Gross domestic product (GDP) in the OECD area rose by 0.5% in the first quarter of 2008, the same rate as in the previous quarter, according to preliminary estimates.

In the United States GDP grew by 0.1% in the first quarter of 2008, as in the previous quarter. Japan’s GDP rose by 0.8%, following an increase of 0.6% in the previous quarter. GDP in the euro area rose by 0.7%, up from 0.4% in the previous quarter.

Among the Major Seven countries GDP growth in the first quarter of 2008 ranged from 0.1% in the United States to 1.5% in Germany.

Annual growth (the first quarter of 2008 compared with the first quarter of 2007) was highest in Germany (2.7%) and lowest in Japan (1.1%). In Germany the annual growth rate was higher than in the previous quarter. In Japan and the United Kingdom, it was lower. In France and the United States it remained stable.

The United States contributed 0.9 percentage point to total OECD growth of 2.6% between the first quarter of 2007 and the first quarter of 2008. Japan contributed 0.1, the euro area (12 countries) 0.7, and the remaining countries 0.9 percentage point.