GDP growth in the OECD area slowed down to +0,2% in the first quarter of the year after +0,5% in the previous three months. For the third consecutive quarter, private consumption was the main driver of the economy, with an increase of 0,3%. Exports, on the other hand, fell by 0,1% after +0,2% in the fourth quarter of 2013 and the reduction in inventories weighed on -0,2% (after 0,0%).
On the other hand, both government consumption (flat in the fourth quarter) and fixed investments (same increase as in the previous quarter) increased by 0,1%. Within the G7, the United States is bringing up the rear with a drop in GDP of 0,7% (after +0,7% in the last quarter of 2013).
Italy follows with -0,1% (after +0,1%), weighed down by the reduction of inventories (-0,2%) and by the decline in fixed investments (-0,2%), against flat consumption , an increase in exports (+0,2%) and public consumption (+0,1%). Japan (+1,6% after +0,1%), Germany (+0,8% after +0,4%) and the United Kingdom (+0,8% after +0,7%) shine. France after +0,2% in the last three months of 2013.
