2012.05.25 16:15:05 OECD Economies Pick Up In 1Q

LONDON -- Economic growth in developed economies picked up in the first three months of 2012, while there were wide disparities in the performance of national economies. The Organization for Economic Cooperation and Development Friday said the combined gross domestic products of its 34 members increase 0.4% in the first quarter, having expanded 0.3% in the final three months of 2011. But while the U.S. economy grew 0.5% and the Japanese economy 1.0%, the euro-zone economy stagnated and U.K. GDP fell 0.3%. The pickup in the first quarter is unlikely to be sustained, however, with the euro zone's deepening fiscal crisis weakening business and consumer confidence around the globe. Surveys of purchasing managers released Thursday pointed to slowdowns in most developed economies in May. The OECD earlier this week cut its 2012 forecast for growth in developed economies. The International Monetary Fund expects the global economy to grow more slowly than 2011's 3.9% rate. By Paul Hannon, Dow Jones Newswires; +44 20 7842 9491; paul.hannon@dowjones.com (END) Dow Jones Newswires May 25, 2012 07:05 ET (11:05 GMT)