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

Among the major seven economies, GDP growth slowed markedly in the UK and Germany
Among the major seven economies, GDP growth slowed markedly in the UK and 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.