Industrial Economies Grow 0.6%

July 8, 2010
Canada records strongest growth.

Leading industrialized economies grew by 0.6% in the first quarter compared with output in the final quarter of 2009 as manufacturers built up inventories, the Organization for Economic Cooperation and Development (OECD) said on July 8.

"Stockbuilding was the main contributor to OECD [gross domestic product] growth for the third consecutive quarter," the OECD said in a report.

Private consumption also contributed to first quarter momentum, which was held back by weaker net exports and fixed capital formation.

Canada recorded the strongest growth, 1.5%, among the OECD's seven top economies, followed by Japan, 1.2%, and the United States, 0.7%.

Growth was slower in Europe, where momentum picked up 0.1% in France in the first quarter, 0.2% in Germany and 0.3% in Britain.

Copyright Agence-France Presse, 2010

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