OECD GDP Growth Remains Stable In Q2

(RTTNews) - The combined real gross domestic product of the 34-member countries of the Organization for Economic Cooperation and Development expanded at a stable rate for the second successive quarter in the three months ended June, preliminary report from the OECD showed Tuesday.

Real gross domestic product grew 0.5 percent in the first quarter, the same rate of increase as in the previous two quarters.

The G20 area also expanded at a stable pace in the June quarter by 0.7 percent. GDP growth improved strongly in the United States to 0.9 percent in the second quarter from 0.2 percent in the prior quarter.

Similarly, strong expansions were seen in China and the United Kingdom during the second quarter.

At the same time, GDP growth slowed among other G20 economies in the second quarter of 2015.

Japanese economy contracted in the second quarter. GDP declined 0.3 percent over the quarter, reversing a 1.1 percent gain in the March quarter. The rate of GDP decline in Brazil was 1.9 percent and the South African economy contracted by 0.3 percent.

On an annual basis, GDP for the G20 area advanced by 3.2 percent in the three-month period to June, the same growth rate as in the previous quarter. India logged the highest growth rate in the area with 7.2 percent, followed by china.