Real GDP in the OECD area grew by 0.6% in the third quarter of 2010, down from the 0.9% of the previous quarter. Capital formation contributed 0.2 percentage point to overall growth, down from the 0.5 percentage point recorded in the second quarter. Private consumption was the main contributor, adding 0.4 percentage point to overall growth; while stockbuilding contributed 0.3 percentage point. For the third consecutive quarter, net exports dragged down GDP growth (by 0.3 percentage point in the third quarter of 2010).

Contributions to OECD real GDP growth



Among the seven major countries, private consumption was the main contributor to GDP growth in Japan. In the United States, private consumption and stockbuilding were the major contributors, but were partially offset by net exports and a slowdown in investment. In Canada, the easing in GDP in the third quarter of 2010 mainly reflected a deterioration in net exports.

GDP growth was sustained by private consumption in France and by stockbuilding in Italy, but negative net exports dragged down overall growth in both countries. In Germany, GDP growth eased, reflecting smaller contributions from investment and stockbuilding compared to the previous quarter. In the United Kingdom, investment was the main contributor to overall growth.