OECD economy expands 1.5% year-on-year in Q1

By Gokhan Ergocun

DOHA, Qatar (AA) - The gross domestic product in the Organization for Economic Cooperation and Development (OECD) region increased by 1.5% in the first quarter on a yearly basis, the international body said on Tuesday.

The GDP growth rates were at 1.2% in the EU, 1.3% in the euro area, and 1.2% in the Group of Seven, the OECD said in a statement.

Among G-7 countries, the highest growth rate was posted by Canada with 2.1%, while the German economy contracted by 0.1% year-on-year in the first quarter.

On a quarterly basis, the OECD economy grew 0.4% in the first quarter.

The growth rates were at 0.2% in the EU, 0.1% in the eurozone, and 0.3% in the G-7.