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OECD: Big economy growth stable, but Germany weakening
[PARIS] The world's major economies show stable economic momentum but the eurozone continues to lose steam, notably in Germany and Italy, while Japan and Britain may be faltering too, the OECD said on Wednesday.
The prediction, based on what the Paris-based Organisation for Economic Co-operation and Development calls a leading indicator to flag turning points in the outlook, showed a stable 100.4 index reading for the OECD grouping of economies as a whole versus a previous monthly survey.
While stable at 100.7 for the euro currency zone too, that was a touch lower than earlier in the year and the OECD said it classified the outlook as "growth losing momentum".
Germany's index fell further below the long-term average benchmark of 100.0, dipping in the latest assessment to 99.6 from 99.8. Italy's reading was stable at 103.3 but was also classified as an economy of "weakening momentum". France stood steady at 100.3.
The reading for Britain dipped from 100.7 a month earlier to 100.5, which the OECD said suggested "easing growth ... albeit from relatively high levels".
For Japan the reading dipped to 99.6 from 99.7.