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Growth Slows In Industrialized Economies In First Quarter

The growth of world's largest economy, the U.S., slowed to 0.6% from 0.8%.

Economic growth in 30 of the world's leading industrialized countries slowed to 0.6% in the first quarter of the year from 0.8% in the final three months of 2006, the OECD said May 30.

It found that U.S gross domestic product expanded just 0.3%, its weakest pace since first quarter 2003, after 0.6% in fourth quarter 2006.

In Japan, momentum came to 0.6%, down from 1.2% in fourth quarter 2006, while in the eurozone growth slowed to 0.6% from 0.9%

The euro area, as designated by the Organization for Economic Cooperation and Development, groups Austria, Belgium, Finland, France, Germany, Greece, Italy, Ireland, Luxembourg, Netherlands, Portugal, Slovenia and Spain.

In the Group of Seven nations, Britain, Canada, France, Germany, Italy, Japan and the U.S., growth fell to 0.4% from 0.8% in the fourth quarter of last year, according to the OECD.

Copyright Agence France-Presse, 2007

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