The OECD economy grew slower in the second quarter than in the first quarter of 2019. Quarter on quarter growth declined from 0.6 percent to 0.5 percent, down from 1.7 percent in the first quarter of the previous year to 1.6 percent in the second quarter, shows a published today provisional estimate of the OECD.
Weakening also in USA
The economy shrank in the second quarter compared to the first quarter in the United Kingdom (by 0.2 percent) and in Germany (0.1 percent). In the two countries, there was still significant growth in the first quarter. Although the US had the highest growth of the major OECD countries, it also fell from 0.8 to 0.5 percent compared to the first quarter. Growth in the eurozone halved from 0.4 percent to 0.2 percent.
Italy outperformed the major OECD countries (US, Canada, Japan, Germany, France, UK, Italy) at the annual average, with the economy stagnating over the year (0.0 percent growth). The US recorded the highest growth year-on-year at 2.3 percent plus. The eurozone came to 1.1 percent plus, Germany 0.4 percent, United Kingdom 1.2 percent.
