The UK's brighter economic outlook contrasts with the Eurozone as a whole, which had its forecast cut by the European Commission on Nov. 5. (Chris Ratcliffe / Bloomberg / November 12, 2013) |
November 18, 2013, 7:22 a.m.
WASHINGTON — The world's advanced economies grew 0.5% in the third quarter as strength in the U.S. and the United Kingdom helped offset continued weakness in the Eurozone, the Organization for Economic Development and Cooperation said Monday.
The pace of economic expansion in the group's 34 member nations was the same as in the second quarter as the OECD prepared to release new projections Tuesday on future growth.
The new data show that advanced economies had improved after quarter-over-quarter growth ground to a halt at the end of 2012. The 0.5% growth in the second and third quarters was the best since early 2011.
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Among the seven major advanced economies, the United Kingdom had the best third-quarter performance with a 0.8% increase from the previous quarter. The U.S. was next at 0.7%, followed by Japan at 0.5%.
The economies of Italy and France both contracted 0.1% in the third quarter as the 17-nation Eurozone was emerging from its longest-ever recession.
The OECD calculates growth on a quarter-over-quarter basis, while the U.S. government uses an annualized rate.
Under its calculations, the Commerce Department said this month that the U.S. economy expanded at a stronger-than-expected 2.8% annual rate in the third quarter.
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