Gross domestic product (GDP) in the OECD area rose by 0.2% in the second quarter of 2008, down from 0.5% in the previous quarter, according to preliminary estimates.

In the United States GDP grew by 0.5% in the second quarter of 2008, higher than in the previous quarter. Japan's GDP declined by 0.6%, the largest quarterly decrease observed since the third quarter of 2001. GDP in the euro area declined by 0.2%, down from 0.7% in the previous quarter.

Among the Major Seven countries GDP change in the second quarter of 2008 varied notably from 0.6% decline in Japan to 0.5% increase in the United States. Compared with the same quarter a year earlier, GDP growth was highest in the United States (1.8%) and lowest in Italy (0%) in the second quarter of 2008. Across the Major Seven* countries, the current quarterly growth rates over last year experienced slowdown compared to that in the previous quarter.

The United States contributed 0.6 percentage point to total OECD growth of 1.9% between the second quarter of 2007 and the second quarter of 2008. Japan contributed 0.1, the euro area (12 countries) 0.4, and the remaining countries 0.8 percentage point.