Britain and Germany drive EU GDP growth

The average GDP of Organisation for Economic Cooperation and Development (OECD) members grew by 0.7% on average in the second quarter of this year, says the OECD.

Overall, the average rate for the OECD area was the same as in the previous quarter, boosted by Britain and Germany, but slowed by America and Japan.

Real GDP grew by 1% in both the eurozone and the European Union, driven by record growth of 2.2% in Germany and 1.1% in Britain, up from 0.3% in the previous quarter.

France’s economy grew by 0.6%, up from 0.2%, and Italy’s by 0.4%, unchanged from the previous quarter. (article continues below)

In contrast, America’s growth rate fell to 0.6%, and Japan’s to 0.1%, from 0.9% and 1.1% respectively.

When compared with a year earlier, GDP in the OECD area expanded by 2.8%, up from 2.4% in the previous quarter. Germany posted with 3.7%, the highest rate, and Italy with 1.1%, the lowest.