Growth has “decelerated sharply”, says OECD

GDP growth in the Organisation for Economic Cooperation and Development (OECD) area “decelerated sharply” over the fourth quarter of 2011, the latest estimates warn.

Provisional estimates by the international economic organisation says growth among its 34 members slowed to 0.1% in the last three months of 2011, down from the 0.6% seen in the third quarter.

The data demonstrates diverging patterns in economic activity, with the US’ GDP growth accelerating from 0.5% in the third quarter to 0.7% in the fourth, while Japan’s eased from 1.7% to 0.6%.

In Europe, GDP dropped in every economy aside from France, which grew by 0.2%. Germany and the UK both contracted by 0.2%, while Italy entered into recession.

Over the whole of 2011, GDP among the OECD’s 34 members grew by 1.8%, falling from the 3.1% recorded in 2010.