| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 Asia Economy

Finfacts changes from 2015


How to use our RSS feed

Follow Finfacts on Twitter

Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.


Finfacts is Ireland's leading business information site and you are in its business news section.


Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Global Cost of Living

Irish Tax - Income/Corporate




Content Management by interactivetools.com.

News : Global Economy Last Updated: Jan 14, 2015 - 11:08 AM

Private consumption main driver of OECD GDP growth in Q3 2014
By Michael Hennigan, Finfacts founder and editor
Jan 14, 2015 - 11:05 AM

Email this article
 Printer friendly page

Real GDP in the OECD area increased by 0.6% in the third quarter of 2014 compared with growth of 0.4% in the second quarter. Private consumption was the main driver of overall GDP growth contributing 0.4 percentage  point. The contribution from government consumption, investment and net exports added 0.1 percentage point each. Destocking (minus 0.2 percentage point) partially offset these contributions.

The Paris based Organisation for Economic Cooperation and Development is a think-tank for 34 mainly developed countries. OECD member countries are: Australia, Austria, Belgium, Canada, Chile, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Israel, Italy, Japan, Korea, Luxembourg, Mexico, the Netherlands, New Zealand, Norway, Poland, Portugal, the Slovak Republic, Slovenia, Spain, Sweden, Switzerland, Turkey, the United Kingdom and the United States. The European Commission takes part in the work of the OECD.

Overall growth continued to show diverging patterns across OECD countries. However, consumer spending was the main growth driver in all the Major Seven economies except France.

In the United States private consumption, followed by investments in fixed assets were the main contributors to overall GDP growth (1.2%), contributing 0.6 and 0.3 percentage point, respectively. Net exports and government consumption added 0.2 percentage point each.

In the UK, where overall GDP grew by 0.7%, private consumption contributed 0.6 percentage point, followed by stockbuilding and government consumption with 0.2 and 0.1 percentage point, respectively. These positive contributions were partially offset by net exports (minus 0.2 percentage point).

In Canada, private consumption and investments were the main drivers of GDP growth (0.7%) contributing 0.4 and 0.3 percentage point, respectively. Net exports added 0.2 percentage point, while destocking reduced growth by 0.2 percentage point.

In France, GDP grew for the first time in three quarters (by 0.3 %), reflecting positive contributions from stockbuilding (0.3 percentage point), private consumption and government consumption (0.2 percentage point each).

These positive contributions were partially offset by negative contributions from net exports (minus 0.2 percentage point) and investments (minus 0.1 percentage point).

In Germany, private consumption contributed 0.4 percentage point to GDP growth (0.1%). Net exports and government consumption added 0.2 and 0.1 percentage point, respectively. However, the negative contributions from inventories (minus 0.5 percentage point) and investments in fixed assets (minus 0.2 percentage point) significantly reduced GDP growth to 0.1%.

In Italy, contractions in investments (which contributed minus 0.2 point percentage), government consumption and destocking (minus 0.1 percentage point each) kept GDP growth in negative territory (minus 0.1%). Positive contributions from private consumption and net exports (0.1 percentage point each) partly offset these falls.

In Japan, private consumption contributed 0.2 percentage point (compared with minus 3.1 in the previous quarter). Net exports and government consumption added 0.1 percentage point each. However, negative contributions from destocking and investments (minus 0.6 and minus 0.2 percentage point, respectively) meant that overall GDP contracted for the second straight quarter (minus 0.5 % compared with minus 1.7 % in the previous quarter).

Related Articles

© Copyright 2015 by Finfacts.ie

Top of Page

Global Economy
Latest Headlines
Strong Swiss franc gloom deepens for exporters
Global investors shift focus to China; EM outflows surge to $1tn in 13 months
Global oil glut will continue into 2016
Stable growth momentum in OECD area but slowing expected in China
Prices for major food commodities in July lowest since September 2009
Global manufacturing in July weakest level in two years
US, China and UK lead top 25 target countries for foreign direct investment
Budget surpluses rare in developed countries from 1980s; Italy, France, Greece had none in 60 and 40 years
Singapore, London and Shanghai top cities for new FDI projects in 2014; Dublin in 11th place
Exchange rates shuffle as Dublin ranked 49th most expensive city; Paris at 46; Berlin at 105
Western consumer groups under pressure in China and India
Developing countries facing “structural slowdown” likely to last for years
OECD BEPS Tax Project: Amazon books UK sales in UK; Australia proposes up to 100% in penalties
Emerging Markets Index falls to 12-month low in May as manufacturing contracts
US and world economies slowing in 2015 — OECD
Global manufacturing production rose slightly in May; Trade flows weak
GDP growth in OECD area slowed to 0.3% in the first quarter of 2015
Only one quarter of workers worldwide have stable employment contracts
Automatic Exchange of Tax Information: OECD says countries won't be able to game system
Gates Foundation loses in Swiss family's shares coup
Minimum wage levels in OECD countries
Brent oil benchmark over $68 a barrel - up almost 50% in 2015
Global growth slows and manufacturing dips to 21-month low
Family-controlled firms dominate European business
Top 10 of world’s 250 largest consumer products companies account for 30% of sales
Nine of world's 20 fastest growing economies in Africa
Globalisation maybe stalling as trade growth remains weak
Global growth prospects uneven across major economies says IMF
Emerging markets growth lowest since 2009; Global growth at 30-year average
China's economic rebalancing hitting Latin American economies
New York, London, HK & Singapore top global financial centres index; Dublin recovers
Global growth in modest expansion from low oil prices/ monetary easing says OECD
Composite leading indicators point to positive change in growth momentum in the Eurozone
Global labour market trends portend paradise for some but uncertainty for many workers
Vienna remains top of World Quality of Living Rankings in 2015; Dublin at 34
Zurich and Geneva overtake Singapore to become world's most expensive cities
HSBC Switzerland and Falciani: How it happened
Global economic power to continue shift from advanced economies
Global food price index falls in January; Cereal output set for record
Global debt has risen $57tn or 17% of world GDP since 2007