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Growth slows in OECD countries; marked slowdown in UK & Germany

Growth slows in OECD countries; marked slowdown in UK & Germany

Economic growth across the OECD area slowed to 0.5% in the second three months of 2019.

That compared to growth of 0.6% across the organisation’s 36 member countries in the previous three month period.

Among the major seven economies, GDP growth slowed markedly in the UK, where the economy contracted by 0.2% compared to growth of 0.5% in the previous quarter.

In Germany, growth slowed from 0.4% in the opening months of the year to minus 0.1% in the second quarter.

Both countries could find themselves in a technical recession if contraction continued into the current quarter.

Growth in gross domestic product also decelerated in the US, but at a more moderate pace.

Growth slowed from 0.5% to 0.4%.

It was a similar picture for Japan, where growth slowed from 0.8% to 0.7%.

In Italy, there was zero growth in the second three months, while in France, GDP growth slowed from 0.3% to 0.2%.

For the European union and the euro zone, growth slowed to 0.2% from 0.5% and 0.4% respectively in the first quarter.

Year-on-year GDP growth for the OECD area slowed marginally to 1.6% compared with 1.7% in the previous quarter.

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