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Economic growth slows in industrialized area OECD

PARIS Average economic growth in the world’s most industrialized nations slowed significantly in the last quarter of 2019, with Gross Domestic Product (GDP) progressing by only 0.2 percent compared with a rise of 0.4 percent in the previous quarter, the Organization for Economic Cooperation and Development (OECD) said Thursday.

In a report on its 35 members, the OECD said that only the United States had recorded an increase in GDP at the end of last year, when the US economy grew by 0.5 percent on a quarterly basis. The other six “major” economies in the group showed little or no growth in the fourth quarter of 2019.

On the contrary, Japan’s economy contracted by 1.6 percent following a rise in consumption taxes, while Italy’s GDP lost 0.3 percent. France’s economy also contracted by 0.1 percent due to ongoing social protests and strikes over contested reforms of the retirement system.

In Germany and Britain, the OECD report said growth was flat with no evolution of GDP in the three month period studied.

Overall, GDP growth on average for the whole OECD zone was evaluated at 1.6 percent on an annual basis last December, down 0.1 percent from the previous quarter’s evaluation.

Source: Kuwait News Agency