All OECD economies see growth in Q3

The economies of the 30 members of the Organisation for Economic Co-operation and Development (OECD) posted growth of 0.8% in third quarter - the first time economic output among the OECD economies grew since the January to March period last year.

OECD members account for 61.3% of global Gross Domestic Product (GDP).

The Organisation has now upwardly revised its growth forecast from 0.7% to 1.9% for 2010, for its 30 member countries and expects even stronger growth in 2011, with GDP to expand by 2.5%.

According to the OECD, the Japanese economy performed the best after growing by 1.2%, however, the UK was the weakest shrinking by 0.4%.

The euro zone and the US grew by 0.4% and 0.9% respectively - both economies emerged from recession in the third quarter.

The UK is now the last major economy that is still in recession and has endured six consecutive quarters without growth.

In its annual Economic Outlook, published last week, the OECD warned that despite a global recovery, unemployment rates may continue to rise until 2011.

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