21 November 2012, 17:57  OECD: Gross domestic product increases 0.2 percent

The Organization for Economic Cooperation and Development (OECD) area recorded steady economic growth in the third quarter, but the pattern across member countries continued to be divergent, preliminary data showed Wednesday. Gross domestic product (GDP) in the OECD area increased 0.2 percent sequentially in the three months ended September, unchanged from the growth recorded in the second quarter. In the United States, growth accelerated to 0.5 percent in the third quarter from 0.3 percent in the previous period. The British economy expanded 1 percent, boosted mainly by the Olympic and Paralympic games, reversing second quarter's 0.4 percent contraction. The French economy returned to growth with a 0.2 percent sequential growth, after shrinking modestly by 0.1 percent in the preceding quarter. Germany's GDP growth eased to 0.2 percent from 0.3 percent. In the third quarter, the Japanese economy contracted by 0.9 percent compared to the second quarter, when expanded moderately by 0.1 percent, data showed.

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