Strong growth in Japan pushes OECD GDP growth to 0.6% in the third quarter of 2011

OECD Quarterly National Accounts Paris, 17 November 2011

News Release: GDP growth – Third quarter of 2011

Strong growth in Japan pushes OECD GDP growth to 0.6% in the third quarter of 2011

Provisional figures show that gross domestic product (GDP) in the OECD area rose by 0.6% in the third quarter of 2011, against 0.3% in the previous quarter. The key reason for the increase in the OECD growth rate, as compared to the second quarter, was the strong growth in Japan (1.5%) in the third quarter, partly due to a technical rebound after the earthquake disaster. This strong growth in Japan followed three consecutive quarters of contraction.

Growth in the Euro area and the European Union remained at 0.2%, despite the higher growth in Germany (0.5%), the United Kingdom (0.5%) and France (0.4%). GDP growth in the United States also picked up slightly at 0.6%.

Relative to a year earlier, GDP increased by 1.8% in the third quarter of 2011 in the OECD area, the same as in the previous quarter. Among the Major Seven* economies, Germany recorded the highest year-on-year growth rate (2.6%) and Japan the lowest (minus 0.2%).

-0.4 -0.2 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6

OECD-Total European Union

Euro area Major seven Canada* France Germany Italy* Japan United

Kingdom

United States

Gross domestic product

2011 Q2 2011 Q3

%

Percentage change on the previous quarter, seasonally adjusted data

* Latest quarter not yet available for Canada and Italy.

Methodological Notes:

Access to data:

Quarterly real GDP growth rates for all OECD countries and geographic groupings, as well as historical data, are available for download from the OECD online data dissemination facility OECD.Stat at:

http://stats.oecd.org/WBOS/Index.aspx?QueryName=350.

Contacts:

For further information journalists are invited to contact the OECD's Media Relations Division on (33) 1 45 24 97 00 or e-mail [email protected].

For answers to technical questions contact [email protected].

Next releases:

Contributions to GDP growth – Q3 2011

GDP growth – Q4 2011

OECD Quarterly National Accounts Paris, 17 November 2011

Quarterly Real GDP Growth Percentage change on the previous quarter

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

OECD-Total 0.6 0.8 0.9 1.0 0.6 0.4 0.4 0.3 0.6

European Union 0.3 0.4 0.4 1.0 0.5 0.2 0.7 0.2 0.2

Euro area 0.4 0.4 0.3 0.9 0.4 0.3 0.8 0.2 0.2

Major seven 0.3 0.9 1.0 0.8 0.6 0.3 0.2 0.2 0.6

Canada* 0.4 1.2 1.4 0.6 0.6 0.8 0.9 -0.1 ..

France 0.2 0.6 0.2 0.5 0.4 0.3 0.9 -0.1 0.4

Germany 0.8 0.7 0.5 1.9 0.8 0.5 1.3 0.3 0.5

Italy* 0.4 0.0 0.6 0.5 0.3 0.1 0.1 0.3 ..

Japan -0.6 1.6 2.5 0.0 0.7 -0.7 -0.7 -0.3 1.5

United Kingdom 0.2 0.7 0.2 1.1 0.6 -0.5 0.4 0.1 0.5

United States 0.4 0.9 1.0 0.9 0.6 0.6 0.1 0.3 0.6

2009 2010 2011

* Latest quarter not yet available.

Quarterly Real GDP Growth

Percentage change on the same quarter of the previous year

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

OECD-Total -3.8 -0.8 2.6 3.3 3.4 3.0 2.4 1.8 1.8

European Union -4.4 -2.2 0.8 2.1 2.3 2.1 2.4 1.7 1.4

Euro area -4.2 -2.1 0.9 2.1 2.1 1.9 2.4 1.6 1.4

Major seven -4.2 -1.1 2.4 3.1 3.4 2.7 2.0 1.3 1.3

Canada* -3.5 -1.4 2.1 3.6 3.8 3.3 2.9 2.2 ..

France -2.7 -0.7 1.0 1.5 1.6 1.4 2.2 1.6 1.6

Germany -5.0 -2.2 2.4 4.1 4.0 3.8 4.6 2.9 2.6

Italy* -4.9 -3.0 0.7 1.4 1.4 1.5 1.0 0.8 ..

Japan -6.3 -1.9 5.6 3.5 4.9 2.5 -0.6 -1.0 -0.2

United Kingdom -3.8 -0.8 0.9 2.2 2.6 1.3 1.6 0.6 0.5

United States -3.7 -0.5 2.2 3.3 3.5 3.1 2.2 1.6 1.6

2009 2010 2011

* Latest quarter not yet available.