Growth set to gain momentum in developed economies says OECD

Growth in developed countries increased in September with the recovery in the Eurozone "gaining momentum," according the Organisation for Economic Co-operation and Development.

The Composite Leading Indicator (CLI), intended to detect turning points in economic activity, show growth is above trend in Japan and is strengthening in the UK. Growth in the US is around trend while Canada's position has been improving. In the euro area, Germany, Italy and France all show positive CLI.

The CLI, covering 33 countries, rose from 100.6 in August to 100.7 in September, above the long-term average of 100.

Among individual emerging economies, CLI's show a pick up in China from 99.2 to 99.4 and growth at trend levels in Russia. India saw a decline in its CLI from 96.9 to 96.7.