Overall growth in industrialised countries belonging to the OECD remained weak and slowed down in the first quarter of this year, preliminary data from the OECD indicated today.
The euro zone stagnated in the first quarter with zero growth, as the German and Italian economies contracted, it said.
Gross domestic product growth throughout the area covered by the Organisation for Economic Cooperation and Development was 0.3% in the first quarter compared with 0.4% in the final quarter of 2002.
The slowdown was even more marked on a 12-month comparison. Growth in the first quarter was 2% compared with the first three months of 2002. The fourth quarter of last year had shown 12-month growth of 2.5%.
The US economy grew by 0.5% in the first quarter after growth of 0.3% in the previous quarter. First quarter annual growth was 2.1% after 2.9% in the fourth quarter of last year.
The euro zone showed zero growth in the first quarter after growth of 0.1% in the last quarter of 2002. On a 12-month comparison, growth slowed to 0.8% after 1.2% in the fourth quarter.
