Gross domestic product (GDP) in the OECD area rose by 0.6% in the first quarter of 2007, down from 0.8% in the previous quarter, according to preliminary estimates.

In the United States GDP grew by 0.3% in the first quarter of 2007, the lowest growth rate observed since the first quarter of 2003. Japan’s GDP rose by 0.6%, considerably less than the 1.2% growth recorded in the previous quarter. GDP in the euro area* rose by 0.6%, down from 0.9% in the previous quarter.

Among the Major Seven countries GDP growth in the first quarter of 2007 ranged from 0.2% in Italy to 0.7% in the United Kingdom.

Annual growth (the first quarter of 2007 compared with the first quarter of 2006) was highest in Germany (3.6%) and lowest in France (2.0%). In all Major Seven countries, except Canada, for which no data are available, the annual growth rate was lower than in the previous quarter.

Country or area contributions to total OECD growth: the United States contributed 0.7 percentage point to the total OECD growth of 2.7% between the first quarter of 2006 and the first quarter of 2007. Japan contributed 0.2, the euro area (12 countries) 0.8, and the other countries 0.9 percentage point.