MercoPress. South Atlantic News Agency

OECD 3Q GDP declined 0.1%, first time in 7 years

Gross domestic product (GDP) in the Organization for Economic Cooperation and Development OECD area declined by 0.1% in the third quarter of 2008, the first fall in seven years, according to preliminary estimates.

In the United States GDP fell by 0.1% in the third quarter of 2008, the first contraction since the third quarter of 2001; Japan's GDP declined by 0.1%, following a 0.9% fall in the previous quarter. GDP in the Euro area was down by 0.2%, the same rate of decline as in the previous quarter. Among the Major Seven countries, GDP change in the third quarter of 2008 ranged from a 0.5% fall in Germany, Italy and the United Kingdom to 0.1% rise in France - the only country showing positive growth in the quarter. GDP fell for two consecutive quarters in Germany, Italy and Japan. Compared with the same quarter a year earlier, GDP growth was highest in Germany and the United States (0.8%) and lowest in Italy (-0.9%) in the third quarter of 2008. Across the Major Seven countries, the current quarterly growth rates over last year experienced slowdown compared to that in the previous quarter. The United States contributed 0.3 percentage point to total OECD growth of 0.9% between the third quarter of 2007 and the third quarter of 2008 but no contribution came from Japan. The Euro area (12 countries) contributed 0.2 and the remaining countries 0.4 percentage point. The OECD area covers the 30 member countries: Australia, Austria, Belgium, Canada, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, Korea, Luxembourg, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Slovak Republic, Spain, Sweden, Switzerland, Turkey, United Kingdom and United States. The Euro area (12) covers the following: Austria, Belgium, Finland, France, Germany, Greece, Italy, Ireland, Luxembourg, Netherlands, Portugal and Spain. The European Union covers the Euro area plus Bulgaria, Czech Republic, Denmark, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovak Republic, Sweden and United Kingdom.