Top economies contract in Q1

Top economies contract in Q1

By AFP

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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