Economic growth in the OECD that comprises of 36 member countries slowed further in the third quarter.

Gross domestic product in the OECD area grew 0.3 percent from the second quarter, when the economy expanded 0.4 percent, provisional data from the Paris-based Organization for Economic Co-operation and Development showed on Tuesday.

The pace of growth slowed for a second consecutive quarter and was the weakest since the third quarter of last year, when the economy expanded at the same pace.

Among the major seven economies of the OECD, GDP growth slowed sharply in Japan, down to 0.1 percent from 0.4 percent.

The growth rate was stable in the US at 0.5 percent. In France and Italy, the pace of growth was stable for a third and fourth consecutive quarters, respectively, at 0.3 percent and 0.1 percent, respectively.

Growth improved in the UK and Germany to 0.3 percent and 0.1 percent, respectively, after a contraction of 0.2 percent in the previous quarter in both countries.

Eurozone growth was stable at 0.2 percent, while the pace of expansion improved in the EU to 0.3 percent.

On a year-on-year basis, grwoth in the OECD area was stable at 1.6 percent.

The material has been provided by InstaForex Company –