OECD GDP Expands By 2.8%

GDP growth in the OECD increased by 0.7% in Q2 2010 as it did during the first quarter. Real GDP grew by 1% in the euro area and the EU driven by record growth of 2.2% in Germany. It is the highest rate since reunification. The UK saw growth of 1.1% from 0.3%, France 0.6% from 0.2% and Italy unchanged at 0.4%. Growth slowed in the US and Japan with growth figures of 0.1% and 0.6% respectively from 1.1% and 0.9% in the first quarter. GDP in the OECD area expanded by 2.8% from 2.4% on the previous quarter. The highest rate was in Germany with 3.7% and the lowest was Italy with 1.1%.