percent, from 0.5 percent, while the Euro area declined to 0.3 percent, from 0.6 percent, according to the OECD.

The second quarter GDP growth rate for Turkey was not yet available.