OECD GDP Increases By 0.6%

The main contributor to the 0.6% growth in the GDP of the OECD countries was changes in inventories of 0.3%. Private consumption and gross fixed capital formation followed with 0.2% each. These were offset by a fall in exports of 0.1%.

The seven major economies growth drivers were the effects of changes in inventories and a fall in net exports. In France the 0.6% fall in exports was the main reason for the fall of 0.1% in GDP. A decrease of 0.4% in net exports helped to reduce growth in Germany to 0.3%. Stockbuilding contributed 0.6% to growth in Italy but net exports performance kept growth flat. Growth of 0.4% in investments helped Japan to report 0.3% growth in GDP and stockbuilding and private consumption also contributed to the increase. In the UK an increase of 1% in stockbuilding was the main contributor to the overall increase of 0.8% of growth in GDP. Net exports reduced the growth in GDP with a fall of 1.2% when private consumption had increased by 0.6% and government consumption by 0.2%. It was a similar story in the US with stockbuilding, private consumption and investment increasing and changes in inventories and government expenditure remaining flat.