Page last updated at 13:18 GMT, Monday, 23 November 2009

OECD economies return to growth

Car production line
The UK is lagging behind other major global economies

The economies of the 30 members of the Organisation for Economic Co-operation and Development (OECD) grew by 0.8% in July to September, the group has said.

This is the first time that the OECD economies have expanded since the first quarter of 2008.

Japan delivered the strongest growth, expanding by 1.2%, while the UK posted the weakest, contracting by 0.4%.

The UK was the only G7 country not to grow in the quarter. The eurozone grew 0.4%, while the US expanded by 0.9%.

Information on Canada's economy during the three month period was not available.

Comparing GDP with the same quarter a year earlier as opposed to the previous quarter, the UK economy contracted by 5.2%, again more than any other G7 economy for which data was available.

The US economy shrank by 2.3% year-on-year, less than any other G7 economy.

OECD members account for 61.3% of world GDP.


On Thursday the OECD released a report that showed that growth and recovery are expected in 2010 in just about all world regions.

For its 30 member countries the OECD has more than doubled its growth forecast to 1.9% for next year, from 0.7%.

However, it predicted that even with the return to growth, unemployment rates will continue to rise until the end of next year.

The jobless rate is expected to peak in the first half of 2010 in the US, but it may not be until 2011 that unemployment begins to fall in the euro area.

The report suggested that China is leading the global recovery, helped by its limited direct exposure to the financial crisis and by a massive stimulus package.

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