OECD Economies Expand 0.7Pct Q2

The economies in the OECD region have expanded slightly by 0.7 percent in the June quarter from the previous quarter, the same rate as the first three months this year.

The economies in the OECD region, comprising mostly developed nations, have expanded 0.7 percent in the second quarter this year on a quarterly basis, the same rate as in the previous quarter, the grouping said in a statement Wednesday.

In the June quarter, the eurozone area and European Union registered a growth of 1 percent from the previous quarter, while Germany’s economy expanded robustly with 2.2 percent quarter-on-quarter, offsetting sluggish growth in the U.S. and Japan— two of the world’s largest economies, whose economies grew just 0.6 percent and 0.1 percent respectively.

Greece, meanwhile, was the only member state of the grouping that reported a decline in economy as much as 1.5 percent.

In comparison with the same period of last year, gross domestic product in the OECD area together rose 2.8 percent with Germany rising 3.7percent, the United Statement 3.2 percent, Japan 1.9 percent and Italy 1.1 percent. However, economies in Greece and Spanish shrank by 3.5 percent and 0.1 percent respectively.

Founded in 1961, the Paris-based OECD is a grouping of 34 countries and accounts for more than 60 percent of the world output after it has admitted four new countries so far this year— Chile, Estonia, Israel and Slovenia.