OECD :Developed economies 'grew 0.6% in Q2'

Advanced economies across the world grew by 0.6 percent in the third quarter on a particularly strong showing of 1.5 percent in Japan, the OECD said on Thursday. This is broadly in line with recent data from other leading economic bodies, pointing to weak overall growth except in some still robust emerging economies. The overall data points to activity holding up in the third quarter, but probably a further weakening into 2012. The Organisation for Economic Cooperation and Development said that the Japanese figure, compared with output in the second quarter, reflected a surge in activity after the country got over the worst of the effects of the earthquake and tsunami earlier this year. The rebound followed three quarters in a row of falling output in Japan, meaning the country was in recession. Growth of the US economy picked up slightly in the third quarter to 0.6 percent, the OECD said, but growth in both the 17-nation eurozone and 27 members of the European Union remained at 0.2 percent. This was despite a stronger performance of 0.5 percent by Germany, 0.5 percent by Britain and 0.4 percent by France. On a 12-month comparison, rather than a quarterly one, growth in the OECD area was 1.8 percent showing the same increase as in the second quarter The biggest expansion over 12 months was by Germany with 2.6 percent and the weakest by Japan at minus 0.2 percent.