And the winner of the less-ugly pageant this quarter could be… the U.K. economy.
The Organisation for Economic Co-operation and Development has hiked their Q3 GDP growth forecast for the U.K. to 0.7% from 0.5%, and while this represents a deceleration from Q3’s 1.2% growth rate, it’s higher than the expected GDP growth for the U.S., France, Germany, Italy, Canada, or Japan, ie. any country in the G7.
A Treasury spokesman said: “The OECD’s latest forecasts have the UK growing faster than any country in the G7 this quarter and second fastest next quarter, at rates broadly in line with the Office for Budget Responsibility’s Budget forecast.”
U.K. growth is expected to slow further in Q4, to 0.4%, which shoudl put full year growth for 2010 at 1.3% according to the OECD.