Economic growth in the OECD quickens in the second quarter

Economic growth across the 35 nations in the Organisation for Economic Cooperation and Development (OECD) quickened in the second quarter, supported by increased private consumption and investment, the Paris-based group said on Thursday.

Quarter-on-quarter, gross domestic product grew 0.7% during the April through June period compared with 0.5% in the previous three months, the OECD said in a statement.

"The contraction in net exports pulled OECD growth down by 0.1 percentage point," it said.

The world economy will grow 3.7% next year, the Organisation for Economic Cooperation and Development said on September 20, raising June expectations by 0.1 percentage point on a stronger-than-expected performance in the eurozone, Japan and Russia. Its forecast for 2017 was unchanged at 3.5%. 

Both figures remain below the 4% 'cruising speed' the OECD would like to see.

The OECD provides a forum in which governments can work together to share experiences and solve common problems. 

(Alistair Holloway, alistair.holloway@wort.lu, +352 49 93 739)