Monday, November 21, 2011

Q3 - Japan Leads Developing Growth in Growth

Advanced economies across the world grew by 0.6 per cent in the third quarter on a particularly strong showing of 1.5 per cent in Japan, the OECD says.

This is broadly in line with recent data from other leading economic bodies, pointing to weak overall growth except in some still robust emerging economies.

The overall data points to activity holding up in the third quarter, but probably a further weakening into 2012.

The Organisation for Economic Cooperation and Development said the Japanese figure, compared with output in the second quarter, reflected a surge in activity after the country got over the worst of the effects of the earthquake and tsunami earlier this year.

The rebound followed three quarters in a row of falling output in Japan, meaning the country was in recession.

Growth of the US economy picked up slightly in the third quarter to 0.6 per cent, the OECD said, but growth in both the 17-nation eurozone and 27 members of the European Union remained at 0.2 per cent.
This was despite a stronger performance of 0.5 per cent by Germany, 0.5 per cent by Britain and 0.4 per cent by France.

On a 12-month comparison, rather than a quarterly one, growth in the OECD area was 1.8 per cent, showing the same increase as in the second quarter.

The biggest expansion over 12 months was by Germany, with 2.6 per cent, and the weakest by Japan, at minus 0.2 per cent.

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