Economic growth accelerated in the second quarter, amid a European rebound, according to the latest numbers from the Organization for Economic Co-operation and Development (OECD).
The Paris-based OECD reports that its provisional estimates show that quarterly real GDP increased by 0.5% within the OECD in the second quarter, up from 0.3% in the previous quarter.
This overall GDP total was boosted by an acceleration of growth in most the world’s seven major economies, it says, although the latest data for Canada is not included.
It reports that growth accelerated in the United States and the United Kingdom during the quarter, and that it rallied sharply in Europe, reversing from a contraction in the previous quarter. Indeed, overall GDP growth rebounded in the Euro area to 0.3%, compared with minus 0.3% in the previous quarter, marking the first GDP expansion since the third quarter of 2011.
Conversely, growth slowed in Japan, and Italy’s GDP declined for the eighth consecutive quarter, but with the pace of contraction slowed, the OECD says.