EU News: Growth in advanced economies picked up speed in the second quarter, rising to 0.5% from 0.3% …

Doha / QATAR: Growth in advanced economies picked up speed in the second quarter, rising to 0.5% from 0.3% at the beginning of the year with a sharp recovery in the eurozone, the OECD said yesterday.
The increase was driven by the US, Germany and Britain, and a big bounce by France, the Organisation for Economic Cooperation and Development (OECD) said on the basis of provisional data.

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The OECD said the eurozone switched into growth of 0.3% from contraction of 0.3%
in the first quarter

But the Japanese economy slipped back. The OECD is a research and policy forum for 34 leading democratic economies. The British economy showed growth of 0.6% and the US 0.4%. Both had shown growth of 0.3% in the first quarter. Germany’s gross domestic product (GDP) grew by 0.7% from a flat growth rate.

The OECD said that the eurozone had switched into growth of 0.3% from contraction of 0.3% in the first quarter. Noting for the eurozone “the first GDP expansion since the third quarter of 2011,” the OECD also reported that trailing eurozone-member France rallied to growth of 0.5% from contraction of 0.2%.
Growth in Japan, however, slowed in the period, to 0.6% from 0.9%, and Italy saw its economy shrink for the eighth month running, by 0.2% from a contraction of 0.6% in the first quarter.

Sources: Gulf Times, The Peninsula, Caye Global News

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