GDP growth in the OECD has doubled in the third quarter

Real gross domestic product (GDP) growth in the Organization for Economic Cooperation and Development (OECD) area has doubled in the third quarter, data showed this week.

According to the OECD, growth in the 34 member states (all of which are developed countries) accelerated during the third quarter of 2016 to reach 0.6 per cent from 0.3 per cent the previous quarter.

The rise came as growth surged in seven major economies including the US, European Union, Britain, Japan, Italy, France and Germany.

Growth in the US accelerated quarterly to 0.7 per cent from 0.4 per cent, while in Italy and France, it increased respectively to 0.3 per cent and 0.2 per cent from 0 per cent and minus 0.1 per cent in the previous quarter.

In Britain, however, growth slowed to 0.5 per cent down from 0.7 per cent the previous quarter – as the uncertainty continues in the British economy after the country voted to exit the European Union.

Year-on-year, GDP growth for the OECD area came in at 1.7 per cent, marginally up from 1.6 per cent in the same quarter last year, data showed.

As for developing countries, the OECD in an earlier report forecast faster growth for BRICS countries China and India. It also said that it expected “moderate acceleration in global economic growth” as Brazil and Russia rebound in 2017.