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OECD Area GDP Growth Accelerates On Spending, Investment

Real economic growth in the Organization for Economic Co-operation and Development area accelerated in the second quarter driven by private consumption and investment.

Real GDP climbed 0.7 percent in the second quarter, faster than the 0.5 percent growth seen in the previous quarter.

Contributions from private consumption and investment increased to 0.5 and 0.3 percentage point, respectively. Meanwhile, the contraction in net exports pulled real growth down by 0.1 percentage point.

At the same time, contributions from government consumption and stock-building remained negligible.

In the United States, GDP growth picked up to 0.8 percent mainly reflecting a stronger contribution from private consumption and stock-building.

Japan's real growth doubled to 0.6 percent on private spending and investment.

Meanwhile, growth in Germany slowed slightly, to 0.6 percent. The higher contribution from private spending and stock-building were counterbalanced by a negative contribution from net exports and investment.

In the United Kingdom, GDP growth was unchanged at 0.3 percent in the second quarter, as the strong rebound in net exports was partially offset by destocking.

by RTT Staff Writer

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