Top economies slowing, UK jumps ahead: OECD
May 21, 2014, 12:06 am TWN
PARIS -- Over a full year, Britain led top economies, growing by 3.1 percent, far outpacing the OECD average.
Growth in the 34 advanced democracies covered by the OECD edged back to 0.4 percent in the quarter from 0.5 percent in the last quarter of last year.
The latest OECD-area quarterly data is in line with recent signals that the recovery from the financial and eurozone debt crisis is sluggish and fragile, although some countries are pulling firmly ahead.
In the 18-member eurozone, growth was low but steady at 0.2 percent, although in the broader 28-member European Union growth slowed to 0.3 percent from 0.4 percent.
Growth of gross domestic product accelerated “strongly” in Japan to 1.5 percent from 1.0 percent in the previous quarter.
In Germany the growth rate doubled to 0.8 percent.
“The United Kingdom also showed a strong growth of 0.8 percent, following a growth rate of 0.7 percent in the fourth quarter.”