Growth of real gross domestic product (GDP) in the OECD area slowed to 0.5 % in the second quarter of 2019, compared with 0.6% in the previous quarter, according to provisional estimates.
Among the Major Seven economies, GDP growth slowed markedly in the United Kingdom (to minus 0.2 % from 0.5 % in the previous quarter) and in Germany (to minus 0.1 % from 0.4 %). GDP growth also decelerated, but more moderately, in the United States and Japan (to 0.5 % and 0.4 %, respectively, from 0.8 % and 0.7 % in the previous quarter) and, marginally, in France and Italy (to 0.2 % and 0.0 %, respectively, from 0.3 % and 0.1 %). GDP growth also slowed in the European Union and the euro area (to 0.2 % compared with 0.5 % and 0.4 %, respectively, in the previous quarter).
Year-on-year GDP growth for the OECD area slowed marginally to 1.6 % compared with 1.7 % in the previous quarter. Among the Major Seven economies, the United States recorded the highest annual growth (2.3 %), while Italy recorded the lowest annual growth (0.0 %).