Momentum of economic growth gaining pace, OECD says

The momentum of economic growth is continuing to gain pace in most industrialised countries including Ireland, the Organisation for Economic Cooperation and Development said today.

The think-tank's composite leading indicators, designed to anticipate turning points in economic activity, continue to signal strong improvements in growth for the US and Japan, with positive signs also showing for the UK and Canada.

Growth momentum in Germany is firming, the OECD said, with Italy and France also showing a positive change.

Indicators show growth returning to trend in China, and a "tentative positive change in momentum" in Russia.

Indicators for Brazil and India point to growth below trend rates.

Ireland’s indicator has been steadily rising over the past 12 months, from 100.46 in September 2012 to 101.94 in August this year.

The euro area’s indicator has also been gradually increasing, from 99.13 to 100.6 in the same time period, while indicators for the OECD area overall have risen from 99.74 to 100.59.