Date
25 March 2017
Italy's economy was a bright spot as it emerged from stagnation. Photo: Bloomberg
Italy's economy was a bright spot as it emerged from stagnation. Photo: Bloomberg

Growth in developed countries continues to slow: OECD

Economic growth in developed countries slowed for the second straight quarter early this year, the Organization for Economic Cooperation and Development said.

The Paris-based OECD said the combined gross domestic products of its 34 members — most of which are developed countries — was just 0.3 percent higher in the first three months of the year than in last year’s final quarter, The Wall Street Journal reported.

That was the lowest rate of growth since the first quarter of last year and was again led by a slowdown in the United States, where first estimates indicate GDP rose by just 0.1 percent.

Many economists expect revised figures to show US economic output fell in the quarter.

However, the US wasn’t alone in experiencing a slowdown.

Germany and Britain grew at half the rate they did in the previous quarter.

By contrast, Italy and France emerged from stagnation, while Japan also picked up.

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RC/FL

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