The Organisation for Economic Co-operation and Development area saw its gross domestic product rise by 0.2% in the second quarter –- down from 0.5% in the previous quarter, according to initial estimates.The U.S. saw the biggest GDP gain out of the Major Seven countries in the OECD with a 0.5% increase. Japan’s GDP dropped 0.6%, the biggest decline out of the Major Seven and the largest quarterly decrease seen since the third quarter of 2001. The 15-country euro area’s GDP declined by 0.2%.
The U.S. contributed 0.6 of a percentage point to the total OECD growth of 1.9% between the second quarter of 2007 and the second quarter of 2008. Japan contributed 0.1 of a percentage point, while the euro area contributed 0.4 and the remaining countries 0.8.
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