OECD-area's economic growth slows in Q3

Provisional data from the Organization for Economic Co-operation and Development (OECD) revealed on Tuesday that economic growth in the OECD that comprises of 36 member countries slowed further in the third quarter.

According to the report, GDP in the OECD area grew 0.3 percent, following a 0.4 percent growth in the second quarter.

The pace of growth slowed for a second straight quarter and was the weakest since the third quarter of 2018, when the economy expanded at the same pace.

Among the major seven economies of the OECD, GDP growth slowed significantly in Japan, down to 0.1 percent from 0.4 percent. Meanwhile, the U.S. growth rate was stable at 0.5 percent. In France and Italy, the pace of growth also remained stable at 0.3 percent and 0.1 percent, respectively. In the UK and Germany growth improved to 0.3 percent and 0.1 percent, respectively, after a 0.2 percent contraction in the previous quarter in both countries.

Eurozone growth was stable at 0.2 percent, while the pace of expansion improved in the EU to 0.3 percent.

On a y-o-y basis, growth in the OECD area was stable at 1.6 percent. Among the major economies, the U.S. recorded the highest annual GDP growth of 2.0%, while Italy registered the lowest annual growth of 0.3%.