According to the Organisation of Economic Co-operation and Development (OECD), gross domestic product (GDP) in the OECD rose by just 0.1 percent in the first quarter this year quarter on quarter, down from a 0.5 percent rise in the previous quarter.
The overall GDP growth rate also slowed for the G7 countries in the first quarter, from 0.4 percent to 0.1 percent. Japan and the US recorded GDP contractions of 0.2 percent and 0.1 percent, respectively, compared to 0.6 percent growth in both countries in the previous quarter. Growth accelerated significantly in the UK from 0.1 percent to 0.7 percent, mainly driven by increases in investment and exports of goods. GDP growth in Italy, Germany and France increased to 0.3 percent, 0.2 percent and 0.1 percent, respectively, compared to the previous quarter. In the fourth quarter last year GDP growth in Italy was at 0.2 percent, while Germany and France recorded contractions of 0.2 percent and 0.1 percent, respectively.
Compared to the first quarter last year, GDP growth in the OECD was 1.6 percent in the first quarter. Among G7 economies, Canada recorded the highest growth over the last four quarters (2.3 percent), followed by the US (two percent), while Germany recorded the largest fall (-0.2 percent).