Top economies contract in Q1

Top economies contract in Q1


For the third quarter running, private consumption was the biggest contributor to business activity, posting an increase of 0. 3 per cent in the first three months of this year, a statement said.

In Japan, the third biggest global economy, consumption helped achieve overall growth of 1. 6 per cent, but that was in part owing to purchases being moved up ahead of a sales tax increase in April.

Leading global economies contracted in the first three months of 2014, as companies traded less and ordered fewer goods, and despite a slight rise in private consumption, the OECD said on Thursday.

Data showed that economic activity contracted by 0. 2 per cent overall in the first quarter of 2014 among the group's 34 members, compared with the last quarter of 2013.

Read more here: Business Spectator


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