Economic growth in the world's industrialised economies grouped in the OECD slipped to 0.7% in the second quarter of 2004 compared with the first, the Organisation for Economic Cooperation and Development reported today. Growth in the first quarter came to 1%.
Annual growth in the 30 OECD members, comparing second quarter 2004 with the same period last year, was 3.7% against 3.6% in the first quarter.
The US posted second quarter momentum of 0.7%, down from 1.1% in the first, according to the OECD.
In annual terms, US growth came to 4.7% in the April-June period this year after 5% in the first quarter.
The Japanese economy slowed in the second quarter, with a growth rate of 0.3% after 1.6% in the first three months of the year. Japan's annual growth was 4.3% in the second quarter, down from 5.1% in the first.
In the 12-nation euro zone economic activity increased at a rate of 0.5% in the second quarter after 0.6% in the first. Annual growth in the second quarter increased to 2% from 1.3% in the first.
