GDP among OECD members increased by just 0.1% in the fourth quarter of 2001, according to preliminary OECD estimates. Overall growth increased slightly in the fourth quarter after a 0.1% slide in the preceding quarter.

Canada was the strongest of the G7 countries. We’re up 0.5%, followed by the U.S., where GDP rose by 0.3% in the fourth quarter of 2001. Though annual growth slowed slightly to 0.4% from 0.5% in the previous quarter. In the UK, GDP remained unchanged.

Among the G7 countries, four showed negative growth in the fourth quarter of 2001 compared with the preceding quarter, namely Germany, France, Italy and Japan. Japanese GDP fell again markedly for the third consecutive quarter, registering a 1.2% decline following the 0.5% contraction in the previous quarter, and was 1.9% lower than a year earlier.

In the Euro area, GDP dropped 0.2% in the fourth quarter. This is the first time a decrease of GDP growth is recorded for Europe since the 1993.