Bloomberg News

OECD Economic Indicator Declines, Led by Euro Area, India, U.K.

December 12, 2011

(Click EXT4 for more on Europe’s debt crisis.)

Dec. 12 (Bloomberg) -- The Organization for Economic Cooperation and Development’s leading indicator fell in October as Europe’s debt crisis weighed on growth across the region.

The measure dropped 0.3 points from September to 100.1, the Paris-based group said today in an e-mailed statement. The indicator shed 1.1 points in Germany, 0.7 point in France and 0.6 point in the U.K. The measure for India fell 0.9 point, while China’s was unchanged.

In the “U.K. and the euro area as a whole, the indicators continue pointing strongly to economic activity falling below long-term trend,” the organization said.

European leaders agreed last week to add to the region’s rescue fund and tighten fiscal rules to resolve the debt turmoil. The European Central Bank cut its 2012 growth forecast for the 17 countries sharing the euro to 0.3 percent, from 1.3 percent in September.

The OECD’s leading economic indicator aims to signal when the direction of the economy is changing, with any level below 100 signifying a contraction.

--Editors: Fergal O’Brien, Craig Stirling

To contact the reporter on this story: Mark Deen in Paris at markdeen@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net


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