OECD: Developed economies post slower growth in Q3
The slowdown mainly stemmed from deceleration in the US economy as well as weak global economy. According to the U.S. Commerce Department, economic growth in the US slowed to 1.5% in the third quarter from the revised growth rate of 3.9% posted in the second quarter. The slowdown was led by a stronger dollar and sluggish global demand.
According to preliminary data from the statistical office of the European Union (Eurostat), the eurozone economy grew 0.3% on a seasonally adjusted basis in the third quarter after expanding 0.4% in the previous quarter. The deceleration was attributed to weaker exports as well as a slowdown in Germany, Europe’s largest economy, which grew 0.3% on a quarterly basis after expanding 0.4% in the second quarter, according to data from Germany’s Federal Statistics Office.
Japan’s economy, meanwhile, fell back into recession in the third quarter, shrinking by 0.8% on an annualized basis following a 0.7% contraction in the second quarter.
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