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OECD sees weak euro growth, but signs of stability in Italy

Slight rise in key index

12 November, 18:27
OECD sees weak euro growth, but signs of stability in Italy (ANSA) - Paris, November 12 - Although some major economies are looking weaker, Italy is showing early signs of stabilization, according to the OECD's leading indicator released Monday.

The index for September showed "weak growth in many major economies" but also indicated "signs of stabilization" in Italy, says the Organization for Economic Cooperation and Development.

The international agency's leading indicator is designed to forecast changes in economic activity. For Italy, the OECD index rose to 99.0 points in September from 98.9 in August, while the measure remained unchanged at 99.4 for the euro area as a whole.

Italy's performance stands in contrast to Europe's two largest economies, France and Germany, which both shrank by small amounts; while the United Kingdom saw a small increase in economic growth.

Germany's reading dropped to 98.7 in September from 99.0 the month before, while France saw its reading slip to 99.5 from 99.6. The benchmark figure is 100, which shows a long-term growth average for each country.

Canada, China, and the United States are also showing increasing signs of economic stability, said the OECD.