OECD says growth picking up in most major economies

US leads the way in think tank report, with euro zone also showing improvements

The indicator for growth in the euro zone has been gradually increasing over the past few months. Photograph: Chris Ratcliffe/Bloomberg

The indicator for growth in the euro zone has been gradually increasing over the past few months. Photograph: Chris Ratcliffe/Bloomberg

Wed, Apr 10, 2013, 12:32

Growth is picking up in most industrialised countries, including in the euro zone, the OECD said today, with the United States leading the way.

The Paris-based think tank's composite leading indicator shows growth firming in Japan and picking up in China while the outlook is improving for Italy and France is stabilising.

Growth is seen weakening in India, however, while indicators for Russia, Brazil and the United Kingdom point to growth around trend, the Organisation for Economic Cooperation and Development said.

The monthly indicator for the 33 OECD member countries inched up to 100.5 in February from 100.4 in January, slightly above the long-term average of 100.0, a level last seen in October.

The euro area's indicator has been gradually increasing over the past months, now at 99.9 from 99.7 in January and 99.4 in October.

France's 99.6 reading, from 99.5 in January, suggests that there is no further decline in growth, while growth is picking up in Germany, the OECD said.

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