OECD Quarterly National Accounts Paris, 6 October 2010 News Release: Contributions to GDP growth - Second quarter of 2010
Investment rebound supports OECD GDP growth in the second quarter of 2010
Real GDP in the OECD area increased by 0.9% in the second quarter of 2010 from the previous quarter, a stronger pace than previously estimated (0.7%). Gross fixed investment was the main contributor to the GDP increase, adding 0.4 percentage point to overall growth. The rise in investment was the first since early 2008, and the pace was the fastest since the first quarter of 2000.
Private and government consumption contributed 0.3 and 0.1 percentage point to overall growth respectively. The rebuilding of inventories continued, but at a slower pace than in previous quarters. The increase in domestic demand was partially offset by negative contributions from net exports, which reduced overall GDP growth by 0.2 percentage point.
OECD Quarterly National Accounts Paris, 6 October 2010
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Private consumption -0.2 -0.3 -0.6 -0.5 0.1 0.3 0.3 0.3 0.3
Government consumption 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.1
Gross fixed capital formation -0.2 -0.4 -0.9 -1.3 -0.4 0.0 0.0 0.0 0.4
Net exports 0.2 -0.3 -0.1 0.3 0.6 -0.2 0.4 -0.2 -0.2
Changes in inventories 0.0 0.1 -0.5 -0.8 -0.2 0.4 0.2 0.5 0.2
GDP growth (%) -0.2 -0.7 -2.0 -2.2 0.2 0.6 0.8 0.7 0.9
2008 2009 2010
Contributions to OECD real GDP growth (in percentage points)
Among the seven major countries, the strong pace of GDP growth in Germany (to 2.2% in the second quarter) was driven by higher investment and net exports, which contributed 0.8 point each. In the United Kingdom, stronger GDP growth (up by 1.2%) reflected the positive contributions from private consumption and inventories. In Italy, foreign trade added 0.6 percentage point to overall GDP growth, more than offsetting lower domestic demand. In France, the increase in GDP growth from the previous quarter (to 0.7%) is entirely attributed to rebuilding inventories.
Growth in the United States, Japan and Canada was lower in comparison. The slower pace of the recovery in both the United States and Canada was due to negative contributions from foreign trade. Conversely, in Japan, GDP growth (0.4%) was principally due to a higher foreign trade surplus (0.3 percentage point).
Contributions to national GDP growth in 2010 (in percentage
points)
Private consumption
Government consumption
Gross fixed capital formation
Net exports Changes in inventories
GDP growth (%)
Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2
Canada 0.6 0.4 0.1 0.1 0.5 0.4 -0.2 -0.7 0.4 0.5 1.4 0.5
France 0.0 0.2 0.0 0.1 -0.2 0.2 0.6 -0.3 -0.2 0.6 0.2 0.7
Germany -0.1 0.3 0.4 0.1 0.2 0.8 -1.1 0.8 1.0 0.1 0.5 2.2
Italy 0.1 0.0 -0.1 0.1 0.3 0.3 0.1 0.6 0.2 -0.5 0.4 0.5
Japan 0.3 0.0 0.1 0.1 0.1 0.1 0.6 0.3 0.1 -0.1 1.2 0.4
United Kingdom 0.0 0.4 0.2 0.2 0.4 0.2 -0.7 -0.1 0.6 0.5 0.4 1.2
United States 0.3 0.4 0.0 0.1 0.0 0.6 -0.1 -0.9 0.7 0.2 0.9 0.4
OECD Quarterly National Accounts Paris, 6 October 2010
Access to Methodological Notes: http://www.oecd.org/dataoecd/13/29/45605054.pdf Access to data:
Quarterly growth rates for real GDP and components 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/index.aspx?queryid=350
Underlying nominal and real data are available at: http://stats.oecd.org/index.aspx?queryid=218.
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:
GDP – Q3 2010: 22 November 2010
Contributions to GDP growth – Q3 2010: second week of January 2011
