For the Major Seven* countries, GDP grew by 0.7% following zero growth in the previous quarter. Within this area considerable variation in national rates was observed, ranging from a 1.2% increase in Japan to a 0.4% decline in the United Kingdom; the sixth consecutive quarter of contraction. Except in France, where growth was unchanged on the previous quarter, all Major Seven* countries showed improved GDP growth compared to the previous quarter. Italy and the United States recorded positive growth for the first time since last year (2008 Q1 for Italy and 2008 Q2 for the United States).
GDP in the euro area was up 0.4% and up 0.2% in the European Union, following falls of 0.2% and 0.3% respectively in the previous quarter.
Growth rates in 2009 Q3 compared with the same quarter a year earlier were higher than the equivalent 2009 Q2 comparison, in all of the Major Seven* economies. But they remained negative, ranging from minus 5.2% in the United Kingdom to minus 2.3% in the United States.
For the OECD countries, GDP fell 3.3% between the third quarter of 2008 and the third quarter of 2009. The United States contributed 0.8% to the total OECD fall, with Japan contributing 0.5%, the euro area (13 countries) 1.1%, and the remaining countries 0.9%.
By: N. Peter Kramer
