16 December 2002, 15:37  US leads recovery among OECD countries

Economic growth in the 30 OECD countries picked up in the third quarter of the year, led by a strong surge in the US. In the three months to September, GDP in the OECD area increased by 0.8pc from the previous quarter, according to preliminary estimates released today. This compares to growth of 0.5pc in the three months to June. Annual growth in the OECD area was also stronger, rising to 2.3pc from 1.4pc. US GDP growth in the third quarter led the charge among the OECD countries, jumping to 1.0pc on a sequential basis from 0.3pc in the previous quarter. But growth in the eurozone stagnated, remaining stuck at 0.3pc, the same level as in the second quarter.
The European Central Bank lowered its 2003 growth forecast for the eurozone last week, just days after slashing interest rates by 0.50pc in a bid to boost the economy. The bank lowered its 2002 forecast to 0.6-1.0pc from 0.9-1.5pc and the 2003 forecast to 1.1-2.1pc from 2.1-3.1pc. The forecasts, which appeared in the ECB's December monthly bulletin, are more pessimistic than those of the OECD, which has forecast growth next year of 1.8pc. //www.fxcentre.com

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